How to develop a product market strategy and plan for marketing product introductions in philadelphia

1. DEVELOP A PRODUCT MARKETING
STRATEGY
Developing a marketing plan or strategy to introduce a new technical product can be
painless, and seems confusing only when we lose site of objectives.
Start by writing an outline of your marketing strategy. Then begin by gathering
required information for each section in your outline. As you gather your market
information, you may see critical gaps. Find a way to fill the gaps (e.g.
telemarketing). Then polish the information with helpful tables, charts and graphs.
You can even use the outline to organize your marketing presentation!
Developing a Product Marketing
Strategy is one of the most challenging
and exciting aspects of product
marketing and launching a new
product. The marketing professional
should begin by writing a working
outline of his market plan to help
organize the study, gather information,
and organize the presentation.
I created this outline to develop marketing strategies:
Mission Statement
Corporate Mission Statement.
Manufacturing objectives.
Product Development objectives.
Marketing objectives.
Customers
How many of them are there?
What are they buying?
What practical problems do they try to solve?
What emotional problems do they try to solve?
What is the size of your market?
What is your customer's price point and other economics?
Exactly what does it take to win an order?
How long does it take to win an order?
Exactly how do customers use competitive products?
What's the current satisfaction with competitors?
MARKETING UPDATES
Whats New
MARKETING LIBRARY
A Few Marketing Ideas
What is Marketing?
Closing Techniques
Sales Psychology
Marketing Strategy
Space Advertising
Product Development
Competitor Analysis
Customer Relationships
Branding Case Study
Sales Techniques
Helpful Links
ABOUT
Introduction
On-line Resume
Contact Me
AVAILABLE SERVICES
Website Design
Marketing Consultant
POLICY AND TERMS
Privacy Policy
Terms of Use
How to Develop a Product Market Strategy and Plan for Mark... http://www.robertwinton.com/marketing.htm
1 of 3 3/31/12 11:35 AM

2. Market Segmentation
Group customers (needs, industry, distribution, geography).
Narrow the targets.
Select targets.
Label the segments.
Consider the similarities and differences. Anything missing?
Competitors
What are they doing now?
Where do competitors advertise, and how often?
What is their sales pitch?
How do competitors price?
How do they distribute?
How do competitors position themselves?
How do competitors react to threats?
How do successful competitors differ from the lesser?
What are their market shares?
Compare competitors to your organization in terms of your:
Strengths
Weaknesses
Opportunities
Threats
Product Position
Differentiate your product and your service.
Find the opportunity. Its out there.
Remember that famous glass of water? The one that optimists see as half full and
pessimists see as half empty? A scientist, however, sees a question -- Was the glass
designed with too much capacity?
What we see is, actually, a matter of perception. What your customer sees is, also, a
matter of perception -- his perception. Understand your customer's needs.
Describe your products.
Describe your customer's pain ...
Some sales systems will script sales closing techniques based on customer needs or
wants. My opinion is to agree with other sales systems which insist that customers
only buy on an emotional level.
Have you bought everything you wanted? Have you bought everything you needed?
Of course not. But, how did you feel when your car stranded you on the highway?
Were you a bit more receptive to the idea of buying a new car?
Read this carefully because this is the key to all market strategies. When your
sales force closes sales, they will do so only by understanding your customer's
emotions.
Your customers will buy from China, India, South America, anybody. Very few
industrial customers have loyalty to any country or brand name today. If you don't
agree, just look at number of people drinking bottled water that is imported from
other countries. The last time I looked, the United States did produce good clean
water. Go Figure.
How to Develop a Product Market Strategy and Plan for Mark... http://www.robertwinton.com/marketing.htm
2 of 3 3/31/12 11:35 AM

3. You must understand your customer's psychological needs. Take a piece of paper out
and write this down, "You must understand your customer's psychological needs to
best succeed in product marketing and sales."
If Possible, Do Market Testing
Show product and promotional concepts to customers.
Double check.
Make Strategy Decisions
Decide on new revenue growth and profits.
Decide on new product development.
Decide on price.
Decide on sales force, distribution, service.
Decide on customer psychological factors, not features and benefits.
Decide on product promotion.
A popular way to remember the function of marketing is the "four p's of marketing",
which are product (you must have a "new product development process"), place
(distribution or where you will sell your product), promotion and price. A good
definition of marketing will provide a more detailed definition of the standard
marketing function, and the four p's of marketing.
I added psychological sales factors as a fifth p of marketing; because, your marketing
strategy must list the relevant sales psychology factors, and state how these factors
will be addressed. Sales psychology is arguably the most important part of a
marketing strategy. Yet, customer psychology is seldom mentioned in marketing
strategies.
Write an Action Plan
Pert chart on product development.
Calendar of planned media.
Budget
Implement Your Plan
Hold routine meetings to review progress on sales leads. Provide a lead tracking
system. Nothing is status-quo. Revisit your plan and update.
Questions or comments? Please Contact Me.
Copyright © 1999 - 2007 Robert Winton all rights reserved.
How to Develop a Product Market Strategy and Plan for Mark... http://www.robertwinton.com/marketing.htm
3 of 3 3/31/12 11:35 AM