In this era, where no sector is left unaffected by the prevailing cut-throat competition, marketing has become more of an essential need than an auxiliary sales promotion technique. The importance of marketing becomes even more crucial for the new products that do not have any prior stronghold in the market.
So, you have a brilliant idea for a startup, have adequate resources at your disposal to arrange the pre-requisites, have even developed a team for the purpose, but also have that feeling of ‘something is missing’. If this is the case with you, well, then congrats! You have, what it takes to be an inborn entrepreneur, you know that though seemingly enough, the aforementioned preparations are not adequate, you realize that raw materials are not the only requirement for a startup, you are one among the many potential founders who understand the requirement, no need of Marketing.
Marketing is, as they say, an umbrella term that includes all the activities done by a marketer in order to induce their quiescent customers into buying of their product or services. It is then, not a want, but a need to adopt some marketing techniques for the successful launching of a new product. Mentioned below are some of the proven ideas that have taken numerous impressarios to the road to success.
Generate the Need
Do you remember the 1925’s advertisement of Listerine’s mouthwash- Always a bridesmaid but never a bride? If you’re in the field (of marketing) for even a little bit of time, you definitely must be aware of it. The buzz the advertisement had created in the market, the curiosity, and the outcome it presented, is something what they call a history. The company was manufacturing the product since 1879 and was on its way to gradual growth, but the aforesaid marketing trick raised its revenues from $115,000 to more than $8 million. They generated a need and actualized one of the most common principle of marketing- Create utility. And the results they earned was definitely worth the effort.
Select Perfect Pricing Strategy
Most of the companies use penetration techniques for their new products, which is a prudent practice as well, although, not effective all the time. The strategy has backfired many a time, ruining the image of the company/product. However, the situation can be taken under control by utilizing the asymmetric dominance effect (aka decoy effect). The phenomenon itself is not neoteric, but the idea of using it for marketing a new product is surely an avant-garde.
While using this strategy, the most important factor to be kept in mind is timing. If the stimulant alternative is presented at the same time of the launching of the main product, the phenomenon will lose its effectuality; and indubitably, it is of no use to introduce the alternative, after the consequential time period of penetration pricing ceases. Therefore, careful vigilance of the market is required for the successful implementation of such plans.
Start with Giveaways
If you have ever read about the history of tea-bags, this idea is something you know already about. Many organizations, especially the ones dealing in digital services, are using it constantly even to this day. The technique is, undeniably, more effectual than any other penetration pricing technique. Start giving small freebies of your service, wait until it becomes an in-demand, then tack on the inevitable ‘upgrade’. Sounds simple, doesn’t it? But only the marketers who have implemented the tactic, know that it isn’t exactly a cakewalk. Often, the strategy does not develop the desired output. Though it is usually because of the quality of the product, such ideas fail, ineffective marketing plan may also create similar results, even for the high-quality products. It is evident that the giveaways strategy may work to create potential customers, but retention is an entirely different notion. For that many components are needed to be considered like timings, moderation, amelioration, etc.
Bottom line is, the concept that ideas are the most important factors in a new products’ success, is not entirely veracious, effective marketing assignment help is the deciding constituent that leads to triumph almost always.