Learn what the introduction stage is, what happens during this phase, and what to focus on in product marketing.
- When your product is first brought to market,…it's in the introduction stage.…You've decided what to build, you've built it,…and now it's available to the consumer.…But during this stage, demand is not yet proven.…You're working to validate that what you built…resonates with the early adopters in your target market.…In the introduction phase,…sales are likely to be minimal and growth is fairly flat.…It's tempting to put the gas pedal down…and start ramping up your marketing efforts.…Instead, you wanna start the introduction phase…by focusing on testing.…
Once you've determined…that customers are responding favorably,…you push forward with your marketing…to generate awareness and grab a foothold in the market.…Let me put this into perspective.…My brother is working on a startup.…He's an orthodontist, and he's invented a process…that significantly reduces the amount of time…traditional braces take.…He's spent years in research and development,…and he came to me eager to launch his product.…He was ready to hire a sales team,…
- Identify the phase when it would be best to spend the most money on marketing.
- Recall the question you must continually consider in the development phase.
- Recognize why it might be a good strategy for a company to do a refresh on a product.
- Recognize when tertiary competitors can pose a risk to your market share.
- Explain where to place a product’s value proposition in a team aligning document.