Customers have made it more than clear that today, businesses exist in their domain. Today’s empowered customers have thrown a wrench into traditional selling schemes and, as a result, have made the new product market that much more difficult to break into. For instance, manufacturing strength, distribution power and information mastery are no longer considered competitive advantages, according to Forrester Research’s latest “Competitive Strategy In the Age of the Customer” report.
In other words, customers have been there, done that and seen it all before; in fact, U.S. consumers are exposed to a whopping 5.3 trillion (yes, trillion) ad impressions every year, according to research aggregated by Forrester in the report.
So how exactly do you formulate a product launch plan that penetrates a market with a ton of noise—one that is likely already dominated by established players in the space? Forrester recently divulged some top tips for launching a new product during its webinar titled, “How to Break Through the Noise With a New Product Launch,” headed by Forrester VP of Marketing Jeff Ernst and Sprinklr VP of Marketing Jeremy Epstein. Here are some tips and insights shared from the pros:
Tip #1: It’s NOT About You
“Our core belief is that no one really cares what [our company] says,” Epstein said. “They care about what other people say. It’s the fundamental pendant of marketing today. What other people say about us is 100 times more valuable than what we say about ourselves.”
You need to find out what your market is clamoring for and then deliver on it, Epstein said. That’s what will drive you to become an industry leader. Do this by identifying how your key market has differed and taken shape. For instance, Epstein says that Sprinklr tends to push out new product information via digital and social vehicles based on its consumers’ preferences and usage behaviors.
Tip #2: Find Something You Can Hang Your Hat On
With top performing companies introducing an average of 47 new products to market per year, you can’t roll out your new product or service without a strategic vision in mind. To find your core competency—that thing your company will be able to hang its hat on—you need to evaluate the strength of your offerings and your current market presence (how large are you currently a player or vendor, and how large are you striving to be?) This approach, Forrester encourages, is what will solidify your strategy and give you insight into how your new product or service will fare in the future.
Tip #3: Validate Your Existing Customers
Remember that although you are pushing your new product or service out to prospects, you are also working to meet the needs of your existing customer base. So, take time to listen to what your current customers are waiting to get their hands on. Let your existing customers know you are working to exclusively meet their needs by filling gaps in the marketplace and watch your customer acquisition and retention rates soar.
Product launches aren’t easy. Click here for 10 more best practices for launching a new product.