Launching a new product in a competitive market?

Form a design partnership which several customers of the addressable market of your product, to understand which of the markers has the highest desired need towards your product.

When launching a new product in a competitive market, conducting a thorough market analysis is crucial. But really it is only the first step! You must engage in discovery by talking with your target buyers. Getting to know their day-to-day challenges and needs. Conduct a SWOT analysis documenting the strengths (S), weaknesses (W), opportunities (O), and threats (T) for your new product using market analysis and customer discovery.

Building a strong value proposition that clearly communicates the unique benefits and differentiators of the product is crucial.Engage your customers with storytelling that resonates with the target audience and aligns with their values and aspirations can further enhance brand connection and loyalty.

Not everyone is lucky on this : you should assess on what drive the most value and competitive advantage. Allocate resources to these priorities and set clear, measurable targets. Continuously evaluate and adjust based on feedback and market trends.

?? ???????????? ???????????????? ?????? ?? ?????????????? ????????????! ?? Before launching your new product, thorough market analysis is a must. Understand the competitive landscape, spot market gaps, and identify your target customers' needs and preferences. This knowledge helps you position your product effectively and craft marketing strategies that highlight its unique features and benefits. By knowing your competitors' strengths and weaknesses, you can differentiate your offering and carve out a unique niche. Think of it as your product's GPS to success! ????

Think from a customer perspective. Usually they have a business goal or an job that needs to be done, and for which your product incidentally makes that job much easier. Based on this you can also segment your customers based on where they are and see how your product can add value. For example, an email tool may be used for community building OR increasing sales OR sharing product updates. Figure out what is the end goal and see where you product adds value.

Proposta de valor = o que te diferencia no mercado? Para montar ela, eu costumo seguir algumas regras bases: 1. Ela tem que ser escrita em uma frase curta (repito, somente uma); 2. Sem palavras complexas, quanto mais simples, melhor: ninguém pode ter dúvidas; 3. Ela tem que solucionar a dor que você está resolvendo (!) - a proposta de valor é a sua solu??o extra resumida, expondo o que faz do seu produto de fato diferente do seus competidores diretos E indiretos; 4. Você n?o explica o mecanismo do seu produto nessa frase. é essencial ter a proposta de valor para explicar de forma rápida o seu produto (como para formular um elevator pitch) e vender ele de forma bem articulada.

Do Highlight how it solves specific customer problems or meets needs better than existing alternatives. Focus on differentiators such as innovative features, superior quality, cost-effectiveness, or exceptional customer service. Communicate this value proposition consistently across all marketing channels to attract and retain customers.

I've personally had to overcome some natural tendencies to get this right. As product people are first instincts are to talk about the amazing capabilities of the product. While there isn't anything wrong with this when you're communicating value, a more compelling way is to humanize this more and discuss the wants, needs, desires of the target audience and tailor your messaging (and even product roadmap) accordingly. Showing them what they can achieve, not what you are offering/building is bound to create a much more memorable identity.

Launching a new product in a competitive market hinges on crafting a compelling value proposition that clearly communicates the unique benefits and advantages of your product compared to competitors. This involves identifying and emphasizing key features or innovations that address specific customer needs or pain points better than existing options. Effective differentiation through a strong value proposition not only attracts initial interest but also builds a sustainable competitive advantage. Ensuring this proposition is clear and resonates with your target audience is essential for successful market entry and long-term viability in a competitive environment.

While working as a product consultant on a health IT platform years ago, I met with the various types of nurses who would become the end-users of our surgery center product. Each nurse cared about a different aspect of the product, and had a completely different workflow while engaging with it. This meant we had to create usability standards that worked for every nurse and specific functions based on the type of nurse user. Creating user experiences that are accessible and usable for everyone starts with empathy. We spent time with each nurse in their area of the surgery center, documented their workflows, designed user interfaces and developed functions specific to their use cases, testing and iterating with them along the way.

Great design and usability are critical. At Tru, we iterate on our user interfaces by involving real users in the design process. For instance, during the development of our analytics dashboard, we invited key customers to test prototypes and provide feedback. This collaboration ensured the final product was intuitive and met their needs. Remember, a user-centric design not only improves satisfaction but also drives higher adoption rates. Keep refining based on user input.

Think about what users need rather than the opportunities based on product development capabilities. By working in tech industry have seen tech teams spend unccountable hours in features and developments that end up in generic solutions similar, not to say identical, to competitors. While ensuring the basic practices in the industry, on the eye of the users, this ends up being just another option to do the same thing that makes acquisition path even harder.

Leverage market research to understand customer needs and preferences. Develop a multi-channel approach, including digital marketing, social media, email campaigns, and influencer partnerships. Emphasize your product’s unique value proposition and benefits.

Humans like to do business with other humans, not companies and entities. And your message will be better received, if you lead with offering something of value to the (potential) customer. These two realizations have played a big role in identifying the end to end marketing and innovation strategy. Marketing should be the tool for creating a bridge between a provider and recipient through which value is delivered. Some needs are met. Some purpose is served. And eventually that unique connection is made which triggers a response from the recipient. That response could be a purchase, a vote, a donation, a recommendation , a like on their page.

Developing a robust marketing strategy requires a blend of research and creativity. Start by leveraging market research to deeply understand customer needs and preferences. Employ a multi-channel approach that includes digital marketing, social media, email campaigns, and influencer partnerships. Always emphasize your product’s unique value proposition and benefits in every communication. Measure key performance indicators like engagement rates, conversion rates, and ROI to continuously refine your strategy. The goal is not just to reach your audience but to create meaningful connections that drive conversions and revenue growth.

"There is not a magic formula" I like to think about marketing strategy as a puzzle tha re-shapes over time. Marketing strategy must respond to brand/business momentum and propose a coherent plan to reach users with the right triggers.Think about communications channels as an user journey not as a set of reach extenders. So, beyond reach and frequency, offline means may create massive awareness, influencer strategy can create credibility and online media may trigger intention to purchase. Not all communication channels need to deliver the same message. Shape message according to each channel but have a clear understanding of how all of those add up to the right overall perception in the eyes of the beholder (user).

Know where your customers show up/spend time the most! Not all platforms might work for you ???? Hence, choosing the right platform and communicating with the right audience is one of the key steps to a successful marketing strategy (in addition to a number of other factors as well)!

"Go to market strategy is no written in stone" Have a plan, execute in a timely manner, keep a close look at your launching strategy performance and adjust as necessary based clear data for marketing and business objectives.

Your job is not done when you launch a product - in fact, it is just beginning. The version that you launched with, likely was the bare minimum product - now it is even more critical to search for insights from usage - what are your customers are looking for, how they are using the product. Find out if the main problems are actually being solved, and then look at how you can expand your offering to solve more things for them - effectively capturing more value in the business needs.

Ensure that you product has a great story. Remember its not just the physical benefits of the product that people make a decision on, but the emotions that they feel because of your product. Whether its Relief, or Delight or Confidence, these emotions make a very real impact on the customers conversions and churn rates.

Have you ever wondered: Why Amazon has become such a big part of our everyday lives? Or why 100s of people camp outside Apple and Nike stores before their new product launches? Or how in the history of the world, relatively unknown politicians regularly come out of nowhere and become leaders of their countries , beating other well established ones? All these examples of companies, products, services, people have something in common despite being very different from one another. They have somehow managed to build a unique connection. We trust them. We understand what they stand for. We recommend them to others. They add value to our lives. Our product launch strategy (especially in competitive markets and industries) MUST address these.