Marketing strategies are all about formulating ways to reach out to your targeted audience.
Perhaps the best and most straightforward method is McCarthy's "4Ps" of marketing for your New Product Development project.
Here's what the 4P's imply:
Product is about finalizing the software product based on the concept testing report.
a) Product Design
b) Branding Strategy
c) Level of services offered
Price is about strategizing around product licensing costs, estimating profit margins, and creating an unbeatable marketing strategy.
a) Pricing Strategy
b) Discounting Policies
c) Payment Modes
The hero point or unique feature that distinguishes your solution from others.
a) Balancing advertising, marketing, and public relations strategy
b) The mediums to reach out to the target audience
c) Maintaining a fair to-and-fro customer communication frequency limit
How and where your product is bought.
a) Finalizing product distribution strategies
b) Defining the product's scope, i.e. local vs Global
Business analysis provides you with valuable information about:
- The selling price of your product (including the minimum sale price)
- Product market potential
- The break-even point (sales volume or price required to cover development and marketing costs)
- Expected sales volume and revenue
- The lifespan of your product on the market
If the business analysis proves the profitability of your innovation, it's time to start moving it from concept to customer — in other words, to build a product marketing strategy that defines a clear product vision and helps you determine how to position your new offering on the existing market.