10+ New Product Marketing Strategies in 2021

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New Product Marketing Strategies

Product marketing strategy is at the forefront of the management of a profit-oriented company and all businesses. A marketing strategy for goods and services is a set of activities identified towards a sustainable and competitive advantage.
 
Therefore planning a marketing strategy needs to be thought out carefully and steadily before actual marketing activities are implemented.

Understanding Marketing Strategy

Understanding Marketing Strategy

Before discussing further, of course, we must first understand what a marketing strategy is. The following is an understanding of the marketing strategy quoted from Wikipedia:
 
Marketing strategy is a strategy used by producers of goods or services continuously to win market competition and preparation of a comprehensive business plan based on the marketing strategy and the determination of the marketing strategy used to achieve marketing objectives.
 
Marketing strategy consists of making decisions about the marketing costs of the company, types of marketing, and marketing allocations.

How to Prepare a Marketing Strategy

How to Prepare a Marketing Strategy

The following things that must be considered when preparing a sales plan is a SWOT analysis, its function is to determine the condition of the company. Then what is the content of a SWOT analysis?

1. Strengths

Strength is the strength or strength of a company that is owned, which can provide an advantage over competitors. Strength can easily be referred to by “What do you currently do or have is good?”

2. Weakness

Weakness is a characteristic that is related to the weakness of the company, it can be compared with competitors, it can also be a weakness that is considered currently internally. Defining your weaknesses can be done with the question “What could you do better?”

3. Opportunities (Opportunities)

Opportunities are opportunities that can be used by companies to develop. Have your company develop new, innovative ideas that will open up new markets.

4. Threats (Threats)

The steps to create a marketing strategy must also pay attention to the problem of threat analysis. Threats that can disrupt the company’s achievement from external parties so that the challenges faced by the team are getting bigger.

Also read: What is a SWOT analysis? Benefits and Examples

Marketing Strategy Functions

The following are some of the functions of a marketing strategy that need to be known for optimal use:

1. Motivation for the Future

Marketing strategy seeks to motivate corporate management to think and see the future in a different way. This is very necessary to maintain the sustainability of the company in the future.

It is important for companies to keep up with the market’s rhythm, but sometimes the company must also have a breakthrough with something new.

2. Formulating Marketing Goals

Business actors certainly want to see clearly what the goals of their company are. With a marketing strategy, business actors will be helped to make detailed marketing goals that must be achieved, both short and long term.

3. Marketing Coordination Is More Effective

Every company should have its own sales procedures. This marketing strategy serves to set the direction of the company so as to form a more effective and targeted coordination team.

4. Supervision of Marketing Activities

With a marketing strategy, the Company will have performance standards for its employees. That way, monitoring the activities of employees will be easier to monitor for effective quality.

Also read: Marketing Management is an important activity in a Business

Initial Stage of Marketing Strategy

Initial Stage of Marketing Strategy

Many marketing experts say that customer satisfaction is the main key to the concept of a marketing strategy. In other words, each company has its own way of conducting the marketing process, according to their respective characteristics and capabilities.
 
Basically, the main marketing objective will still lead to achieving customer satisfaction. Here are 4 marketing strategy concepts:

1. Market Segmentation

Every consumer has different needs and habits. The company must classify the various markets into a single market unit that is uniform in nature.

2. Market Positioning

No company can control the entire market. That is the reason why the company must have a certain pattern in order to gain a strong position in the market, namely selecting the most profitable segment.

3. Market Entry

Strategy A market entry strategy is a strategy that will help the company to enter a certain market share. To run it, there are several things that need to be done including building cooperation, internal development and buying products from other companies.

4. Marketing Mix

Marketing Mix Strategy is a collection of several variables that companies use to influence consumer response. Some of these variables include; Product, Price, Place, Promotion, Participant, Process, People Physical Evidence.

Also read: Examples of Promotional Words Collections

The following are types of new product marketing strategies for business advancement

1. Market Analysis

The fundamental thing that must be known in any marketing strategy planning is to carry out a market analysis.

Market analysis is the basis and basic foundation of the next marketing strategy. What is done in market analysis is to carry out the steps from the initial marketing strategy steps, namely market segmentation, targeting and positioning.

However, what must be underlined in the market analysis is to choose who our buyers are, where they are, what they like, what are their characteristics, how much is their income.
The data will change future marketing strategies, especially on the selection of business locations and marketing promotion methods.

This technique is also carried out by big companies around the world in their global or international marketing strategy planning.

So from that it would be nice in a new product marketing strategy in particular, marketing planning must be carefully thought out, especially in market analysis activities.

This is because if we misanalyze the market then the next steps may not be successful.

2. Place of Business

The next marketing strategy aftermarket analysis is to select a place of business. The determination of the place of business is adjusted based on the results of the previous market analysis.

The business location is chosen based on easy access for a predetermined target market or close to the target market’s activity place.

3. Promotion

If marketing is the spearhead of business activities, promotion is the spearhead of marketing itself. Promotional activities are activities to present a product or business to potential customers.

It is through this activity that our products will be known to potential customers and make them loyal customers.

As an example of a marketing strategies in promotion need to be considered in order to achieve efficient and effective marketing goals. Based on information from the market analysis strategy, of course, promotional activities can be adjusted according to the condition of the consumer.

There are at least 3 activities in the marketing promotion strategy, namely through advertising, personal selling, and public relations.

Marketing promotion strategies through advertising can be tried through various media such as print media (newspapers, magazines), electronics (television, radio), newspapers/wall magazines, or via the internet (email, online marketing).

There is also a new product marketing promotion strategy through personal selling carried out to establish direct relationships with potential consumers/customers with direct reciprocity. Customers immediately find feedback if the marketing strategy is through this promotional method.

After that, the marketing strategy in promotion through public relations is to publish services to the general public or inform the existence of certain services that can be accessed by consumers.

This strategy has the aim of establishing a closer relationship with the customer and if there is a new product to be launched, the prospective customer is prepared to buy it due to the data first.

4. Online Marketing Strategy

Online marketing has now become a separate marketing strategy even though it is still a branch of promotional activities.

But the reason online marketing strategy is a separate chapter is that online marketing has various ways that can be implemented to increase sales capacity, business capacity, build branding and much more.

The strategy of using online marketing, especially for online businesses, has a variety of applications or platforms that are used, such as websites, blogs, social media, marketplace etc.

The use of online marketing is very suitable to be included in planning a new product marketing strategy.

5. Discounts

Giving discounts or discs is a fairly effective step in a marketing promotion strategy for new products . This step is carried out for attractive interest prospective buyers to buy or try a product that has not had time they feel. This marketing strategy will be more effective if the target market segmentation and target are women with all their characteristics.

Women tend to choose/buy a product because of the discount, especially for fashion products . Giving discs can be done by adjusting certain events, for example during the momentum of a holiday or a “Harbolnas” (National Shopping Days in Indonesia) event.

6. Customer Service

The average business person only concentrates on selling their products. After the product is sold, the customer is finished. Whereas in this modern marketing world, customer satisfaction is the key word and important purpose of marketing strategy activities.

Serving customers both before sales and after sales is a mandatory thing that must be done by any company or businessman. Service customers like suave time when serving buying and selling, warranty service, service service, etc., is done to maintain customer loyalty in order to keep using the products we produce.                 

7. Giveaway

Giving the product free is a step that needs to be done in the strategy of marketing the product new. This step is carried out for reassuring potential customers that the products we have the advantage and were able to captivate consumers. The planning strategy of marketing gives giveaway or product is free to the prospective customer should be budgeted at the beginning of the venture funding and enter into the cost of the promotion.

So that the provision of more effective giveaway can then be made specific provisions to get the right giveaway product that is more attractive. Generally, prospective buyers will be more confident if the recommendations come from among the buyers themselves. The more viral this information is on social media, the more potential consumers will know about the existence of our new product.            

8. Resellers

More and more teams are formed to marketing, it would be more potential users who will buy the products we. One strategy of marketing is that by forming a team of resellers or looking for people to sell products with a share of the sales margin.

Capturing resellers is now commonly done by businessmen, both large companies and home industry scale companies. It was with this scheme we must be willing to share margin or gain margin is smaller in comparison with men selling by means of an individual. But the advantage of this larger scheme is to scale promotion of wider and the availability of an efficient sales force.        

9. Dropshipper

The concept of Dropship in the marketing step is almost the same as the concept of a reseller. It’s just that dropshippers or people who do dropshipping don’t need to buy or have a product first. In essence, they are just people or groups of people who do the promotion to the fruit products of others and wanted the sales margin.                

10. Online Competitions

Holding online competitions via social media can be an effective way of marketing and can be done regularly. Holding online competitions can get more customers, inform the public about the existence of your product brand, and of course you can simultaneously promote products through giveaway prizes for the products you sell.

Holding this one marketing method is highly recommended for all start-ups, especially if on a regular basis because it has been proven successful in increasing the number of potential customers.

11. Product Evaluation

An important thing that is often overlooked in implementing a marketing strategy is product evaluation.

Product evaluation is obtained from the results of customer responses to the products produced and customer use. The results of this feedback will be the basis for evaluating our products in terms of which ones must be improved and maintained.

Basically, there must be an increase in product quality, but the increase must be in accordance with consumer tastes. This step is called product evaluation.

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