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In: Business and Management

Submitted By ghadamurtaja
Words 888
Pages 4
So you want to bring a new product or service to market. You've done your homework and decided exactly what you plan to offer; now all you need to generate is sales. Sounds simple enough, doesn't it? But every day, countless new product and service ideas are conceived--never to be born because they're not properly brought to market. In fact, a large percentage of the calls my company's coaches receive are from small-business owners who want exactly this sort of help. And we carefully guide them through these seven important steps that will help them successfully bring their new products and services to market.

1. Study your competition. Many business marketing classes teach participants how to perform a SWOT (strengths, weaknesses, opportunities and threats) analysis. You have to start by taking a serious look at your competitors. Make a list of the businesses that offer products or services similar to the one you plan to launch. Even if you think your new product or service is entirely unique and without existing competition, it's important to put yourself in your prospective customers' shoes and imagine what they might buy in lieu of what you plan to offer. Once you decide whom your competitors will be, review their marketing materials, including their ads, brochures and websites. Evaluate how your new product or service will stand up against what's already being offered, in what ways you'll excel, and which companies or their offerings pose the greatest threats to your success.

2. Target the ideal customer. To successfully launch your new product or service with minimum financial outlay, it's essential to focus exclusively on the prospects you believe are most likely to purchase from you. These may be customers who are currently buying something similar and will appreciate the additional features your new product or service provides. Your best prospects...

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