Growth Challenges in Developing & Marketing a New Product - Essay Sample

Introduction

Developing a new product to meet the needs of the consumers may be easy; however, introducing and convincing the audience that the product is the best is hard. It takes a lot of time to grow a brand to the level that it does not need advertising for products to sell. There are marketing and promoting strategies needed to ensure the growth of the brand and for the product to stay relevant in the market. However, achieving that is faced with many challenges that may prevent the growth of a brand. This paper analyses some of the challenges a new brand face when introducing a product to the market.

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The first major challenge is leading customers to the brand (Attri & Bairagi, 2017). Before introducing the product to the market, the consumers were buying elsewhere. Therefore, the brand owner needs to give the consumers a reason to stop spending on a certain brand and spend on the new brand. Figuring out how to motivate the customers is difficult hence making it hard to tap their spending. Also, doing follow-ups and getting consumer feedback regarding the product requires a lot and could be discouraging. However, this feedbacks help learn the available gaps in the market that the new brand needs to bridge.

The second problem is deciding on the initial price. Charging too much for the product will make customers run away. Also, charging low prices poses a risk of making losses as well as undervaluing the product in the market (Burmann et al., 2017). Therefore, the brand owner is faced with the problem of establishing a competitive yet reasonable price. A new product that sells at a higher price must be of high quality. The level of quality must strictly align with the price tagged.

Marketing and understanding marketing results is another challenge for new brands. Choosing which method to use in marketing entails learning the target audience and ensuring that the chosen method will reach the targeted group. Free marketing is no longer available, and to reach the internet audience is also costly. Facebook and Instagram have ensured that for a brand to reach a huge audience, it must run a paid advertisement (Thompson-Whiteside, Turnbull & Howe-Walsh, 2018). Besides, the brand will incur losses if the owner cannot evaluate and understand the marketing results. Most business to customer marketers relies on data from advertising platforms, customer feedback, sales recovery system, and others. However, these data could be giving very different results, thus making it hard for the marketer to know which model to invest in marketing.

Conclusion

In conclusion, introducing a brand in the market could be easy but poses a challenge when it comes to growing it. Brand owners need a lot of knowledge in the market to enable them to attract customers, setting up prices, marketing, and understanding marketing results, among other things. The less knowledge the brand owner has, the more likely will the brand collapse.

References

Attri, R., & Bairagi, R. (2017). Challenges of Selling Luxury Motorcycle Brands in India. IUP Journal of Brand Management, 14(4), 47-58. http://search.proquest.com/openview/c91bb895ee53ca493388d48b15e662a7/1?pq-origsite=gscholar&cbl=2029986

Burmann, C., Riley, N. M., Halaszovich, T., & Schade, M. (2017). The Foundations of Identity-Based Brand Management. In Identity-Based Brand Management (pp. 1-16). Springer Gabler, Wiesbaden. https://link.springer.com/chapter/10.1007/978-3-658-13561-4_1

Thompson-Whiteside, H., Turnbull, S., & Howe-Walsh, L. (2018). Developing an authentic personal brand using impression management behaviors. Qualitative Market Research: An International Journal. https://www.emerald.com/insight/content/doi/10.1108/QMR-01-2017-0007/full/html