Establishing your sales objectives
The steps you need to take to bring your business idea to market including studying the competition and defining your strategy
To successfully bring a new product or service to market you should follow some essential steps.
Study the market
You should study your competitors' ads, websites, and so on. Find where your product is like theirs and where it is not. You will then be able to assess if customers are likely to buy from your or your competitors. See understand your competitors.
This information will also reveal your ideal customer. You can then target them with your marketing.
A good method to use is a SWOT (strengths, weaknesses, opportunities and threats) analysis. See a SWOT analysis example.
Define your marketing strategy and tactics
You must choose the right sales and marketing channels for your product/service, eg shop, website or both.
Usually, a business that sells across many channels will achieve greater success because customers who can shop when and however they like tend to spend more and shop more often. See factors to consider before you sell.
You should ensure that many people know about your product or service. This includes potential customers, the media, and reviewers. See sales promotion.
Know the life cycle of your product or service
After introducing your product or service your marketing campaign will need to be updated as your product or service matures.
By carefully monitoring your marketing results, you will be able to see diminishing returns that will indicate when it is time to:
- revise the product or service
- alter your media message
- phase out and launch a new product/service
See product life cycle.