Build a product profile
It should namely include the problem your product solves, why should someone buy it and most importantly, what is the USP/differentiator of your product from the others that are already available!
Additionally it can also include details like production cost, selling price, durability, selling points(online/offline/both) etc.
Conduct a thorough market research
Target Available Market(TAM), Market Trend and Seasonality are key factors to base your research on. Buzzsumo, Google Trends and Google Keyword Planner are great tools to do your research for online interest, but going out and actually speaking to potential customers can also provide a lot of insights as well.
Fine-tuning your audience
Defining a target audience based on gender, demographics, employment status etc. and build the ideal customer persona goes a long way to aid your marketing and sales team generate better numbers.
Analyze your competitors
A competitior analysis is just as important as your customer analysis – having data on the competitor’s core offerings, pricing and other relevant information will help you set up your brand better.
Set attainable goals
Once all the above is done, you need to go about setting sales targets for your store. These goals need to be specific and not vague.
For example, some demo goals could be:
- We want to increase monthly sales revenue by __%
- We want to rank in top 10 on Google for the keyword “best handbag”, which should bring us around 5000 new visitors each month
- We want to have increase website traffic by 10000 monthly visitors
Build a brand story around your USP
Your Unique Selling Proposition(USP) should be the one around which your core marketing message should be built. Having a core message is key to reaching out to more people and helping them understand why they should buy your product – which is why it should be crafted carefully, clearly and comprehensively.
Execute, execute, execute!
No matter what you do on paper, it is all about execution in real-life when it comes to running an E-Commerce store. A thorough marketing plan, with well-defined budgets and targets goes a long way to build a sustainable brand. PPC marketing, social media marketing, SEO, Amazon ranking, clever content-heavy ads: all contribute to success online!
Would you suggest any other tips to make your product stand out during launch phase? Let me know!