You have a new product that you’re positive will be a hit. That is fantastic news! But how do you market your new product?
If you’re thinking that you can just sit back, chill with a soda, and watch the buzz about your new product go viral, then you’re gonna be disappointed.
Your new product is a huge deal to you. However, that doesn’t mean everyone else is going to feel the same way, especially if you don’t already have a stable client base that’s eagerly following your business’ each move.
With that in mind, it takes some practical product improvement and advertising in order to have a profitable launch and to get your awesome creation into the hands of eager people!
So, what do you want to keep in mind in order to pull off this new product introduction? Here are some tips on how to promote a product—and get people to care about it.
The Challenges of Bringing a New Product to Market
First, let’s begin with a little bit of awful news:
Sorry !
According to Harvard Business School professor, Clayton Christensen, every year greater than 30,000 new products are launched.
But, unfortunately, a whopping 80% of them fail.
Why is this?
Well, there are quite a few factors at play here. It could involve a lack of customers even wanting it. Or, it could have something to do with a not so hot pricing structure.
However, many professionals have noticed it's a lack of putting effort into advertising that has caused this flop of new products. Kurt Schroeder says in an article for “The Business Journals.”
“After all, merchandise isn't a “build it and they will come” kind of thing—even important groups like Apple, aggressively market their new choices in order to generate buzz and get clients in the door.”
Needless to say, advertising will be a large piece to your product launch puzzle. But, what steps can you take to do this successfully?
Follow These 7 Key Steps for Advertising and Marketing a Product:
1. Understand Your Audience
The first step in any profitable advertising initiative is to recognize precisely who you’re advertising and marketing to. Ask anybody—trying to promote bacon to vegetarians will in no way work successfully for you.
So, you want to dig in and pick out your goal market.
For sure you want to dive a little deeper by answering this one key question: What trouble does your product fix for them?
In order to be successful, your product has to have some demand—that will meet customers needs.
If you can’t come up with a single problem that your product addresses. Well, that ought to be an indicator that you’re trying to fix a hassle that’s non-existent for your customers.
You want to ask the right questions so you can anticipate the answers your customers are looking for. You want to “get” your audience.
By having these early conversations with your target market, you’ll not only have a better idea of their desires and challenges, you’ll also have the chance to make any tweaks to your product and pricing structure, before you get too far down the rabbit hole.
2. Know Your Product
You want to have a total understanding and appreciation of what you’re selling, especially
when your product is in its early stages. You want to think of yourself as the all-knowing professional:
What is it?
How does it work?
How much does it cost?
What challenges does it address?
How is it more appealing than your competitors?
What problems does it fix for your consumers?
Once you have these questions answered:
3. It’s time to create a plan
Major eye roll, right? But, without great product advertising efforts your experience will be a lot like being on a road trip without a GPS.
Some ideas to consider:
What are your income goals? Over what time period?
What rate will your product be launched at?
With that in mind, how much merchandise do you want to promote in order to meet your goal?
Is this the kind of product that people will want to buy a bunch of?
Do you have current clients that will be interested in this product?
What are your biggest challenges in getting clients to buy this product?
What steps will you take to overcome these challenges?
However, don't forget: You want to be flexible. Launching a new product is a learning process, and you might need to make changes as you go
4. Prepare to Educate
Imagine that your doorbell rings. You swing open the front door and there’s a salesman standing there with a lawn mower. “This is an outstanding lawn mower,” he says, “You have got to buy it.”
What are you going to do? Probably shut the door in his face.
You see, as a business, you’re fully aware of all the advantages and benefits of your product….
but, your clients won’t realize all that by just putting it in front of their eyeballs.
You want to let your customers know why they must have it in their lives!
So, how do you do this?
A quick demo video on your web site or social media.
A FAQ web page that would answer common questions
A free product trial.
You want your customers to know how to use your product and how it benefits them!
5. Promote, Promote, and Promote Some More
Targeted social media ads.
Guest post on sites related to your product.
Go to conferences or speaking engagements.
Use testimonials from your happy customers, social proof is huge, and 88% of customers will buy a product based on a great review.
6. Learn What’s Working
Unfortunately, not every sales tactic you use will be effective. Some of your advertising efforts will result in a large payoff, while others could completely crash and burn.
That’s normal—especially when you’re just getting your product off the ground. You want to look closely at what’s working and what isn't working so you can make the necessary changes to find success.
7. Hit the Repeat Button
Is it normal to go on a new exercise and diet plan and then see major results the very next day? As nice as that would be….
Probably not. Same rule goes along with your product marketing.
You’re most likely not going to see results after one social media post or a few testimonials from satisfied customers.
The secret with advertising is to continue to be steady and—as simply mentioned—repeat what’s working well and keep at it!
Over to You
Successful marketing requires a ton of thought, strategy, and prior planning. It might sound overwhelming. However, don’t panic yet—it’s a lot more achievable than you think, and leads to a dance worthy product introduction!
So, what step do you need to take today to get your product movin and groovin!?!
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