7 Main Mistakes When Selling New Products

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Important point: when developing a marketing plan for promoting a new product to the market, the Pareto rule works great (20% of efforts give 80% of the result). Do not try to cover all available promotion tools and channels at once - at the first stages, focus on the most effective ones, this will allow you to work as efficiently as possible. Over time, you will have the resources and opportunities to expand them.

The product solves a problem that the consumer does not have
One of the most common reasons for the failure of a new product launch is that the product solves ivory coast mobile database a non-existent consumer problem. At the heart of the process of creating and implementing any new product is the consumer problem that it must solve. Focusing on the “right”, existing problem is the right way to create a product that will be in demand by the target audience.

Insufficient budget allocated for launching new product on the market
Often, companies allocate an insufficient budget for the launch of a new product. It is not uncommon for the budget to be spent suboptimally: most of it is spent on product development and production, resulting in insufficient funds for marketing and advertising.