LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of their recent article on challenges in marketing a new product and ways to overcome them. This article identifies three key challenges faced while marketing a new product and explains various strategies to overcome these roadblocks.
A new product launch is highly challenging. Only about one in five among the new products launched survive for more than a year in the market. As a result of these poor success rates, businesses often face massive losses. Since the cost of introducing a new product in the market is high, it is vital for companies to develop capabilities that will help them in successfully marketing a new product.
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Challenges faced by companies while marketing a new product
Brand messaging and product positioning
Marketing a new product involves convincing the audience that they need your product. However, several companies face difficulty in getting the message across in such a manner that it resonates with the audience. The marketing team must create explicit brand messaging and product positioning strategy, failing which the success rate of the product will consequently plummet.
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Audience targeting
Marketing strategy for new products become immaterial if companies do not target the right audience. Going by random assumptions and stereotypes about a particular demographic favoring the company’s product and a lack of proper research could prove to be a grave mistake while marketing a new product. This could also result in companies missing out on a potential audience base.
Marketing the product launch
Even the most revolutionary products might not take off in the market unless they are backed by a strong marketing strategy. The success of marketing a new product largely depends on a company’s ability to choose the right platform to reach out to the target audience, and revealing just enough information to stir curiosity, and updating the audience on the progress so as to maintain their interest and build hype.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us
