Planning a new product introduction is an exciting process. That’s because behind every product is the promise of success, the promise of growth and profit. Old products have taken their share of investment and effort, and their track record is history. But when you’re set for a new product introduction, the slate is clean, and “the sky is the limit!
New Product Introduction Tools
There was a hit movie (way back in 1989) that claimed “If you build it, they will come.” That worked out for star Kevin Costner, but in a new product introduction, it just doesn’t happen. Marketing is littered with new product introductions that “went down in flames.” Some failed because the product was bad. Others because there was no market for it, or too much competition. But what about when the product is great, the market is ready, and you’ve got your competition beat? If the product fails when the odds are in your favor, it’s usually because your marketing fell short. Marketing…it’s the product, it’s the price, it’s the “place” (where you sell it, and how you make it available), and it’s the promotion.
New Product introduction needs the right promotion.
We just worked on an exciting product launch for a New York City based client that has a long list of successful products, and a “rolodex” of loyal clients that is enviable. This Bronx Commercial Bakery is a “one stop shop” of items for delis, supermarkets, and food service facilities, consolidating orders of dozens of different popular brands as well as their own custom baked orders. Their customers, located throughout the New York City Metropolitan Area get the brands their customers love, and unbeatable value and convenience. That’s a perfect opportunity for a new product introduction.
Starting in January, they introduced a new product of custom decorated cupcakes, capitalizing on New Yorker’s love of the bite sized treats. Like most food industry businesses, margins are slim, so their new product introduction was done on a low budget. That’s okay, because they know that “the easiest sale you can make is selling a new product to an existing satisfied customer.” Your loyal customers know that you won’t disappoint them. They know your quality. And they don’t need to be “sold” on talking to you. So the bakery promoted their new cupcakes with their existing NYC sales force, flyers in every delivery, in email blasts, and with telephone marketing. And since their customers call to place their orders, they relied strongly on their Informer Messages on hold.
Successful New Product Introduction
Giving in to temptation and adding cupcakes to an existing order is easy, low risk, and opens up new profit potential. Using their Informer Messages on hold to stimulate sales was so successful because everyone who heard the promotions was already a happy customer, and they heard the information at just the right time: when they were ready to buy. That’s a recipe for successful launch.
Is there a new product introduction in your future? Let’s talk about a strategy that maximizes your existing markets! Call for a Free 15-minute strategy session. In New York City call 212-355-6980.