Launching a product successfully, pre-launch marketing is considered to be one of the most crucial processes that assure the success of the product. Thorough marketing research helps in soliciting an invaluable understanding of who your target audience is and what is its requirement. In simpler terms, it is important because it improves your chances of transforming your audience into your potential customers.
Effective marketing helps in understanding the supply and demand ratio in the market. If a product with little or normal demand and high supply already exists in the market, launching it would just be foolhardy. In the same way, as marketing identifies the target audiences, their quality requirement, their price affordability, and their locality can be analyzed. It then helps in determining the initial cost assignment to the product in such a way that it becomes more likely to be sold and the expected profit is earned.
Marketing also aids in understanding the initial reaction of prospective customers to the idea of the new product. This way, in case of some resentment or disdain from the targeted audience, it could be taken care of. This is done by either carrying out the necessary adjustments in the product or remodeling the marketing strategy before actually launching the product. Just like a movie trailer if receives bad reviews over a scene, the filmmaker has the chance to either remove that scene from the film or reshoot that scene in the more acceptable way. Surely it saves precious time and money that may be lost if the product somehow was launched and now fails to establish itself in the market.
For proper and effective marketing of the product, several options are to be explored. These include sending out emails to apprise your customers of your upcoming products. Start a blog and create content that makes your customers anxiously waiting for your product. Running ads on TV and social media can also create the needed sense of urgency in the customers. Market your product in such a way that customers can play and win either your product or some discounts when the product is finally launched.
Furthermore, marketing also assists in knowing the competitors more effectively. Marketing is important in helping you to know the strategies your competitors employ. This way the new to-be-launched product can be adjusted and branded effectively. Also, their first response to your product aids in getting the idea of the product’s success. If they come out mildly aggressive on the product, this gives the sense of them getting good competition from your product. This is the reason almost all companies now possess a marketing research department, and greatly depend on its workings before launching a product.
Now, as it is the customers for whom the product is being launched, and if they find it useless or somehow offending, the whole purpose of launching a new product dies. Invaluable amount of time and effort will be lost. Marketing helps in forecasting such scenarios and provide buffer space and time for making adjustments. This is the reason it is so important and has to be done before launching the product.