Do you want to launch a new product, service, or campaign and need a budget to do so?
You’re in luck because we’ve got you covered! Launching a new venture can be both exhilarating and overwhelming at the same time. There are a lot of things to think about – from product design to advertising and marketing. You might feel overwhelmed and not know where to start. That’s why we’re here!
In today’s world, digital marketing and content marketing are terms that are often used interchangeably. However, while they’re similar in a lot of ways, they actually carry out very different roles. So before you dive in and try to do everything yourself, it’s essential that you understand the differences between these two marketing platforms.
Product Design & Development
Let’s get the bad news out of the way first. Launching a new product doesn’t mean that you can automatically expect it to succeed. Far from it. One of the biggest challenges that you’ll face is that not all products are created equal. Some products are much more effective and efficient at what they do than others. So if you want your new venture to have a fighting chance, you’ll need to do your homework and find the best product for the job.
This might mean that you have to experiment with a few prototypes before you find the right fit. Don’t be discouraged if your product doesn’t work out perfectly the first time around. With a little bit of research, preparation, and luck, you might just find yourself a profitable new business.
Once you’ve found a product that seems to have promise, it’s time to move on to the next step – marketing research. Without good marketing research, you’ll never know if your product is going to be successful or not. What is marketing research? Essentially, marketing research is the process of investigating and understanding the current market dynamics and customer behavior. It’s essential that you do research before you make any major marketing decisions – like which market to target, how to promote your product, and when.
This way, you’ll be able to stay informed of the latest trends and statistics that can affect your product’s success. If you think that your product is a better fit for a certain target audience, you’ll need to do your research to prove it. Otherwise, you can end up launching a product that no one wants because you didn’t do your research properly.
Advertising & Marketing
Now that you have a product that seems to be viable, it’s time to move on to the next stage – advertising and marketing. As the name would suggest, this is the part of the process where you put into action what you’ve learned in the previous stage. So if you’ve done your homework and found a product that seems to have promise, now is the time to put that promise into action.
The first step is to determine the target audience for your product. This is a broad term that basically means who is you product intended for – specifically, who is it intended to reach? Once you’ve got an idea of the primary audience for your product, you can narrow down the niche – a more specific group of people that your product is intended for. You’ll learn more about target audiences and how to identify them in the next module.
From there, you can decide what platforms will be the best for reaching your target audience. Do you want to advertise on social media or do you think that a radio campaign can get the word out? What about billboards or newspapers?
Once you’ve got your platform(s) in place, you can begin to design a marketing strategy that will help you reach your target audience. What type of content do you plan to create? What platforms are you going to use to distribute it?
With content marketing, you don’t necessarily need to rely on traditional advertising to generate leads – content marketing can work just as well (if not better) on its own. Why? Because people are constantly surfing the web looking for content that’s valuable to them. If you provide great content that’s valuable to your target audience, you’ll be able to attract potential customers to your product without having to rely on expensive advertising.
If a product is distributed well, it can become an extremely profitable venture. However, this requires a bit of effort on your part. To do this, you’ll need to make sure that your product is available to the right people. Once you’ve done that, it’s time to move on to the final stage – making sales.
The first step in the distribution stage is to create a roadmap – specifically, a plan for getting your product out there into the hands of as many people as possible. This could include building a database of potential customers, creating social media accounts, or gathering together a community of people interested in your product. Whatever you choose, make sure that you work on it for the next phase of your business.
Now that you have a product that seems to have promise, you’re ready to move on to the final stage – making sales. Essentially, this is where you’ll put into practice everything you’ve learned in the previous phase. So if you’ve followed the steps correctly, you’ll now have a viable product that you can sell to generate income.
To do this, you’ll need to take a hard look at your product’s pricing structure and determine how you’re going to go about selling it. Is it a one-time purchase or do you think that people are going to want to buy ongoing subscriptions?
Once you’ve got your pricing structure in place, you can begin to create sales materials – like contracts, purchase orders, delivery notes, etc. This is also the stage where you’ll need to start thinking about whether you want to use retail stores or online marketplaces for your product’s sales.
If you decide that retail stores are the best way to go, you’ll need to design a store layout that can effectively sell your product. Once you’ve got that in place, it’s time to start thinking about marketing you’re product – namely, how are you going to get the word out there that your product exists?
In our next module, we’re going to discuss the differences between traditional and digital marketing – and how you can use one or the other, or a combination of both, to get the most out of your marketing efforts.