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Launching a new product is always an exciting moment for an entrepreneur. There is, however, a lot of thought one must put into the product in the planning stages that involve both the development of the product and its roll out. The product should be developed in a manner that fits a particular niche of consumer with a particular need. Further, if there are other items on the market with which the new product will be competing, it should differentiate itself one way or another from those competing products. In marketing the product, the producer should employ viral marketing — that is, generate word of mouth — through the Internet and utilize social media to communicate with his or her potential consumers.
When an entrepreneur conceives a new idea for a product, the potential always seems great to the person who came up with it. However, before investing money into its creation, the entrepreneur should put the idea under a couple rounds of close scrutiny, and that starts by asking to whom the product will appeal. Launching a new product to a niche of consumers who can appreciate a particular innovation typically leads to better outcomes when trying to develop a consumer base. Therefore, the new product should always target a niche of consumers rather than trying to break into an established market with general appeal.
In a free market economy, it is almost impossible to find a niche market that someone has not yet attempted to satisfy with one product or another. Even if someone finds a solid niche market, there will typically be existing competition within that market. Given this, it is important that prior to launching a new product, the entrepreneur understands the existing competition’s strengths and weakness. By specifically addressing common weaknesses within the niche market, the entrepreneur will differentiate his or her product from the others.
After launching a new product, the most important duty of the entrepreneur is conducting its marketing campaign. Even the best new product can fail if it is not properly marketed. Niche markets tend to form online communities around their particular niche. If the entrepreneur’s product is a new take on disc golf, for instance, then he or she will want to be involved with the online disc golf community. He or she should volunteer to write about his or her new product on disc golf blogs and post on disc golf message boards. The important thing is to generate word of mouth through what is called viral marketing.
The final tip for launching a new product is to utilize social media to communicate with consumers and potential consumers. The various social media platforms have made it easier than ever for entrepreneurs to directly communicate with the people buying their products. An entrepreneur should draw people to his or her product’s web site, which should act as a portal of sorts to social media accounts dedicated to the product. By gaining followers on Twitter®, Facebook® and other social networking sites, the entrepreneur will have multiple vehicles to cater to the wants and needs of his or her customer base. From there, the entrepreneur can continue to develop and enhance products and marketing strategies based on the customer base’s existing wants and needs.