Demand Generation/Market Generation
Demand Generation/Market Generation
One of the most crucial and difficult tasks in the field of marketing is to create demand for a product or service which was not available in that market earlier.
At one level it seems to be an easy job. After all, a new product has been introduced only when the provider sees a supply gap in the market. However, it takes lots of effort in understanding the psyche of potential buyers, in preparing an effective campaign and planning the perfect launch. The rate of failure in this is pretty high and success relies heavily on communicating the benefits, creating curiosity and buzz around the new product.
Various activities are involved in this type of project like:
- Identification of the need in the market for a new product or service.
- Research to know if such a solution exists in another market? If Yes , then is it possible to bring the same or whether a new product will be designed from the scratch.
- Analysis of market share of the existing products that this new product may replace and its overall impact on that segment.
- People’s perception and opinion about the need for such a product.
- Listing the key benefits that need to be highlighted in the campaign.
- Theme and message of the campaign including teasers.
- Finalizing market strategy for the product.
- Executing the plan and creating interest among potential customers.
- Campaign monitoring and course correction, if needed.
Looking at these activities it is clear that such projects require more work on market research, analysis of consumer need, product design (usually it is already done), and excellent creativity in campaign design.
With a competent and experienced team of marketing experts and a complete portfolio of marketing services available, Team Namastetu will be your best companion on this exciting and challenging journey. For more details contact sales@namastetu.com or call on +971 55 769 1919
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