Launching a new product to market: defining strategy
Pro-Consulting marketing research can have different names and forms of implementation, such as, for example, market analysis, market research, market monitoring, etc. And without such research determining the optimal strategy for bringing products and services to both Ukrainian and international markets is impossible.
Bringing a new product to market: where to start?
In the global context, it is with the development and defining of marketing strategy begins the bringing of a new product to market. Just as a newborn baby cannot be thrown into muddy waters in the hope that it will learn to swim, so the bringing a new product to the market cannot be carried out without doing at least market research. In a competitive environment buyers are offered a wide range of products with similar consumer properties, and it would be naive to think that a new unusual brand will automatically win their favor. Therefore, the first step to start bringing a new product to market should be considered marketing research.
Get acquainted with the structures of published market research reports on different markets in the catalog of published market research reports
If your company can not conduct its own qualitative market analysis, you must contact the contractor.
Bringing a new product to market: a strategic approach
If you are still reading this text, it is likely that your company or project has come close to bringing a new product or service to market. Pro-Consulting has developed a service that will satisfy such a client's request – strategic consulting. The client is assigned a consultant-analyst and marketing strategist with at least 10 years of experience with whom, and with the support of the rest of the team, you will be provided with a comprehensive strategy for bringing a new product.
The complex may include the following strategies:
marketing (brand model);
- innovative;
- price;
- promotion;
This combination of strategies provides the basis for the successful launch of a new product.
Bringing a new product to market: stages
There are no universal turnkey solutions for bringing a new product to market. Different goods and services enter different market conditions, which are characterized by different conditions for business, levels of competition, consumer audiences. This is well illustrated by our published market research reports, of which we have more than 1,700 in various markets, and all of them are available in the catalog of published market research reports. Thus, the bringing a new product to the market each time is accompanied by a unique comprehensive strategy, the development of which is based on analytics from the market research.
If your business idea involves the export of goods, read the material about the company's entering into the foreign markets
The initial stage of strategic consulting is a working session during which the current purpose of the client's business is set and clarified. Following the results of the working session, the client’s and the executor’s of bringing a new product to the market general view is made, intermediate results, terms of their achievement, resources which are allocated for this purpose are defined.
At the second stage of developing a strategy for bringing a new product to market a marketing research conducts, which results in a brand model. It consists of:
market description: volume, structure, other important data;
- client company’s parameters of the occupied in the market position;
- conclusions on the competitive environment;
- consumers’ portraits: existing and future;
- analysis of similar products range;
- identifying market trends in Ukraine and abroad;
- suggestions for a new brand: insights, attributes, benefits and essence.
Based on the brand model, the final strategy develops, which will bring the new product to market. This strategy includes:
assortment and pricing policy;
- sales model;
- development forecast and evaluating its results system;
- calculation of necessary resources;
- scenarios in case of a sharp change in the market environment.
We recommend you to read another article on marketing strategy
The three basic stages of strategic consulting, accompanying the bringing of a new product to the market, take about two months. Later, the implementation of the developed strategy is supported with the independent external monitoring and mid-term evaluation.
If your company has a strategist or marketing department that you trust to launch and support of bringing a new product or service to market, we recommend at least provide them with a full-fledged market research – an independent assessment of your business idea potential will save your investment at the start of project and in the future.
Read the material on market analysis as a service
