The recipient of an MBA from Northeastern University, Angelo Robert Santamaria, American Superconductor’s former vice president, is a global manufacturing and business unit leader. Focused on strategic planning to improve organizations’ bottom line, Angelo Santamaria has a core competency in .
There are plenty of considerations to make before launching a new product. First, understand the existing market. Are there competitors operating in the market you want to enter? What portion of the market do they control? Make a list of these businesses and how they market their product. Go through their brochures, websites, and ads. Identify the marketing strategies that have been successful and purpose to capitalize on them in your campaign.
Next, target ideal consumers. These are consumers already purchasing a similar product and would benefit from the added features in your product. These consumers can afford the product and are already using it, so you don’t need to spend significantly to acquire them. Market to them and outline the additional benefits of your product. Show how different and better your product is. You may want to research more on this market through surveys or focus groups to uncover existing needs that competitors' products are not meeting.
Before jumping in, test your product with a small sample of the market. Gather feedback. The test group may advise you to change your packaging or increase color options. Implement these suggestions. Only after testing should you take the leap.