4 steps of NPD
...rengthens the market's perception of your product and in turn reinforces your company's overall positioning. To make sure everyone is working toward the same goal, certain milestones should be established: ¡¤ Have we identified all necessary launch channels? It¡¯s how u r going to bring your new product to the final consumer. Product ¨C wholesaler- retailer-consumer ¡¤ What number of new products do we plan to sell by a specific date? When will the product be ready to launch at a national trade convention? ¡¤ Are sufficient stocking orders placed with key distributors? Plan on forecast your sales to produce the right quantity, not in excess and not to fall into shortage. ¡¤ How can we grow the product into a 5-10 percent market entrenchment by a specified date? Actions (advertising, communication strategy, sales training) to grow with the next year Approaching the customer with the new product can be the most delicate situation of all, which is why "having your ducks in a row" is so important. If existing customers encounter design flaws in the new product, they may forgive and forget (particularly if their relationship with the company is strong enough), but it's unlikely new customers will feel the same way. Also, the new product may not be the right "fit" with all of your current customers. Preparedness reduces the risk that the company's credibility may be damaged by missteps at launch time. In order to establish the new product's identity in the marketplace, the core message must be repeated over and over again. This requires consistent positioning within all of the company's marketing communications, including: ¡¤ New and current product literature ¡¤ Press releases ¡¤ Product specifications ¡¤ Sales presentations ¡¤ Internal communications Advertising, on the other hand, is aimed at presenting the product (specifically, its features and benefits) in the best possible light. These promotional tools are most effective when used in tandem. The goal is having each activity reinforce each other to influence the market and your customers. Beyond issuing press releases, look for unique angles to interest industry opinion leaders, or try placing stories about how the new product benefits customers in trade publications. Exposure to your product via both advertisements and public relations generates greater mindshare and higher perception in the marketplace. Execution It is about controlling and monitoring all the goals identified in the ...