Let’s see what tools we could use to find out more about the potential market size on the internet. To analyze existing needs on the market we could use some tools on the internet. If you are looking to introduce a new product, you might interview a set number of people to see how they react to your proposition. For example, if you are selling hair gel for men you could identify how many men there are in the area where you sell, find sales statistics from bigger companies who sell similar products and try to play them out in your numbers. You will need to start with some assumptions. There are many ways to conduct market research, but you don’t need to go super-specific on the first go. It’s time to find out how much interest there could be for your new product.
How large is your product? Can you only sell locally or will international selling be a possibility in the future? How many SKU-s (stock keeping unit) will your product have?Įxample: Our product will be sold in 3 different variants.
This will be crucial when you begin budgeting your marketing efforts. If possible, calculate your potential profit margin in different scenarios. What are your costs for producing the product? Are there any other associated costs (shipping etc.)?.Because we are trying to be an affordable premium type of product, we will try pricing our hand sanitizer somewhere in the middle.
We will try to differentiate from our competitors by only selling hand sanitizers in our online store.Įxample: We saw hand sanitizers in our size formats be sold between $5 and $15. Will it be sold locally, through an online store or both?Įxample: We found out that hand sanitizers are widely available both online and offline. When answering these questions, keep your mind open – you could find a unique selling point you didn’t think about before. These include a bit of competition research as well. Example: It’s cheaper, more comfortable to use and smells better.ĭepending on your control of the product, we added some advanced ideas that could be useful to you when you start building your product marketing strategy.Example: Our hand sanitizer is easier to apply than most of what is available on the market.Example: Our hand sanitizer removes dangerous bacteria from people’s hands and thus reduces the risk of getting sick.To know where your product stands in the market, we need to start with some research.
Now that you know the why’s, let’s start creating the product marketing plan! 1. A plan will also keep you on track with different activities you have done and are doing in the future so that you will know what works and what doesn’t.
#Marketing project planner how to#
In this article, we will explore different ways of how to create a marketing plan for a new product.Ī product marketing plan is a map for getting your product out in front of different audiences in the most efficient way possible.Ī product marketing plan will help you to conduct market research, find your strengths, explore potential audiences, develop your core marketing messages and choose the right tools for the job. You have developed a new product, hurray! The only problem is that products don’t sell themselves – we need a way to introduce them to our potential audiences.
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