I am ready to launch my new product in the marketplace, however, I appear to be falling short at the launching stage. I know I need to saturate the market with my product to get a leg up on any potential poachers of my invention, but how do I do this on a budget? What are the necessary steps to successfully launch a new product that will give me a fighting chance in a competitive marketplace?
A bit tough to answer w/o seeing the brand, product etc. - but I'm a biz. consultant focused in mrktg., so I'll take a crack at this for you. 1st. I'd do a SWOT analysis of your product, determine the problem it solves, your target demo, whether or not this is rght time of yr. for theproduct's release, your I.P. protection if any & your price point - to figure if it's a homerun or base hit at least.
If you're on a tight budget, you'll need a dedicated mrktg. person, ingenious concepts to cut through the noise, speed, and consistency. Again unsure of the product or it's usefulness but if it's B2C, consider aligning yourself w/a social media influencer (cut them in on the backend %) to gain some initial traction, consider having 5-10 small (social media-esque) testimonial vids made & launch. Consider IndieGogo tied to a strong FB engagement strategy as well. Typically the tighter the budget, the more creative your marketing - so if you know this is your achilles heel, source the talent needed. I've even tapped my local College MBA program candidates for ideas & met with a few just to pick their brains - usually 2 out of 5 will be solid & well written surveys work well also so you can reduce the amount of impending roadbloacks. Best of Luck!
Hi Steve, Thanks for your answer! Yes, we have a developed product and the I. P. This is a niche market within a niche, but a large niche. That's the plan: to out execute the competition, despite the patent. Lead generation is kind of where I'm stuck at the moment. Agreed, everyone is volunteer until we are bringing in an income. Thanks again! Elysia
Thanks for your response. There must be some need for it because there are dozens of patents on file, dating back decades. I can't answer for anyone else, but I have never complained to anyone other than my husband, who was on the walks with me. Other than that, I have never had a reason to mention the issue to anyone else, especially someone who does not walk multiple dogs on a regular basis, until I invented my device anyway. That may be why it isn't a hot topic, and maybe that is how to deal with number 1 and 2, at least in part?
I agree, there are dozens of multiple dog lead patents, but I could only find two on the market. Both were made for two dogs, and neither one solved the issue with entanglements, Hence, my statement that there was no competition because my device is for two - six dogs. I understand your point though. Any competition is competition.
I will take your advice to heart. Thank you for your time. I really appreciate it!
Hello Fellow Cofounders! I just wanted to thank you once again for your amazing advice. I have taken it to heart and I am now beginning to make some headway. I know I still have a long ways to go, but I'm thrilled I'm moving forward. Again, thank you so much for your advice! Kind regards, Elysia
I assume you have the product developed?
If you really think this is a big market, one were it will attract a lot capital, then you will have to raise money.
If the TAM (Total Addressable Market) is less than $1B, make sure you out execute competitors when and if they show up.
Determine what your marketing and sales funnel will be. It is different for different types of business - there is no one size fits all, and likely some experimentation will need to be done.
Start at the top of the funnel, and work your way down. That is, perfect your lead generation processes, then start working on converting leads to sales.
Only hire employees after you have perfected a processes for them to follow - that is, don't scale until you know the system works.
how do I do this on a budget?
There will be many steps to launch new products. But I would like to advise some. Please remember one thing, some of the case study should think from the end. For Example ..you already know first number and answer of Plus. But you don't now second number. Just I would like to show the example.
(1) Firstly, don't think about your budget to do what you want to do.
(2) Just think what you want to do. Let's say "A"
(3) Calculate the detail cost of your "A".
(4) Now, you can think the power of your budget using the cost of "A".
(5) Just to answer Cost of "A" is Ok or not.
(6) If Yes, Do it.
(7) If No, you can review No(2) and edit Priority by Priority until you can adjust
your budget and things you want to do.
When you think about No(2),
(1) How about your competitors and how they can do.
(2) Some time " Simply the Best" but Innovation should lead.
(3) Try to "Marketing" , Don't think to Sales (In your Launching Ceremony)
If You are trying to sales, can sales just the people who come to the event.
Just try to keep in touch everybody who come to the event.
(4) Create some special like "Member" or " Special Lucky Draw or something to
do what people can attention your products.
Many things I want to advise. Please let me know if you need more advise for you. I will.
Saw your response - with that said - partner with a few local dog walkers for feedback & video the interactions/and I suggest going the KickStarter route VS. IndieGogo as it's a more consumer friendly product. There are tons of shopify/FB stores & brands here in th U.S. that will wholesale your product. You could even sell via Amazon & hire an AWESOME FB AD's guru. The only person I know of in the e-comm./FB AD sector in Australia is William Seibler
( mentor AT themarketingmentorDOTcom ). He's in Melbourne I believe. Best
Thanks Arthor! Good advice!
1) Create a simple ecommerce site (via Shopify or similar service).
2) Search for sites that offer advice/services/complementary products to some of you target markets (e.g. rover.com for dog walkers). Engage with those communities and drive them to your site.
3) Gather reviews from customers and use feedback for promotion (positive reviews) and to improve website/product/experience (neutral or negative reviews).
4) Use search marketing (i.e. Google Adwords) to reach your select markets and clientele. Experiment with various messaging and audiences.
That's where I'd start anyway...