A well-known market intelligence company, Infiniti Research, has announced the completion of their latest article on challenges in marketing a new product. In this blog, experts at Infiniti explore the key challenges involved while marketing a new product and also highlights how to overcome them.
Today, generating organic growth will largely depend on a company's ability to create new products, business models, or services. Although it sounds simple, many of these efforts often fail. According to the industry experts at Infiniti Research, a new product launch is highly challenging and generally only one in five among these survive for more than a year in the market. Consequent to these poor success rates, businesses often face massive losses. As the cost of introducing a new product in the market is high, it is vital for companies to develop capabilities that will help them in successfully marketing a new product.
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Challenges in marketing a new product
Brand messaging and product positioning
Marketing a new product is all about convincing the audience that they need your product. But the challenge here is to get the message across in such a manner that it resonates with the target customers. If the marketing team is unable to create explicit brand messaging and product positioning strategy, the success rate of the product will consequently plummet. To avoid this, it is important to make it a point to promote the best features of a product that will benefit customers the most rather than merely promoting the brand or the product.
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Marketing strategy for new products becomes immaterial if you are not targeting the right audience. Going by random assumptions and stereotypes about a particular demographic favoring your product and a lack of proper research could prove to be a grave mistake while marketing a new product. This could also result in companies missing out on a potential audience base. It is important to note that a thorough understanding of the audience and effective market research are essential elements for successfully marketing a new product.
Marketing the product launch
Even the most revolutionary products might not take off in the market unless they are backed by a strong marketing strategy. The success of marketing a new product largely depends on your ability to choose the right platform to reach out to the target audience, and revealing just enough information to stir curiosity, and updating your audience on your progress to maintain their interest and build hype.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us