So you are developing new services and products. You have plenty of ideas, but will they work? Do your customers want them?
HINT: Did you talk with your marketing team?
Brand strategists and marketeers are essential when it comes to new product development (NPD). They have a deep understanding of the market and consumer needs, which is crucial when creating a new product. They are able to conduct market research, analyse data and identify gaps in the market. This allows them to create products that meet the needs of consumers and stand out from the competition.
With their expertise in branding and marketing, brand strategists can also ensure that the new product is effectively positioned and promoted to the target market.
Keeping you aligned
In addition to their market research and analysis skills, brand strategists also bring a wealth of knowledge and experience to the table when it comes to product development. They can help to guide the product development process by working closely with the product development team to ensure that the product is aligned with the company's overall brand strategy and goals.
When it comes to new product development, there are a number of factors that brand strategists consider in order to create a successful product. These include:
- Identifying the target market: Brand strategists work to understand the target market for the new product and what their specific needs and desires are. This helps to ensure that the product meets the needs of the target market and is attractive to them.
- Understanding the competition: By analysing the competition, brand strategists can identify gaps in the market and areas where the new product can stand out. This allows them to create a product that is unique and differentiated from the competition.
- Developing a positioning strategy: Brand strategists work to develop a positioning strategy for the new product that sets it apart from the competition and resonates with the target market. This includes developing a messaging strategy and identifying key points of differentiation.
- Creating a marketing plan: Once the product has been developed, brand strategists work to create a marketing plan that effectively promotes the product to the target market. This includes identifying the most effective channels for reaching the target market and developing marketing materials that effectively communicate the benefits of the product.
Overall, brand strategists play a critical role in the new product development process by ensuring that the product is aligned with the company's brand strategy and goals, meets the needs of the target market, and stands out from the competition.