Just seen a press release in the Metro for a brand new textile product. Smart textiles can now help patients undergoing chemotherapy to deal with hair loss issues. It will be interesting to see if this very worthy ‘question mark’ product (new product in a new sector) makes it to become a shooting star.
In marketing terms any new product requires development research at the start of the business. The successful ones that grow into becoming shooting stars also put time and energy into promotion and communications – delivering the right key messages to the right target audiences on a never ending basis.
The customer out there in the market needs to be educated and informed about the product and where to get it. The implication of this is that investment in promotion and communication need to be weightier at the start of the business than they do at later stages.
Do all companies with a will to grow allocate expenditure and/or personnel resource to their marketing comms?? Hope they do!