The first step in marketing a new product is to get potential buyers to notice it.
The ultimate goal of any marketing objective is increased sales. In the case of a new product, marketers must determine get the product noticed out of all the other products on the market and, once they have noticed it, to convince potential buyers to purchase the product. In a soft economy, getting customers to buy requires marketers to use logical and emotional appeals.
Survivability
Product survivability -- an imperative of marketing a new product -- comes from having a clear sense of the target market, building awareness and getting and using feedback from initial customers about quality issues. Companies must constantly monitor a new product, during its initial phases, to determine how well the product performs against similar products in its category. Products that are not part of a continuous improvement program are not likely to survive an initial launch.
Image
It is much easier to create and grow awareness when a product has a distinct image. To accomplish that, companies use different techniques, including famous spokespersons, inanimate spokespersons and eye-catching packaging. Image is more critical than ever since competition in many markets has all but eliminated meaningful differences in products, according to "Kellogg on Marketing."
Customer Education
When significant differences exist between products or when a product offers a unique solution, then companies must educate customers about its product's benefits. Part of the education process could focus on making the competition's brand look insufficient; for example, a burger chain might tout it uses more beef in its burgers than competitors.
Pricing
Pricing is the only marketing variable that is revenue generating; the rest are costs. A new product pricing strategy depends factors such as the product's image and target market and the level and strength of competition. When the product is unique and possesses substantial competitive advantages, then companies use premium pricing. Penetration pricing relates to a company setting prices artificially low to achieve market share quickly, then raising the prices. Economy pricing is aimed at the budget-conscious market segment and offers a "no frills" low price.
Distribution
Small businesses, in particular, begin by selling new products directly to end customers. Many companies use the Internet to test demand for a product. On the Internet, companies can test various product pitches and pricing strategies to see which combination attracts the most positive response, or if there is enough response to warrant continued sales efforts. Companies can then roll out those products that pass the initial testing phase to the next stage.
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