When marketing a new product, there is always the possibility that the launch will not go as well as you expect. New product marketing is an art in itself, but most of the success that the product will have in the marketplace is done before the product is even launched.
Having a successful product and having an even more successful launch relies on the quality of your product. That product relies on two main factors:
Knowing who your target market is; Knowing the pains and frustrations that your target market have and are willing to pay to have taken away.Knowing Your Target Market
Knowing who your target market is, what age they are, what job(s) they have, if they are married, single or divorced, etc, are all essential to the success of your product.
If you do not know anything about the people who buy your product, then you cannot give them exactly what they want. Even if you have a successful product without knowing this information, getting to know it will enhance your ability to deliver more and more successful products over time. This is why many supermarkets and stores issue loyalty or rewards cards. They can track what their customers buy, how often they buy, what their average shop is and a host of other information.
They can then take that information and mine it to find out what they need to have more of, and what they can do with less of. Supermarkets are getting more and more efficient with the product selection they have in their stores so they can maximize their shelf space and more importantly, sales. So it is vital you know exactly who your customer or ideal client is. If companies who make billions of dollars every year are doing it, it is definitely something you should be doing too.
Knowing Their Pains And Frustrations
Knowing the pains and frustrations of your market gives you a valuable insight into what they will be willing to pay to have removed. People are far more willing to have you take away a problem when it is causing them serious pain than buy something that they know they need but are not in a hurry to buy.
One of the biggest industries out there is pharmaceuticals. This a multi-billion dollar business. What is their main focus? Taking away pain. Whether that be a pain in the form of a life threatening disease, or even a headache, they are all pains that people want removed, and usually want removed immediately, if not sooner! They totally understand people want their pains taken away and they supply many products to help them with that. This is why they are so successful. Once you know what the pain is, you can then create a product to remove that, and people will pay you handsomely for that. The bigger the pain, the more they will pay you for it.
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