New Markets – New Products
For many companies, growth strategies can incorporate entering new markets with either existing products and/or releasing new products. The businesses intent being to create new or increased revenue streams and broaden the customer base of the company; all too often the outcome is more (or less) revenue but even higher costs delivering a negative contribution to the bottom line.
The approach to new markets often applied can vary from a salesperson with a new catalogue under the arm to major marketing campaigns to announce your arrival; and many variations in between. The results and profits can be as variable as the processes that are applied.
Without a sound strategy implementation plan the liklihood of success of delivery, on time, is greatly reduced.
To take a product to market successfully or enter new markets, you firstly need to understand what are the most common reasons products fail. Many lessons are learned from failure, and when it is known how those failures occurred, it creates an improved path to success.
A good place to start is understanding the root cause of the failure to ensure you are treating the right problem. This eBook provides you with eleven of the most likely contributors to the failure of entering new markets. It is hard to account for all reasons for the failure of a product or entry to market. You can have a product that is better than competitors, based on substantial market research and a well-planned advertising campaign; it fails to fire to the forecasted goals. If you look at the above reasons, it shows that failure has many faces and is often unpredictable. You must, however, work to give the product the best opportunity for success in the new market.
Taking products to market successfully
For success with any new market for a product it requires a pragmatic approach and alignment between marketing and sales. Marketing being the first entrant to the market (after extensive research) followed by the sales effort. The alignment must be seamless and take the buyer on a continuous journey of steps from awareness to purchase.
Where each of the steps are followed, in the sequence, the likelihood of success increases tenfold. This eBook takes you through those steps required.
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