Media Intelligence: 3 Excellent Marketing Strategy for Product Development

A good new product marketing strategy starts with social listening and competitor benchmarking. This statement appears straightforward, but it goes beyond traditional product marketing thinking, which prioritizes the product’s utility over its market position.

 The times are changing, and we’re here to assist you when you’re ready to switch to a social and data analytics-based strategy. Campaigns fail because they begin from their perspective rather than the perspective of their clients. In the end, these people may only be able to please themselves–or even themselves because they are at a loss.

Here’s a far better way to develop new products and innovate:

1. Listening to others on social media

Begin by having no idea what you’re doing. Examine relevant social media conversations in your sector for pain issues and a need for solutions that don’t exist. Facebook, Twitter, Instagram, and blogs are the social media networks that best suit your demands.

2. Market Research 

Polls, focus groups, telephone interviews, A/B testing, and other traditional research methods should be used now. There is a technique to achieve this without jeopardizing the identification of your pain location or hunches.

3. Competitors

One or more of your competitors may have previously thought of your idea or seen a gap in the market and presented a feasible solution. Make sure you’re the “lord of the castle” and not colliding with someone else by checking their website and PR.

 It’s fine if someone else has identified the same need; you might be able to provide a unique solution–one that is even more successful. The most crucial thing is to ensure that your product solution is one-of-a-kind.

Why not do it the old-fashioned way?

This funnel is usually flipped by most marketers, entrepreneurs, or inventors. They develop a product concept and then use standard marketing techniques like surveys and focus groups to augment their study.

 Unfortunately, science has shown that this leads to skewed results for a variety of reasons, including the fact that you’re approaching your sample with a bias—you’re looking to support your point and are less open to criticism. 

Respondents are also more likely to say what they want to hear, and they reply differently depending on social situations, how the questions are read, their disinterest, or their mood. Starting with social listening is a much better way to go.

You can learn how to approach new product development by starting with social listening and benchmarking competitors.
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