Businesses thrive on good customer service and offering new products to those customers. Every industry will bring out a new product at some point during their business life, but it is important that if you are thinking of bringing out a new soap, piece of jewellery or even a new brand of Engineered Wood Flooring that you think about how to launch and market this product.
Here are some of the questions that you need to think about before marketing the new product.
- What are your immediate goals for this product and what are your goals over the next five years? It could be that this is a new seasonal item that you have brought in that will have a limited shelf life and will have goals for that particular season. This is often the case when it comes to Christmas lines. Or your product could be a new core line, like the Engineered Wood Flooring example, in which case you will want to look at sales projections for this over the next five years.
- Who is your target customer? This could be your existing customer market, a segment of this or a completely new market depending on what your product is and how it relates to the other products in your business.
- What is your timeframe? It is important to know what your timescales are in terms of hinting at a new product line in your marketing, marketing the product and having it available to sell.