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“New to Market” is a term that refers to an enterprise that is entering a new market or market segment. Access to a new market or market segment helps in expanding the business and client base. It is important to follow a few steps before entering a new market in order to achieve success.
A Little More on New to Market Companies
It is important to study the market and the competitors in that market before entering into it. Performing a SWOT (strengths, weaknesses, opportunities, and threats) analysis is always helpful for assessing the market. A list needs to be made of all the businesses offering similar products or services. After identifying the competitors, the company should scrutinize all the marketing materials provided by the competitor companies. That will help them to identify how to make their products or services unique from the existing ones. This will also help in understanding the market and its scopes. It allows the company to decide what are the areas that need improvement and how they can excel. They will also get to understand the threats and potential risks.
It is easier to fulfill a demand and creating one. Identifying the target customer is an important task before launching the product. The customers who buy similar products from other companies are the easiest target. The company needs to ensure its product is offering some features which are not there in existing similar products. It does not always need to be something tangible, the value can be created through marketing. The market customers must be chosen in a way so that they can afford to buy the product. It is important to have a clear idea about the socio-economic status of the target customers. The prospective customers are those who can afford the product and have shown interest in buying similar products in the past.
Choosing the most suitable marketing strategy and sales channel is also very important for business. Each product has their own unique requirements. The company needs to decide carefully how they want to sell the product and what are the marketing strategies they want to implement.
Market testing can also be helpful to understand the market better. It can be done through a formal focus group survey, online research or mail intercept studies. A few samples can be distributed among the users to get a feedback and based on that the product can be developed further.
A well-planned public relations strategy is often effective for launching a new product. The company may use the public relation to place articles and win interviews. A launching event can be organized to get the attention of the press.
Other marketing efforts must closely follow the press roll out. Formulating an appropriate marketing strategy is the key to achieve success. It is important to entice the prospective customers to purchase the product or subscribe to the service through a strong marketing campaign. Product features, target audience and the market demand all three need to be analyzed thoroughly for crafting the marketing strategy to be implemented for the product.
References for New to Market
Academic Research on New-to-market (NTM)
- · Understanding new–to–market product development in SMEs, Mosey, S. (2005). International Journal of Operations & Production Management, 25(2), 114-130. This examination intends to see how small‐ to medium‐sized endeavors (SMEs) can manufacture a dynamic capacity for new‐to‐market item improvement. Five innovative and aspiring case firms were chosen and concentrated longitudinally through a span of five years.
- · Anthropomorphic responses to new–to–market logos, Payne, C. R., Hyman, M. R., Niculescu, M., & Huhmann, B. A. (2013). Journal of Marketing Management, 29(1-2), 122-140. We connected a standard procedures flexible structure to assess 120 US university sports logos. These discoveries infer that colleges should profit by brand the board educated by human credits to their games logos. Conceivable future research could think about the impact of games logo components (for example shading, parallelism, symbolic importance) on yet-to-be-surveyed human attributions.
- Can we talk? The impact of willingness to recommend on a new–to–market service brand extension within a social network, Aksoy, L., Buoye, A., Cooil, B., Keiningham, T. L., Paul, D., & Volinsky, C. (2011). Journal of Service Research, 14(3), 355-371. The discoveries show a connection impact where prescribe expectation predicts new administration appropriation when the suggesting clients are later adopters of the administration and are in progressively visit contact with the potential client. Like this, when administrators are utilizing the prescribe expectation metric to foresee reception, there is a need to mull over the presentation of the person to others in their system and the planning of their selection.
- · New-to-Market Product Innovation and Firm Performance: Evidence from a firm-level innovation survey in Japan, Isogawa, D., Nishikawa, K., & Ohashi, H. (2012). (No. 12-E, p. 077). RIETI Discussion Paper Series. This article studies the economic impact of new-to-market product innovation using firm-level data obtained from the Japanese National Innovation Survey. It also accounts for possible technological spillovers in innovation activities and also studies the extent which new-to-market product innovation contributes to the firm performance. This paper also offers different new insights on product innovations.
- · “Is This Product Really New?” a Study on the Effect of Category Information and Certainty on Newness Evaluations of New–To–Market Products, Selinger, M., Dahl, D., & Moreau, P. (2006). ACR North American Advances. Research demonstrates that new items propel purchasers to pay more, invigorate verbal, improve receptivity to showcasing exercises, and speed appropriation and dissemination.
- · New-to-Market Product Innovation and Firm Performance: Evidence from a firm-level innovation survey in Japan, Daiya, I. S. O. G. A. W. A., Kohei, N. I. S. H. I. K. A. W. A., & Hiroshi, O. H. A. S. H. I. (2012). This paper assesses the monetary effect of new-to-showcase item advancement utilizing firm-level information acquired from the Japanese National Innovation Survey. It represents conceivable mechanical overflows in development exercises and looks at the degree to which new-to-showcase item advancement adds to firm execution. The paper offers a few new bits of knowledge on item development.
- · Effects of new–to–market e-store features on first-time browsers, McKechnie, S., & Nath, P. (2016). International Journal of Human-Computer Studies, 90, 14-26. Understanding the impacts of web composition includes on-site use is muddled when purchasers contrast in their eagerness to process data to decide. Discoveries uncover a positive relationship between the proportion of highlight arrangement and program basic leadership results. In any case, intelligence highlights are progressively viable for maximizers, while personalization ones are increasingly powerful for satisficers.
- · Inter-Firm Collaboration And Innovation Performance For New-To-Market Products—The Moderating Role Of Technological And Skills-Related Knowledge Assets, Torugsa, N. A., Arundel, A., & O’donohue, W. (2016). International Journal of Innovation Management, 20(06), 1650050. This investigation analyzes the effect that the two kinds of information resources — mechanical learning and aptitudes related learning — have on the connection between firm coordinated effort (IFC) and item advancement execution, estimated by the business offer of new-to-showcase items.
- · New to market, VALVE, W. F. S. I. New to market.
- · Investigating Schumpeter’s creative army: what drives new-to-the-market innovation in micro-enterprises?, Roper, S., & Hewitt-Dundas, N. (2015). Here, utilizing new study information on a thousand miniaturized scale ventures we investigate the determinants of new-to-the-showcase advancement, the reason for the Schumpeterian imaginative demolition (CD) process.
- · ‘New to market‘product innovation in SMEs, Mosey, S. (2003). Doctoral dissertation, University of Nottingham). Utilizing results from a study of an example of private companies, this paper utilized relapse ana~vsis to inspect how the level of progress in new item contributions and number of new product offerings were identified with fulfillment with money-related execution. While neither kind of advancement was identified with fulfillment with execution in benevolent situations, the number of new lines created was decidedly identified with fulfillment with money-related performance in threatening conditions.