Launching a Brand-New Product

------=_Part_77508589_442615063.1682694314787 Content-Type: multipart/alternative; boundary="----=_Part_77508590_109240647.1682694314787" ------=_Part_77508590_109240647.1682694314787 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: 7bit ============================================================ MarketingProfs StrategicB2B Today Inside: The Marketing Strategy of Launching a Brand-New Product Read this issue on the Web. Just follow this link: ============================================================ You received this newsletter at this address ({EMAIL}) as part of your subscription to MarketingProfs.com, or because you subscribed to our newsletter. To ensure that you continue receiving our emails, please add us to your address book or safe list. Manage your mail preferences: If you prefer to no longer receive MarketingProfs StrategicB2B Today, you can always leave this list: Copyright 2000-2023 MarketingProfs LLC. All Rights Reserved. 1985 Riviera Dr, Ste 103-17 | Mount Pleasant, SC 29464 | (866) 557-9625 ------=_Part_77508590_109240647.1682694314787 Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: 7bit A useful way to view the process: customer-focused life cycle [MarketingProfs StrategicB2B Today] April 2023 [Your monthly issue of Strategic B2B!] The Marketing Strategy of Launching a Brand-New Product An appealing marketing strategy for a company is to launch a brand-new product into the market. Such a product defines a new category or it's a totally new application of some prior product. To help us think strategically about the benefits and risks of launching a brand-new product to the market, it's useful to frame the process as a life cycle. The life cycle has stages: Enthusiasts, Visionaries, Pragmatists, Conservatives, and Laggards. Those stages have been identified in Everett Rogers' Diffusion of Innovations Theory (1962) and Geoffrey Moore's Crossing the Chasm (1991). Let's investigate each of the main stages, especially from the customer point of view—focusing on the types of customers a company will attract at each stage. Here is a simple picture of the process to get us started: [Product Life Cycle] Enthusiasts In the introduction stage, when a new product is first introduced to the market, the goal is to create awareness of the product and generate interest in it. The product is usually priced high during this stage, and the company invests heavily in marketing and advertising. The first challenge in this stage is that you need to educate the market (because potential customers might be asking "what is this?"). That often requires resources (money and time), since most companies don't have a lot of experience with pure education. The other main challenge is that the first mover doesn't know the best positioning for the market. Moreover, competitors often wait, which gives them two advantages: - They don't need to spend money educating the market. - They can wait to see the best positioning. What's happening with customers? Often, much of the market stays with the status quo (i.e., does nothing) even when the benefits of switching or making a change are high. Customers have many reasons to stay with the status quo, including the following: - Regret minimization: Staying with the status quo means you won't have many regrets. There is also a loss-version bias, which reinforces the do-nothing approach. - Consistency bias: People like to stay with what they have. - Habits: People gain pleasure from the familiar. - Psychological switching costs: This is a big one... Companies often find ways to deal with technological switching costs, but psychological costs are typically underestimated. You can use various product and message techniques to help adoption during this phase, including providing free trials, making the product/service very easy to use, making the benefits very easy to observe, and solving the psychological switching costs problem. [Read More ►]( [Allen Weiss] [Allen Weiss] CEO and Positioning Practice Lead, MarketingProfs Professor of Marketing [Marketing Strategy: Benefits, Relationships, Competitors]( Marketing Strategy: Benefits, Relationships, Competitors MarketingProfs CEO Allen Weiss will lead a full-day workshop at the MarketingProfs B2B Forum on Oct. 4 to lay out the elements of marketing strategy that are the very foundations of your marketing and positioning success. You'll discover what market you're really in and how to use your brand's benefits to shape your marketing strategy; uncover business-essential relationships to pursue and learn how to nurture them; and get practical tools to analyze competitors (and yourself) when changes occur in the market. [Find out more about the workshop here ►]( Resources [article] [Why Some New Products Get Adopted Quickly: A Lesson From Infomercials [Article]]( [article] [The Four Pillars of Successful Product Launches [Article]]( [Article] [How NOT to Launch a New Product [Article]]( [Research] [What Persuades Buyers to Try New B2B Tech Vendors and Products? [Research]]( [article] [Three Reasons You Should Start Your Marketing Strategy While Your Product Is Still in Development [Article]](PBN/MjlpRG4xOXBPdXdNNHJGekp0NTliK1pHaGxJYURtVUU0VVk1b1VidTZoWU16QlJ5dFlOTTVaUWdzam5DVXczUU9tNHlVZldOV25PbUZoZ0pxSmNNZDlORUd2TzhlWitBWm1jRVFHTlp2Yml0dVdVTk1iV0dmQT09S0/) [Article] [Can You Ensure Your Product Launch Isn't a Dud? Yes, Rapid Market-Testing Can Do That [Article]]( [MarketingProfs] Your Strategic B2B Team Your team for this issue (in alphabetical order): Megan Cordero, production director; Vahe Habeshian, publications director; Allen Weiss, MarketingProfs CEO and B2B Positioning Messaging Consulting lead. [MarketingProfs]( Copyright © 2000–2023 MarketingProfs, LLC All Rights Reserved This email was sent to {EMAIL} as part of your MarketingProfs subscription. If you prefer to no longer receive MarketingProfs Strategic B2B Today, you can always [leave this list](. Did someone who cares about you forward this to you? 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