Congratulations, you’re introducing a hot new product or service that will give lookers a reason to buy from you. But having a new product isn’t enough. How you introduce it is just as important. Ask yourself these questions to help you select the right marketing mix to introduce your new product.
The marketing mix is a set of factors you use to get your target market to buy from you. Some people call it the “4 Ps”—Product, Place, Promotion, Price. It’s used in every stage of a product’s life but here are some important considerations when introducing a new product:
When introducing a new product, it’s important to consider all four Ps. The idea is to combine them to boost sales. For example, you might use a social media campaign (Promotion) to announce the product is available now in three stores (Place) and provide a coupon for a discount off a customer’s first purchase (Price). How your new product gets introduced is as important as the product itself.