Promoting a New Product: What Should You Remember?

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So you have a new product. You believe it has the potential to excite your existing customers and attract new ones. You poured considerable resources into its creation, and you’re betting your whole enterprise on its success.

However, success will not come simply because your product is excellent. The first order of business is letting people know how great your new product is. The whole situation is akin to that philosophical question about a tree falling in a forest. If no one was around to hear the tree falling, did it make a sound?

Your product exists to be heard and seen. And it’s your responsibility to ensure those things happen. Here are strategies for you to use.

Media mileage

You need to work with a PR company that knows its technology to pull this off. And it would not hurt if you have a sufficient budget to cover related expenses. Here your goal is to tap as many stakeholders in the industry where your business belongs. For instance, if you are selling a new gadget, get your product ambassador a spot in a tech-centered TV show, radio program, or even a podcast.

Strategic marketing mix

strategy

Experts recommend businesses to spend at least 30 percent of their profit on marketing. While this strategy likely served big brands well for a long time, it might not be practical for smaller businesses with limited resources at their disposal. This is where digital marketing comes in. Compared to traditional marketing, like TV or print ads, it’s more cost-efficient.

The key is to have a marketing mix that allows you to reach your target audience via multiple channels. For example, exhaust the potential of social media marketing, which is basically free. Conduct email marketing alongside SMS marketing too. If you have enough budget left to fund an event where you can officially introduce your newest offer, by all means, do so.

Loyalty program

Zero in on your most loyal customers. Let them be the first people to enjoy your newest product. To get them interested, offer a unique loyalty deal. For example, if you run a restaurant, you can invite your most devoted clients to a mini party where they’ll get to taste test your newest dish for free. If you’re selling consumer goods such as clothes, send out complimentary items from your freshest line of fashionable wardrobes to your repeat customers. They will not only thank you for your generosity. They will surely give you a shout-out on their social media channels. That right there is a free endorsement.

Special introductory offer

Just because you believe the newest product you came up with is nothing short of special does not mean you can introduce it into the market like the special thing that it is. That means it’s expensive and borderline inaccessible. The better approach is to bait your customers with an introductory offer that’s hard to miss. Once they experience your product and begin to share your sentiments about it, you can slowly but steadily plot your next moves.

Games and contests

Games and contests are fun. And customers have nothing to lose, so they don’t mind joining these promotional strategies. Come up with the most engaging game or contest you can conceive. You can do it on social media, such as Facebook. It can be as simple as a quiz with a twist. The twist being all the questions should relate to the new product you’re offering. Make sure the prizes you give out are encouraging enough to convince people to join.

Couponing

coupon

You can’t get more old school than this. And since it’s old school, it’s quite dependable. These days you can do couponing either online or offline. You can distribute digital coupons via QR codes, for instance. You save on paper costs.

You invested ample resources into your new product. Make sure those don’t go to waste by investing in an aggressive promotional strategy too. These things go hand in hand. Unless you are a popular global brand, like Apple, for that matter, with loyal customers actively awaiting the next product you dish out, you need all the help you can get to turn a spotlight on your newest offer.

The recommendations included above are basic strategies at your disposal. But do not be confused with the word basic. They’ve earned that adjective because of reliability. They do not fail and therefore have become the go-to tactic for business people. However, you can always explore means beyond what’s already tried and tested. Just make sure you make informed decisions so every penny spent will reap a corresponding ROI.

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