After college; launching new products

Posted September 23, 2014 by
Time to launch words clock start new business company

Time to launch words clock start new business company. Photo courtesy of Shutterstock.

One of the hurdles many college graduates face is unemployment. Many remain without jobs or end up in jobs for which they did not exactly study for. A few lucky ones are able to gather up some capital and venture into business. The business world is however not very welcoming. There are numerous challenges that face entrepreneurs as they seek to penetrate the market. The first challenge they encounter is how to launch their products or businesses in the market. Let us look at this issue in some detail and depth, as well as explore how to go about it.

Launching new products in a market is quite a daunting task. Organizations or individuals can launch new products in the market either as new businesses or as existing businesses seeking to increase the products that they offer. The product can be goods or services. Launching a new product requires a careful analysis of the market and predictions of how the product will be received by consumers. Surveys should be conducted prior to launching the product so that the business knows if it will be received well and become profitable to sell the product.

An ideal product to launch in the market is one that satisfies a certain need of consumers. This ensures that there is a ready market for the product and minimal advertising is required. Advertising is expensive especially for small businesses so it has to be targeted and kept to a bare minimum. To successfully launch a new product, the business has to engage in an aggressive marketing campaign. Strategies used include advertising, home and business calls, sending out emails and use of bill-boards. Other methods are employed to supplement the main strategy. A successful marketing campaign ensures that consumers are aware of the new product and what it can do for them. Consumers are also informed of where they can get the product.

New businesses such as those started by young college graduates have the hardest time launching a new product. Existing businesses have the advantage of having tested marketing and supply channels that can be utilized to some extent in marketing the new product. Franchises also have already existing selling points and so do not have to convince retailers and wholesalers to embrace the new product. Startups and newly founded businesses can partner with other businesses in the launching of a product so that they use their channels to reach consumers. Profits from sales proceeds can be shared or the business can pay the partners an agreed sum of money.

Online marketing strategies are quickly catching up in their use when new products are being launched. Programs such as affiliate marketing and online advertising are employed by the business to create awareness of the product.

There are organizations that have marketers for hire. These marketers post information about the product on websites and blogs. Visitors to the websites and readers of blogs see the product and get curious to know more about it or try it out. The marketer gets paid for the customers that they successfully recruit to buy the product. The use of social media to create hype for the product is also another method employed by businesses while launching a product into the market.

The future of marketing is clearly in the internet and online marketing is a requirement for any entrepreneur. Do not be afraid of trying it out. You may lose a little money here and there but once you get the gist of it, you will be as fit as a fiddle and you will reap the benefits that are to be had from online marketing. Most of all, keep an open eye for emerging trends, and an ear for information that could help you propel your products forward in the market.

By Evelyn Golston

The author is an online marketer and an investor in online businesses. She writes as a freelancer for Essay Jedi and her work is recognised by her clients as being well researched.

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