In today's fiercely competitive market, launching a new product is not simply about bringing the product to consumers but also requires a methodical and effective marketing strategy. A good marketing strategy not only helps new products quickly reach target customers but also builds long-term reputation and brand. In this article, we will learn the role of marketing strategy when launching a new product, 5 marketing strategies that should be applied, and the process of building an effective marketing strategy for a new product.

1. The role of marketing strategy when launching new products

1.1 Make a strong first impression

When a new product is launched, the first impression on the customer is extremely important. An effective marketing strategy will help create strong impressions, arouse curiosity and desire to test products. This is the first step to building a long-term relationship with customers.

1.2 Identify the right target customers

A good marketing strategy will help clearly define the target audience of the product. Not only does this help optimize marketing costs, but it also ensures that marketing messages are delivered to the right people, at the right time, and on the right communication channels.

1.3 Branding

A marketing strategy not only focuses on selling products, but also helps build and strengthen the brand. When a new product is introduced to the market with a strong marketing strategy, the brand's reputation will be enhanced, creating trust for customers and strengthening the position of the business in the market.

1.4 Measuring and evaluating effectiveness

A methodical marketing strategy also helps businesses measure and evaluate the effectiveness of marketing activities. From there, businesses can adjust and optimize their strategies to achieve the best results. This is especially important during the new product launch phase when every dollar spent on marketing needs to be used effectively.

2. Immediately apply the following 5 marketing strategies for new products

2.1 Low Price Advantage Strategy

The low price advantage strategy is one of the most effective approaches to grab customers' attention when launching a new product. By offering products at competitive prices, businesses can attract a large number of customers to test the product. However, this strategy needs to be carefully considered to ensure that the business remains profitable.

Advantage:

• Easily attract new customers.
• Increase competitiveness in the market.

Shortcoming:

• May affect profits.
• Customers may not rate the product high due to the low price.

2.2 Value-added strategy

Instead of just competing on price, the value-added strategy focuses on providing outstanding value that the product brings. This could be special features, quality customer service, or attractive after-sales programs. In this way, businesses can make a noticeable difference and build customer loyalty.

Advantage:

• Increase the perceived value of the product.
• Build customer loyalty.

Shortcoming:

• Need to invest heavily in quality and service.
• Difficulty in conveying value-added messages to customers.

2.3 Coverage strategy across distribution channels

The presence of new products on many different distribution channels will help increase customer reach. This strategy includes partnering with distributors, retailers, e-commerce channels, and other sales platforms. Creating a wide coverage will make the product more accessible and known to customers.

Advantage:

• Increase customer reach.
• Increase sales.

Shortcoming:

• Managing multiple distribution channels can be complicated.
• It is necessary to invest in the distribution and management system of goods.

2.4 Omnichannel Marketing Strategy

Omnichannel marketing is a strategy to reach customers through various media channels such as TV ads, newspapers, social media, email marketing, and websites. This helps to maximize reach and enhance marketing effectiveness. By using different communication channels, businesses can reach and interact with customers comprehensively.

Advantage:

• Increase customer reach.
• Increase marketing effectiveness.

Shortcoming:

• It is necessary to invest heavily in communication channels.
• Managing an omnichannel marketing strategy can be complicated.

2.5 "Personalized" marketing strategy by product

Personalization in marketing is the customization of the customer's message and experience based on the specific preferences, behaviors, and needs of each customer. This can be done through the collection and analysis of customer data, thereby devising appropriate marketing strategies. Personalization helps to strengthen relationships with customers and create a better experience for them.

Advantage:

• Promote customer connections.
• Create a better customer experience.

Shortcoming:

• Need to invest in technology and data.
• Managing customer data can be complicated.

3. The process of building a marketing strategy for a new product

3.1 Product Analysis and Product Life Cycle Determination

Before starting any marketing strategy, product analysis is crucial. This includes evaluating the features, benefits, and weaknesses of the product. At the same time, businesses also need to determine the product life cycle, from launch, growth, saturation to recession. Understanding the product life cycle will help businesses plan the right marketing for each stage.

3.2 Target customer research

Your target customers are the people who are most likely to buy your product. The research of target customers involves identifying their demographic characteristics, interests, shopping behaviors, and needs. From there, businesses can build appropriate marketing messages and outreach strategies to attract and retain customers.

3.3 Develop a marketing plan according to the SMART model

SMART is an acronym for Specific, Measurable, Achievable, Relevant, and Time-bound. A marketing plan based on the SMART model helps ensure that the marketing goals of the business are clear, specific, and achievable within a certain period of time. This helps businesses focus on valuable activities and measure the effectiveness of their marketing strategy.

3.4 Identify communication channels and marketing tools

Communication channels and marketing tools play an important role in conveying the message to customers. Businesses need to identify appropriate communication channels such as online advertising, social networks, email marketing, PR, etc. At the same time, the selection of marketing tools such as Google Ads, Facebook Ads, SEO tools is also very important to optimize marketing effectiveness.

3.5 Implement, measure and evaluate the effectiveness of the plan

After developing a marketing strategy and plan, the next step is to implement and implement marketing activities. During the implementation process, it is very important to measure and evaluate the effectiveness of marketing activities. This helps businesses recognize what is working well and what needs to be improved. Analytics tools such as Google Analytics, KPI reports will support businesses in evaluating and adjusting marketing strategies.

Conclude

Building an effective marketing strategy for a new product is a complex process and requires careful preparation. From understanding the role of marketing strategy in branding and attracting customers, to applying specific marketing strategies such as low price advantage, added value, coverage across distribution channels, omnichannel marketing, and product personalization, etc businesses can make a strong impact on the market. In addition, the process of building a marketing strategy, from product analysis, target customer research, building a plan according to the SMART model, identifying communication channels and marketing tools, to implementing and measuring effectiveness, are all important steps that cannot be ignored.

When businesses properly apply these strategies and processes, they can not only enhance the presence of new products in the market, but also differentiate themselves and compete strongly. Thereby, they not only attract new customers but also build the loyalty and trust of existing customers. This not only helps the new product succeed but also contributes to the sustainable and long-term development of the business.