- Introducing a new product to the market is called a “Launch.”
- There’s a great deal of marketing that needs to happen before the launch.
- Whether you’re releasing a new product or adding an extension of an existing product line, you have to make sure that your marketing efforts lead to actual sales. There are six easy boxes to check.
Bringing A New Product To The Market
Some spend their entire education and career devoted to the pursuit of product marketing and sales. Others have a brilliant idea one day, and capitalize off it the next.
Marketing a new product can be a little intimidating-regardless of whether you’re keeping up with the times, or diving into marketing for the first time. So here are six quick best practices to implement in your new product launch strategy.
1. Build Hype Early
If you’re waiting for the release date of your product to market it, you’re too late. The best way to build up sales is what is known as “Pre-Launch Advertising” or “Buzz Building.” The idea is simply to create hype, get people talking–making the release not just a date, but an event!
You can give away products and organize raffles, orchestrate rebates and sales for pre-orders and early purchasing, and even give the actual product away in limited quantity for reviews, testimonials, and unboxings.
Also, seek out influencers. Influencers both large and small are assets in product promotion. This may require giving away free product, and sometimes even paying for posts and airtime, but they’re the new form of mainstream media–your product placement in their hands can be a huge revenue generation later down the line. Don’t be ashamed or afraid of buying revenue–you can, and you should.
If you’re doing it, the hope is that early release purchases and your release weekend should be an indicator of how products will taper down into rolling revenue, not building sales into averages.
Think about the product life cycle, how it compliments your other products in your product portfolio, and why it’s a valuable asset to your customers–knowing all of those should give you no reason to have a slow introduction phase.
2. Spotlight It On Your Website
Call it out in your navigation bars, put it front and center on your welcome page, create interactive splash pages that promote exclusivity–if you have a website, use it!
3. Get Visual!
With that in mind, remember that we’re visual buyers first–if you do create new release specials, you’re much better off to have amazing visuals, stunning photography, and even video if you can.
Most buyers aren’t willing to dedicate time to reading about a new product when it can be tested, shown, explained, and enticed with video and picture–be bold and daring.
They need to know scale, usage, color, texture–but they need to visualize how it will correlate to them. They need every angle–from clothes to supplements, the more transparent you can be about what you’re selling, the more trust you can build with your prospective buyer.
4. Social Media
It’s not good enough to simply use your website. While most of your actual purchases will come from your site or shopping space, you need a way to direct people back to that point of purchase.
Fact: More than 40% of digital consumers use social networks to research new brands or products.
Which means, your presence matters. So much so, that it could ultimately dissuade someone from purchasing. Low quality pictures and marketing, irrelevant posting, or confusing stances and positions disengage potential customers, who are often happy to move on, research, and purchase from your competitors.
Even your email marketing has to be catchy, visual, and captivating–an undecided customer’s favorite button is “unsubscribe.”
Most marketers think that when you release a new product, that means you need a new target audience–which isn’t always true.
So when we say “Retargeting” we really just mean, “Go With Your Gut.”
It’s actually a safer route to use your current customer base to build brand reputation than it is to prep, educate, hype, and then sell a whole new audience. Cut out two of those steps and just prep, and then sell your current loyal base.
Word of mouth is the best form of advertising, and if you can keep your current base happy, they’ll bring in more business than any form of new audience targeting can.
Go back to your social media, email marketing, and website–speak to the buying power of people you’re already talking with. You have a 60-70% chance of selling to a current customer–but only a 5-20% chance of a new customer conversion.
And again, even with current loyal customers, don’t be afraid to pay for purchases. Use Paid Ads to help ensure your customers are seeing them, and that you’re constantly on their mind. Upload your lists to Facebook and Google, and then trust their retargeting platform.
Marketing products doesn’t mean you have to reinvent the wheel every time–take a step back and see if there’s an easier way.
6. Blog About It!
You’re reading this now aren’t you? Content is king, and Google only looks at the quantity and quality of it–it works!
The more content you release, the more Google believes you to be a reliable and active source. The more traffic you get from your content, the higher you rank on Google searches. The higher you rank on Google, the greater your conversion rate becomes–which ultimately means more cha-ching.
Be sure to talk about everything. Talk about your product in posts before it gets released. Talk about the lifestyle associated with the product and even your competitors. Blogs that educate as well as sell typically hold attention longer. The longer people engage, the more likely they are to trust the brand, and ultimately turn to them for purchases when they need something in that sector.
Don’t be afraid to take risks and try new things. We’re a society with a tiny attention span, and we like catchy, flashy, new things. If things don’t work, learn and adapt–whatever you do just don’t give up. Remember:
- Build Hype Early
- Talk About New Arrivals on Your Site
- Add Exciting Visuals Wherever and Whenever You Can
- Use Social Media as a Resource
- Target Loyal Customers
- Blog About It!
Put your best business practices into action. Add products to your portfolio.
Contact 5 Day Private Label Today.