Launching a New Product to Your Target Audience
Once your beading company is off the ground and running, you'll start to generate a profit that allows you to begin thinking about expanding your product line. You might already sell glass beads, but perhaps you want to start marketing Swarovski beads--how do you intend to go about introducing a new product to consumers?
It might seem easy enough to design and produce the new product you intend to offer, but from here, you will need to create a marketing strategy to make sure your efforts don't go to waste. AllBusiness.com states that it's important to do your market research ahead of time to ensure that you have an audience for your new product.
The U.S. Small Business Administration states that one efficient way to launch a new product is to consider crowdfunding. This can be simply defined as finding a group of individuals who are willing to provide contributions to your idea or product.
||In addition to knowing your consumers on a different level, you'll want to take your competition into consideration. For instance, find out if your competitors are already offering a similar product. If this is the case, it might be an uphill battle to try and promote a new item that already exists on the market.
To gain an edge on the competition, AllBusiness.com suggests finding a niche audience to market your product to and make sure that it has a purpose. By honing in on a specific need or demand within your target audience, you can give yourself peace of mind upon launching your new product or style.
Once you have done a bit of pre-planning, you can begin to derive different methods to put your plan into action. This involves determining how you're going to spread the word about your new product, as well as how you intend to generate initial sales.
In order to use this method to launch a new item, it's important to recognize that you will need to appeal to your investors--this still involves a bit of sales pitching. However, you can win them over by making a case for yourself early in the discussion.
Have an idea of how you plan to produce and distribute your new products, as well as how much it will cost. Crunching the numbers and having hard facts will make your argument more valid.
Inc.com notes that one of the most efficient ways to attract an audience for a new product is to provide personalization. For instance, don't just offer one color of your jewelry design or beading supplies--provide an array of hues to choose from to give your customers options. Personalization can go a long way when marketing new and existing lines of beading.
In addition to making sure your product serves a purpose, Inc.com recommends designing it in a way that provides motivation to the consumer. This means ensuring that customers don't have to think twice about buying your product because it has a place to fit into their lives.
When it comes to jewelry, your product should have numerous purposes. For instance, it could be received as a heartfelt gift, giving someone a reason to wear it daily. It's these small factors that could result in a large profit for your business.
The Entrepreneur Gazette states that one of the most efficient ways to get the word out about your new product is to work with a public relations expert or firm. Although you might be charged a fee for the services, professionals know exactly where to go to increase popularity for your product.
Similarly, a public relations expert will likely have access to large media outlets, meaning you will be able to spread the word about your new product through more efficient means.
In addition to consulting a public relations expert for your new product launch, The Entrepreneur Gazette recommends doing some work of your own to gain notoriety for your product. This means utilizing social networking websites such as Facebook, Twitter and Pinterest. Doing so can help you reach your target audience in new ways, and best of all, social networking is a form of free advertising that anyone can use.
If you have a company website or a blog, make sure to use these tools to your advantage as well. Businessweek recommends writing a post on your website to help raise awareness.
Although it might seem intimidating to launch a new product, taking the proper precautionary measures and planning ahead of time can increase your chances of success. In the end, the process will be a learning experience and help you grow as an entrepreneur.
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