New Product Marketing Strategy Template Step 3: “All about distribution channel/pricing strategy”

New Product Marketing Strategy Template Step 3: “How the product will get to the customer? How much will the product cost?”.

How to use marketing strategy template for a new product development?

Answer the questions from our new product marketing strategy template  below .

Write down answers to these questions about your distribution channels:

3.1. How will users or customers initially buy your product?

  • Write down one or more options – directly from a company sales department, from a representative or distributor, from a partner company, in a retail store, mail order, e-commerce?
  • Pick a distribution channel which is most suitable for your product
  • Make a distribution channel diagram
  • How much will the channel cost? Write down direct expenses and channel discounts.
  • Are there indirect channel costs (support, channel promotional cost etc.)?
  • What else is needed for customers to use/buy the product? How do they acquire those pieces?
  • What is the net revenue after channel costs?

3.2. Products-substitutes?

  • If there are products somewhat like ours – How much do customers spend for them?
  • If customers need a product like ours – How much do they pay to do the same thing today?

3.3. What is the economic basis for your pricing?

  • Look into prices for comparable products that already exist (In an existing market)
  • The sum of the parts required to assemble the equivalent functionality?
  • A return on investment analysis of saved time, money, expense (In a new market)
  • Do you want to change the existing rules of pricing? Offer new pricing models?
3.4. How many you can sell?

  • How many copies/number of products can you sell at once?Per household or per company?
  • If the product was free, how many per household or per company?
  • How many can you sell if the cost is $1? $1 million?

3.5. Pick a preliminary price

  • What is the price at which half of the customers say yes?

3.6. Pick preliminary sales process options – Would it be easier to sell your product if …

  • Sold in modules that individually cost less?
  • Configured as a complete solution?
  • Sold with other products?

What you should have after completing step 3 “All about distribution channel/pricing strategy” of this marketing strategy template:

  • Distribution channel diagram and options,
  • Preliminary pricing and sales models .

With all these documents you are ready to go to Step 4 of marketing strategy template for a new product development (coming soon).

Marketing Strategy Template For New Product Development. Step 2 “All about Customer”.

New Product Marketing Strategy Template Step 2: “Who are your customers?”.

How to use marketing strategy template for a new product development?

Answer the questions from our new product marketing strategy template  below .

Write down answers to these questions about your customers:

2.1. Define the different types of “customers”.

  • Write down who will be the actual day-to-day user of the product?
  • Write down who are the Influencers and Recommenders?
  • Who is the “Economic Buyer?” (i.e. whose budget paid for it)?  Do you think the Economic Buyer has an existing budget for this product or do they need to get one approved?
  • Who are the “Decision Makers?” Who else needs to approve the purchase?
2.2. For all type of customers (users, influensers and decision makers) write down where do you think you will find them?
  • In what position?
  • In what company type?
  • In what industry segment?
  • What departments?

2.3. What problem does the customer have?

  • What do you think the biggest pain is in how they work?
  • Is it the same on all levels of the company?
  • If they could wave a magic wand and change anything what would it be?
  • Since your product doesn’t exist, what do people do today to solve their problem? Don’t do it ? Do it badly? Don’t recognize the need?
1.4. Where on the “problem recognition scale” is each type of customer (users, recommenders, economic buyers, decision makers)?

  • Latent Need (you recognize that the buyer needs your product but they don’t.. .yet)
  • Active Need – the Buyer is in pain (they recognizes a need but doesn’t know how to solve it)
  • Has a vision of a solution (the buyer has a vision of how to solve their problem)
  • What is the organizational impact of this pain? Individual? Departmental? Corporate?

1.4. Define the magnitude of customer need – Is this a Mission Critical Product?

  • Is this a “must have” product?
  • Is this a “nice to have” product?
  • Is this product so important that the customers have built it themselves?

1.5. How does the potential user of the product spend their day now?

  • What similar products do they use? How much time do they spend using them?
  • How would the world change for these users after they had your product?
  • How would it change their day? Their lives?

1.6. How would customers justify the Return On Investment (ROI) for your product?

  • What will be measured?
  • Revenues? Costs-reduction or containment? Displaced costs? Avoided costs?
  • What is the smallest/least complicated problem that can be solved for which the customer will pay for?
  • What is the smallest feature set they will pay for in the first release?

What you should have after completing step 2 “All About Customer” of this marketing strategy template:

  • Customer Types and Description,
  • Customer Problem Description.

With all these documents you are ready to go to Step 3 of marketing strategy template for a new product development .

Marketing Strategy Template For New Product Development. Step 1 “All about a product”.

New Product Marketing Strategy Template Step 1: “What problem are you solving with your product?”.

How to use marketing strategy template for a new product development?

Answer the questions from our new product marketing strategy template  below .

Write down answers to these questions about your product and product attributes:

1.1. Main goal of the product.

1.2. Main scheme of the product (text description or picture).

1.3. Product Attributes and Features

  • Write down all technical attributes (i.e. size, dimensions, weight and all applicable characterstics of your new product).
  • Write down a feature list. Will these features be well understood or do they require explanation? If yes – write down these features explanation.
1.4. Benefit List: What do the features let a customer do?
Underneath each of the features above, give a three line summary of its benefits
  • Something new?
  • Better?
  • More?
  • Faster?
  • Cheaper? Etc.

Will these benefits be accepted as such or do they need explanation? If yes – write down these benefits explanation.

What is the initial delivery schedule? When will all of these features and benefits be available? Write down the manufacturing and delivery time.

1.5. What Intellectual Property (IP)  will be unique?

  • What can you patent?
  • What is a trade secret you need to protect?
  • What will you have to license?
  • Have you checked to see if you infringe on others IP?
1.6. What is the Total Cost of Ownership of your Product?
  • Training?
  • Deployment?
  • Additional technical infrastructure (more servers…)?
  • Additional personnel infrastructure..?
1.7. Dependency Analysis: Are you dependent on something to happen before your product can sell
in volume?
1. Workflow/lifestyle changes on the part of the customer?
2. Other products required?
3. Economic conditions?
4. Behavior changes?
5. Supply change modifications?
6. Laws to change?
7. Other infrastructure/products/change in behavior
8. If so, what?
9. When will it happen?
10. What happens to your company if it doesn’t?
11. What metrics should be use to measure the change?

What you should have after completing step 1 “All about product”:

  • Product Specifications List,
  • Written Features and Benefits List,
  • Dependency Analysis Results.

With all these documents you are ready to go to Step 2 of marketing strategy template for a new product development (coming soon).