It’s not often that you can introduce an entirely new product category to the marketplace. Unless what you’ve developed is truly a breakthrough, you’ll be entering a market with established competitors and existing expectations. The challenge is to stand out and claim a niche that describes your value and appeals to your target audience.
New Product Launch
When you introduce a new product to the marketplace—especially in a mature market with many players—chances are good that you’ll have some convincing to do.
We recommend you start by answering three essential questions your audiences are sure to ask:
- What problem does it solve?
- How is your solution different?
- Why should your audiences care?
What Problem Does Your Product Solve?
When introducing your product, distill your message down to a single rallying point to bring focus to your message. Zeroing in on the one primary problem you propose to solve helps you build a platform with a memorable promise.
For example, we helped an investment management firm introduce a new fund in a very crowded marketplace. We pursued a strategy based on the fact that financial advisors are always working to secure a regular source of investment income for their clients.
The campaign focused on finding reliable income amid ever-changing financial markets. Our rallying point was “income,” and the problem solved was how to invest for income despite uncertain markets.
How Is Your Product Solution Different?
Investing for income is a common goal. So, we had to articulate how the firm’s approach set them apart.
We supported the promise of income with several proof points, emphasizing two key elements that helped differentiate it. These points were delivered in multiple forms and featured three key traits of the portfolio team: active management, agility to diversify across multiple income sectors, and awareness of varied opportunities.
“Different” Is the Operative Word
For a new product, it is essential to identify how it differs from—and rises above—all the alternatives that are already available.
Try to define your product’s essential point of differentiation within the below three areas.
- Purpose—Does your product’s promised outcome align with what the target audience wants?
- Process—Can you focus on a single key aspect of how your product delivers the desired outcome and explain simply how that plays out?
- Performance—Do the central players in the development of your product have an established track record of prior success?
The answers to these questions are often uncovered during the research and discovery that informs the strategic planning stage of your product launch.
Why Should Your Audiences Care?
This results from the previous two questions combined with the value you provide. Tying your story to your audience’s mindset—whether it’s acknowledging challenges or addressing opportunities—gives your audiences a reason to believe and the potential desire to engage with you.
We pride ourselves on our ability to identify and communicate these differentiating points in distinct, compelling ways. Let’s talk about your next product launch.
