Companies are introducing new products around the world every year. So why do many familiar products continue to line the shelves year after year gathering dust?
These failures are not only disheartening for a company, but extremely expensive. Companies spend large percentages of their marketing dollars coming up with advertising and placing new products. For the best chance at a successful product launch, companies need to do their research on how, where, and when to launch a new product for maximum exposure and coverage.
The “when” of this formula is known as time marketing. That’s the process behind timing the release of a new product to the market. Depending on the product and the industry, many factors must be considered about the timing of new products. What day, month, or stage of a product’s lifecycle should a company release a new product or service? What does past usage of similar products indicate? Is there a slump time period and why does it happen?
Often, companies are surprised by the success they find by capturing opportunities that seemed unlikely to pay off.
Remarkable experimentation and continuous analysis of marketing campaigns is essential for not only building upon past successes but also identifying potential new windfalls. You might be shocked to find that an obscure holiday or seasonal weather event presents a massive niche marketing opportunity. So, make the most of your resources, keep an eye on the calendar, and connect with consumers in ways that the competition hasn’t thought of yet.
And don’t get this confused with …
This is otherwise known as holiday marketing: turkeys in November. candy canes in December, and firecrackers in July. The traditional seasons such as winter, spring, summer, and fall, also have their obvious niche markets.
Who buys snow shoes in August?
But there are people who buy bikinis in January. Why? Because they are going on a vacation in the tropics.
Where does your product or service fit in the calendar? Don’t think what you’re offering is going to sell consistently the same all year round, unless it’s toothpaste, tobacco-based, or snack food.
Even something as constant as women’s wear needs a savvy marketing plan to bring in the customers year-round. They often increase their customer base by offering an easy “Shop by Event” option. Could your company do the same thing? In colder climates, plumbers work all year round, but a lawn service doesn’t unless they also offer snow removal services.
Can your business break through the seasonal barrier? That brings us to our third helpful signpost.
For example, if a company sells sporting goods, they can market them before opening day of each season. If they sell technology products, they can release their new products before the start of the school year, one of the peak buying times for computers.
For some companies, when putting together an auxiliary marketing plan the nature of the product will largely determine the best release date. For example, throughout much of the United States, even the most revolutionary snow shovel won’t sell until late autumn; but a cement conditioner that makes it easier to remove ice and snow can have a successful marketing campaign at the beginning of September. A device that makes planting vegetables easier won’t get a second glance from consumers in mid-January; but an indoor growing kit for bean sprouts is just the thing for someone suffering from cabin fever.
Whatever service or product you’re marketing, you should always be looking for ways to expand your selling season. Don’t think in terms of the calendar — think in terms of the bigger picture for what you offer.