Differentiating yourself Part 2: Introduction Phase Overview
With that in mind, this article is all about the goals of marketing in the introduction stage, and we will then spend an article on each of the sub-goals within this phase and some strategies and tactics to achieve them. In short, that means this series is going to be about 20 articles. The plus side is that it allows us a bit more space to discuss each topic, and it breaks each phase into bite-sized chunks. The downside is that it’s going take a bit of time to get through the whole series. I hope we both have the patience for it to pay off. We’ll see ?
So here is how I am going to handle rolling out the concepts. Part 1 – LifecyclesPart 2 – Introduction Phase Overview
- Part 2.a Introduce and Intrigue
- Part 2.b PR
- Part 2.c Research and Target Market
- Part 2.d Metrics and Flexibility
Part 3 – Growth Phase Overview
- Part 3.a Blah
So on to the content:
You’ve got a great new product in a new industry (or a new niche within an existing industry more likely) so now what? Let’s first review some of the characteristics of this phase.
- Customers aren’t aware of your product, and probably not even aware they have a need/desire for your product.
- You have few if any competitors.
- You are probably a bit short on cash
- There are no defined process and systems in place
- Your manufacturing costs are probably pretty high
- We don’t know out market yet
- Branding established now will carry over into later phases
Ok, that gives us a pretty good framework. From that we know:
- We need to educate the market and need to put the on the marketing continuum of the 5 I’s - Introduce, Intrigue, Involve, Inform, Influence
- Since our first goals will be introduce and intrigue, we need to create a name, persona, and story for the product
- PR will play a heavy part of the mix
- Target market will be innovators, early adopters, and influencers – but we still need to figure out who
- Since we don’t know our market, we need a clear system of metrics to see what works and what doesn’t. Just as important, there needs to be a process in place to adapt to changes quickly.
Now that get’s us a some clear goals to achieve, the next articles will take these one by one and see how to do it. Stay Tuned.