In Nigeria, marketing new products which has existing competitors has been of great worry to the producers. This is because the other existing product has giving their costumers good reasons to stick to them by satisfying their expectations at an affordable rate. Business owners know that they must have a business competitor analysis and a strategic plan to engage competition. Question here is, will the plans be able to make the competition they face irrelevant?
What most new products earn do is not up to half of their sales in Profits even after a long sales period because they fail to realize the right public or marketing skills. After an early window of opportunity, new products are often smothered by copycat competitors rushing to market, waning media and analyst attention, sales channel apathy, price pressures and purchasers unable to distinguish the product through all the competitive clutter.
With the correct launch, new and innovative products have great advantages early in their life cycles—competition is light, media and analyst interest is heavy, sales channel enthusiasm is passionate and buyers are energized by the novelty of the product's promised solutions. But in doing this, the producer should know and understand the following to b able to stay in business with his competitors.
Understanding the Competition
Unless you have invented a brand new product and there is competition lingering out in the world; you will need to conduct plenty of research on the product your competition is offering. Evaluate how they are marketing the product by reading the company website, brochures, print, online ads and other marketing materials. Consider how your product is the same or different from the product being offered by the competition. Seeing what marketing efforts may be working and not working for the competition can guide you in how to effectively market your own product. Take a look at Etisalat for example, they are almost measuring up to Mtn and Glo cause they have understood the competition and the needs of the people so they cut down their call rate, gave out a lot of promo offers and still offer good network services thus they are growing very fast.
Getting in Front of the Right Customer
Focus your marketing efforts on the customer that is most likely to buy your product. Consider the reasons why a customer would need or want your product and leverage this in your marketing messages. It is much easier to target the right customer who has a need and desire for your product than to try to create a market for a product. For example, if a competitor sells to a particular group of people (Mothers, for example), determine how your product serves a better purpose for the group and then use this information to market to Mothers. You may want to conduct some market research to learn about your target market. Focus groups and surveys are two ways you can learn more about the needs and wants of your target audience.
A Unique Selling Proposition
According to Kim Gordon, a marketing coach for Entrepreneur magazine, a unique selling proposition (USP) is what makes customers want to buy from you rather than the competition. Determine how your product serves a need better, faster or easier than the competition. Use your USP to craft marketing messages, create a brand for your product and differentiate your product from products that are the same or similar to yours. When you are researching your competition, carefully examine the product features. Pay close attention to how the competition is marketing its products. When you compare the competitors' products to your own, you can list the differences that exist. Identify a benefit your product offers that your competition is lacking.
Public Relations and Media Involvement
When it’s time to the launch the product, public relations and media coverage can play a vital role. Media coverage in magazines and newspapers or on news shows that reach your target audience helps to create a buzz. Publicity is a third-party endorsement for your product that many consumers may find more valuable than advertisements and marketing materials that the consumer knows your business creates.
Customers are always looking to get more than what they ar
Add Value to Products and Services
To enhance the relationship between you and your customers, you need to brainstorm for ways to add value to products and services that you offer.
If you are in the consulting business, you can consider offering some go green or energy saving tips for free. A retailer can offer home delivery or follow up after a sale is made. Most business owners don’t realize that good customer service is actually a great way to add value.
These are only but a few tips in marketing a new product with great competitions. I hope these tips will help your business grow. We at poise media Nigeria can help you bring your product into the market in an outstanding manner that will meet up with the competition in the society. Also if u have tried all this and you still need more help in meeting up with the competition in the market, please do not hesitate to contact us on email@example.com.
PoiseMedia Communications Ltd