How to introduce a new product to the market, where do you start?
The advantages of importing products from overseas can encourage you to expand your sales portfolio and offer your customers new products, however, you will need a strategy to introduce the new product to the market.
First of all, bear in mind that it is not the same to incorporate into your commercial repertoire a product that is similar to the rest of your range as one that is quite (or very) different. We always recommend that you analyse the reasons.
The introduction of a new product must respond to a user’s need. In this sense, the efforts you will have to make in your commercial strategy will be different depending on the reason that has led you to expand your catalogue.
Usually, companies sell products in a certain segment, aimed at a target audience which, although it may be more or less broad, always shares some characteristics:
Despite this, introducing a new product on the market always forces us to redefine the buyer persona, a fundamental exercise to start outlining the sales strategy and allows us not only to define what our target audience is like but also how this new product can improve their experience.
It is important to define the sales cycle before focusing on the commercial strategy.
Depending on its need, develop a specific commercial strategy that allows you to not only meet your objectives but also to consider periods when sales drop.
Once you have defined who can buy the new product, it’s time to establish the objectives of your new commercial launch and the strategy to achieve them.
We have already touched on the purpose of expanding the catalogue is not always to increase the sales volume. In many cases, the introduction of a new product in the market responds to a request from existing customers, so the incorporation of a new commercial reference is due to a search for loyalty, if your customers need a product that you cannot offer them, they will end up buying from the competition.
Depending on the objectives, the commercial strategy will be one or another and we will have to dedicate more or less effort and, of course, a budget to it. Although the money allocated to a new product must be adjusted to the economic possibilities of the company, you must be clear that, in many cases, a lower investment than necessary can lead to an unsuccessful launch and, from there, the commercial viability may not be easily recoverable. Analyse well whether your company is at the best moment to launch a new product if not, postpone the idea until the time is right.
The marketing plan should include all the details that will help achieve the sales objective:
Bear in mind that, if the product is radically different from the rest of what you sell, the marketing plan should be carried out after a thorough market study.
After having carried out all these steps, you should now have everything ready to launch your product on the market.
Logically, the launch date must be previously planned, taking into account all the work forecasts, including the import deadlines.
It’s important to remember that rushing and importing is a bad combination, we always recommend ordering your products in good time, especially if you are manufacturing in Asia, as the paperwork and transport inevitably prolong the lead times.
In that sense, if you want to avoid import scheduling problems, we recommend using the services of a sourcing partner to manage and control the entire production process. These professional services, such as the ones we offer, are the best guarantee to avoid schedule setbacks and, in addition, they allow you to focus your efforts on finishing the preparation of the launch of your new product on the market.