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You are going to introduce a New Product in the market. You must have chosen the competitive advantages but still you have to educate the customers about its uses and benefits. For this you have to spend a lot of money. So you have to be very careful in order to get the maximum with minimum investment in launching plan.
Segmentation and targeting
You have to identify your target markets. This is normally done segmenting the markets by geographic regions and select the segments where your largest number of customers locate so that you can reach your maximum number of customers with lowest competition by spending minimum resources.
Budgeting
Allocate the resources for various categories. Try to test your market by putting your resources in different categories rather than putting all in one.
Determining USP,s
Create powerful unique selling points of your product and portray these in all your messages to the target customers.
Distribution Channels
Selection of distribution channel wisely is most important. Select the channels through which you can reach your target customers fast.
Pricing
Choose a competitive Price point which should be determined by your over all plan whether you want to be follower, challenger or me too.
Develop a Website
Develop a website for the customers to observe your product publicity. Make it reactive so that you can know the response of the customers.
Publicity
Contact the correspondents of the Newspapers and Magazines and tell them about your product and its USP’s and request them to publish it as News. This will be a promotional activity without spending money.
Other Promotional Activities
Get in contact with Local Cable Operators and try to promote your product with a commercial in the target customer’s areas. You can also take help of TV, Newspapers etc which depends on your budget.
Point of Sales Promotion
Try to hang banners, hangers, posters at the wholesale and retail shops where the customers come to buy. You can hold demonstrations of your product at prominent places of the markets.
While this a very generic question and would certainly be more helpful if the product range or industry could be defined. To briefly answer this, i would say that in an competitive market a new product has one thing going for it is the product awareness (though not your brand). Thus when the consumer is already aware of the product and its utility, you need to invent ways to upsale your USPs and take a more proactive route to promote your product maybe with some offers etc while also reaching the consumer through unconventional modes like digital marketing/social media etc.
