I'm developing a new product for home to be used for specific function and with the feature to connect home to smartphones. I'll go to a new market with no competitors but the high probability to have incumbents in less than one year. We have no metrics and no best cases, so we are a bit confused about the first move!
The best way to launch a product is to start promoting it before you release it on the market. Your strategy also should depend of how are you going to sell the product: online or in store.
Lead all of your marketing activities must lead to your website.
Here are some of the things you can do:
Make a good video explanation of the product. Show to people how it works and focus on the problems that it solves for them.
Build a buyer persona focused website. That is extremely important especially if you're selling online. It will skyrock your conversion rate.
Start building a community on the social media. Focus on building relationships with people, ask for their feedback.
Build a PR buzz around your brand. A great service you can use for that is MuckRack. There you can find journalist that are looking to write a story for exatly what you're looking to sell.
Make a keyword research and run some tests with Google Adwords. Make A/B testing with different landing pages to see what works better.
Focus on SEO and content marketing to bring visitors to your website.
If you tell me more, I will be able to help you better with a more concrete advice. I'm open for a free consultation. I'm sending you a VIP key for a free call.
Own the language. Anticipate what people will search for in this niche and ensure that YOU will be the majority of what they find.
Here's a concrete example. Suppose that you are launching an innovative new product for helping people quit smoking: The nicotine patch.
If you're the company behind Nicoderm CQ, then you'll enter the market with guns blazing -- a gigantic advertising budget, strong patents, smart executives, and an innovative product that people genuinely need.
Great, right? Yes, but far from perfect. Fast forward to 2013. Patents expire. Nicoderm CQ, like most pharmaceutical brands, must now compete with knockoff generic nicotine patches, offering the same product at lower prices.
As dominant as Nicoderm CQ is, thanks to their brilliant execution of a traditional marketing strategy, they have left themselves exposed to market competition in a ridiculous way.
Specifically, they don't own NicotinePatches.com or NicotinePatch.com. Instead, I do.
In effect, the latecomers to this market niche can take a shortcut to brand authority by building their brand on the most universal descriptor of the product itself. In the long run, the familiarity of "Nicoderm CQ" will wear off. That will happen pretty much as soon as the advertising dollars stop pumping in. After all, there's nothing intuitive about "Nicoderm CQ" -- particularly the "CQ". Meanwhile, people will continue searching for "nicotine patches" online even with no input of advertising dollars whatsoever.
Anticipate. Own the language.