Assess the strengths and weaknesses of current and potential competitors. This will uncover opportunities to your product or service from theirs in the minds of your consumers while mitigating possible threats.
Kick off your competitive analysis with these four key questions.
Choose a pricing strategy.
You can analyze what competitors with similar engineer database products are doing to gain initial pricing strategy ideas, but your pricing model should be built around the value that your product provides to your customers while maximizing profitability.
Not sure how to start? Here are 17 (yes, 17!) pricing strategies to help establish market positioning.
Determine purchasing methods.
Consider the ways someone could purchase your product and become a customer. Can they sign up for a trial or demo? Is there a free version of the product? Will you provide a consultation or assessment?
Make the case: are you going to build a call-to-action or a call-to-value?
Build a marketing and sales strategy
Determine the ways you plan on educating your target market about your new offer. This will be heavily dependent on whether you are targeting existing customers or new markets.
There's so much we can say on this topic, but to kick things off, here is one of our top blogs around goal planning for marketing and goal setting for sales.
LAUNCH!
Once you have gone through each item on this checklist, you will be ready to introduce your new product or service. Take a deep breath, don’t panic, and launch. Observe how the market responds, and adjust accordingly.
Hint: Here's where a really great website design can help. You may want to explore a few of our favorite website launch examples for lead generation.
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