How to Market Your Product
Understanding how to market a product is just as important as the product itself. Today, marketing isn’t a choice, it’s a necessity. When a product gets made, there need to be people looking at how to market a product in its industry. Effective marketing has a great strategy. It is successful in telling its customer what the product is and how it can benefit them.
There are factors to consider to ensure that your marketing efforts are successful. And there are 5 steps to take when you seek to market your product. So if you want to find out what these steps are then keep reading.
How To Market Your Product in 5 Steps
1. Have Confidence In Your Product
Having confidence in your product is essential. However, confidence comes from product prototyping and testing. Before your product hits the consumer market for sale, prototyping and testing are key.
Product prototyping and testing ensure your product has a consumer or audience. As part of a product production process, you need feedback from your target audience.
It gives you the necessary insight into customer wants and needs. It helps you get buyers, and it’s more practical than market research alone.
2. Get To Know Your Target Audience
To know who your target audience is, you have to do the work. That involves in-depth research. Get to know who your audience is, and what their pain points are. It answers the question of how your product is different. It provides the solution to your ideal customers’ problems. And in a heavily saturated market, this is the information you need.
A high-level buyer persona shapes how you tell the story of your product. It helps you reach your audience. To create strong buyer personas you conduct surveys, research, and interviews with subjects. They can be within or outside of your customer database, but reaching them is key.
So you’ve collected your research, great! The next step is to identify the key takeaways that you can use in your production process. Keep in mind that each buyer persona should be unique, and you should have several of them. Since you have a lot of information compiled, you can easily turn them into strong personas.
3. Define Your Messaging
The best way to market a new product is to develop your product and brand messaging. Having a defined communication strategy is critical.
Defining your message also means figuring out how to communicate with your customer. What platforms to use to reach your intended audience depend on your product and the best way to sell it.
Products sold have to fulfill a need or solve a pressing problem your customer has. So develop a strategy that defines your message and conveys how your product is the answer to that.
4. Reach Your Audience
Effective product marketing uses marketing tactics that will reach the intended audience.
If you’ve done your research, your buyer persona will tell you exactly who your customer is. And that’s how you reach them.
For example, millennials are found on Instagram while Generation Z prefers TikTok. So when you consider the age or stage of life of your personas, that will tell you where they are.
5. Set SMART Goals
When figuring out how to market your new product in the most effective way, it’s important to set SMART goals.
SMART GOALS are SMART because they follow certain criteria. They are goals that are Specific, Measurable, Achievable, Relevant, and Time-Bound. These specific goals help make your goals achievable.
SMART goals provide you with a unified vision of what your team wants to achieve.
And as your team makes accomplishes each SMART goal, it uncovers details. It can reveal inconsistencies and instances where you need to put more resources.
How To Market Your Product: It’s a Process
In today’s marketplace, marketing a new product is a must. To get a successful result, you must first have confidence in what you’re selling. That means believing in your product. But the level of faith we must have is only possible with prototyping and testing. Also, marketing effectively means doing in-depth research to know your target audience. It means having a razor-sharp communication strategy. Marketing is understanding what your data tells you. It’s knowing where and how to reach your intended audience. And it’s about setting SMART goals. Because none of what you do in marketing is possible if you don’t know what you want to achieve.
Marketing your product with a strong strategy can seem overwhelming, but it doesn’t have to be.
With the right process in place, you have every chance at being successful. To deliver to customers on a high level. To gain access to experience in all aspects of product development, call in the experts.
MAKO Design + Invent can help. We are an end-to-end physical product development firm. We help inventors, startups and small businesses bring their products to life. Our consumer development services are for who we serve.
We help with business and product strategy, marketing, sales and distribution. And we work with all consumer product categories. Our founder and President, Kevin Mako, hosts The Product Startup Podcast, the industry’s leading hardware podcast. Check it out for tips, interviews, and best practices for hardware startups, inventors, and product developers.
Want to know more? Contact us today and find out how we can propel your success story.
About: MAKO Design + Invent is the original firm providing world-class consumer product development services tailored to startups, small manufacturers, and inventors. Simply put, we are the leading one-stop-shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories. Also, our founder Kevin Mako hosts The Product Startup Podcast, the industry's leading hardware podcast. Check it out for tips, interviews, and best practices for hardware startups, inventors, and product developers. Click HERE to learn more about MAKO Design + Invent!