Marketing an existing product or service is a relatively straightforward process, especially as marketers can draw inspiration from past campaigns, competitors, and market trends.
On the other hand, developing and promoting a new concept is all but easy. Marketers need to take into account that the audience might not be familiar with a new product or service, and creating a communication strategy that works can be challenging.
But while marketing a brand new concept is both an art and a science, success stories tell us that it is entirely possible to turn a new idea into a marketing triumph.
Here’s what you need to know.
How To Market Brand New Concepts: 6 Simple Tips
1. Understanding the audience and market positioning
In particular, marketers should look at the needs and wants to meet, the pain points to address, and the demographic features of their customer persona.
2. Knowing the ins and outs of the new concept
Although understanding the audience is critical for the marketing campaign’s success, don’t forget that the job of a marketer is to match a product with a buyer. And, for this, it is just as important to have a thorough knowledge of the product.
For this step, marketers should work with the product developers, associates, and sales departments to understand aspects such as pricing, features, styles, use cases, and warranties. It might be a wise decision to get a professional product strategy consulting to build a strong concept foundation.
This kind of knowledge allows them to create a winning marketing campaign and gain the trust of prospective buyers.
3. Create a bulletproof communication strategy
The next step is to work on a bulletproof communication strategy. When marketing an existing product, you might only need to be clear about its unique selling points, such as lower prices and new features.
However, when advertising a brand-new concept or idea, marketers are in charge of designing a communication strategy that is both comprehensive, clear, and informative. Tools such as social media reels and explainer videos can help.
4. Learn from successful stories
Suppose you are unsure how to market a concept that has never existed on the market before. In that case, you should consider looking at some successful stories to understand what made them so impactful.
For example, let’s look at the debut on the market of fractional share investing. The concept of fractional shares was initially pioneered by M1 Finance to make the world of investing more accessible to investors with a reduced starting capital.
However, fractional share investing only became mainstream thanks to SoFi. The company invested in significant marketing efforts that made the concept widely understood and available to all, thus providing investors with a new, valid investment option.
5. Outline a brand’s vocal and visual identity
After gaining an understanding of the inner workings of the target audience and market, it is time to create a strong brand visual and vocal identity for the new concept or service. This includes selecting logos, imagery, font, patterns, colors, and voice tone.
Especially with new concepts and ideas, it is crucial that the chosen vocal and visual identity of a brand is easily recognizable across multiple platforms and media.
6. Leverage the help of a mentor
Creating an efficient marketing campaign for a new concept is all but easy, especially if you have never done so before. Luckily, in most cases, you’ll be able to partner with a professional marketing consultant to find guidance and help.
Taking this step can help you see the project from a different perspective, understand different pain points that the audience might be experiencing, and draw inspiration from past successful campaigns.
Conclusion
Lastly, don’t forget that you might not be able to get your marketing campaign right straight away. That is why it is crucial to carry out user testing, collect feedback, and track metrics. This analytical knowledge will allow you to pivot quickly to make your brand launch more successful!
