You’ve just launched a brand-new product that you’re confident will be a success. That’s fantastic news! But do you know how to market and promote your new product?
You’re mistaken if you think you can sit back and let the buzz about your new product spread like wildfire.
Your new product could be a game changer for you.
For everyone else, though, it doesn’t hold the same weight–especially if you don’t already have a loyal consumer base who is avidly following your every move.
With that in mind, having a successful product launch and getting your creative offering into the hands of eager consumers requires some savvy product creation and product marketing.
So, what do you need to know in order to successfully launch this new product? Here are the specifics on how to market a product and pique people’s interest in it.
The difficulties of launching a new product
Let’s start with some terrible news first. Every year, more than 30,000 new consumer products are launched, according to Harvard Business School professor Clayton Christensen.
However, a staggering 95% of them fail miserably.
What is the reason for this?
There are a slew of factors at work here. It can be due to a lack of customer demand. It could also be due to a price structure that is inappropriate.
Many experts, however, blame the failure of new products on a lack of marketing.
In a piece for The Business Journals, Kurt Schroeder says, “There are a variety of reasons why new product introductions fail; however, the one we see most often is lack of rigor behind sales and marketing planning and execution.”
After all, it’s not a case of “make it and they will come”–even huge corporations like Apple sell their new goods aggressively in order to generate hype and get people in the door.
Needless to say, marketing will play a significant role in your product launch.
But what steps can you take to ensure that this is done correctly?
To promote a product successfully, follow these seven crucial stages.
What is the best way to market a product?
1. Recognize your target market.
Understanding who you’re marketing to is the first step in any successful marketing campaign. Ask anyone: trying to sell bacon to vegetarians is a recipe for disaster.
As a result, you’ll need to do some research and figure out who your target market is.
What type of customer do you want to attract?
What kind of demographic data should you be aware of?
What sources do they rely on for information?
While knowing the basics about your customer is critical, you must also go a step further by addressing one vital question: What problem does your solution solve for them?
Your product must have some demand in order to be successful, which also means that it must fulfill a need.
If you can’t conceive of a single problem that your solution solves, what are you waiting for?
That could indicate that you’re trying to solve a problem that doesn’t exist for your clients.
In a Harvard Business Review article, Dwayne Spradlin writes, “Many businesses need to grow better at asking the correct questions so that they can solve the right challenges.”
In an email, Spradlin (now CEO of Buzz Points) stated, “Your solutions must actually solve your customer’s problems in compelling ways, and most product firms spend too little time immersing themselves in the customer’s reality.”
Is there a method to truly obtain the consumer insight you require? Begin selling directly to them at first.
Start selling directly to end-users to understand how to bring a product to market, recommends entrepreneur Tamara Monosoff in an essay for Entrepreneur.
“This will offer you confidence that your product is in demand, as well as establish referenceable clients that you can contact for product and packaging feedback before moving on to the next level.”
By having those early talks with your target market, you’ll not only have a better understanding of their goals and concerns, but you’ll also be able to make any required changes–to your product, pricing structure, or anything else–before going too far down the rabbit hole.
2. Be familiar with your product
Not only do you need to know your audience, but you also need to know your product inside and out.
This is especially true when your product is still in its infancy. Consider yourself the all-knowing authority on your product or service:
What exactly is it?
What is the mechanism behind it?
How much does it set you back?
What challenges does it address?
What makes it superior to your competitors?
What benefits does it provide to your customers?
In order to determine your product’s value proposition–which will be the common thread that runs through all of your marketing materials and messaging–you’ll need to answer all of those questions (and more!).
While it’s unquestionably necessary to know everything there is to know about your product, you also need to know how it fits into the bigger picture for your target market.
Which quick sales pitch, for example, do you think is more effective?
Option A: We developed this widget using cutting-edge technologies that we spent months perfecting.
Option B: This widget will assist you in keeping better track of your client contact information, allowing you to develop those relationships, boost sales, and enhance your bottom line.
Option B, if you’re like most people, appealed to you significantly more than Option A.
What is the reason for this? Rather than getting caught up in product details, it concentrated on outcomes. In the end, your customers don’t care about the behind-the-scenes details; all they want to know is what’s in it for them.
3. Make a strategy
It’s time to make a plan now that you’ve created the groundwork.
It may appear self-evident. Your product marketing efforts will feel a lot like a road trip without a map or a GPS if you don’t have this breakdown in place.
Fortunately, you have a lot of leeway here to come up with a strategy that works best for you and your specific product. When deciding on your future actions, make sure to ask yourself the following questions:
- What revenue targets do you have in mind? How long will it take?
- What will your product’s launch pricing be?
- With that in mind, how many things do you need to sell to achieve your objective?
- Is this the kind of product that people will buy in bulk?
- Do you have any current customers who might be interested in this product?
- What are the most difficult obstacles you have in convincing clients to buy this product?
- What steps are you planning to take to overcome those obstacles?
After you’ve done some self-reflection, you can start thinking about different approaches and strategies for getting your product to market.
Keep in mind, though, that you must remain adaptable. Launching a new product is a learning experience, and your strategy may need to be tweaked (or even changed entirely!) along the road.
4. Get ready to teach
Assume your doorbell has just rung. When you open your front door, there’s a salesperson with a vacuum cleaner standing there. He says, “This is a terrific vacuum,” and advises, “You should get it.”
So, what are your plans? You’ll most likely slam the door in his face.
You see, as a company, you’re well aware of all the advantages and benefits your own product provides.
However, just because you put your new product in front of their eyes does not mean they immediately understand it.
To be successful, any new product introduction necessitates a high level of client education. You must assist your buyers in comprehending not only what your product is, but also why they require it in their life. So, how do you go about doing this?
By creating a variety of educational materials for your consumers to use. These may include the following:
A brief demo video that may be embedded on your website or shared on social media.
An educational blog article (like ours) that explains how your product works.
A FAQ website that answers often asked questions by potential clients.
- A free trial that allows people to try out your product (if relevant) and learn by doing.
- A dedicated customer service representative who can answer inquiries and provide tutorials.
There are plenty additional options available to you. It’s crucial to remember, though, that you must educate your customers.
Businesses change from a learning-focused perspective to a competitive one when they assume their prospects already have the information they need and are simply choosing between brands, according to Mark Quinn in a Business Insider piece.
“A wise shopper will choose to buy from a company that has educated him on the problem and offered him with many options. That company’s selflessness has earned him trust, and its capacity to teach him has ensured his future loyalty.”
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5. Advertise, advertise, advertise, advertise, advertise.
All of this preparation is crucial.
But you’re probably wondering when you’ll truly start promoting your product. When are you going to start attracting more visitors?
A big element of launching a new product is promoting it.
Your promotional efforts, on the other hand, will fall on deaf ears if you don’t take the time to learn about the situation beforehand.
Now that you’ve done that, it’s time to start spreading the word about your new product to your target market. You can achieve this in a variety of ways, including (but certainly not limited to!) the following:
- Ads on social media that are specifically targeted
- Posting as a guest on industry-related websites
- Making use of industry influencers
- Attending conferences or giving speeches
How do you ensure that your marketing messages are effective? Try a few of the following strategies:
- Make use of testimonials from your present satisfied clients. Consumers trust internet evaluations just as much as personal recommendations, according to 88 percent of respondents.
- Make use of numbers and statistics. That one you just read probably gave you more credibility, so why not incorporate it in your own marketing?
6. Figure out what’s working.
Regrettably, not everything you accomplish will be successful. Some of your marketing efforts will pay off handsomely, while others will appear to be a complete failure with your target audience.
That’s to be expected, especially when you’re just getting your business off the ground.
However, you don’t want to keep devoting time, energy, and resources to projects that aren’t moving you forward.
Make sure you set out some time each week to review your results and analytics to see how well your efforts are working.
- What exactly is it that is functioning so well?
- What isn’t working as well as it should?
- What changes do you think you’ll need to make in order to keep moving forward?
By applying a magnifying glass to what you’re already doing, you’ll be able to discover more about what works for your product and target market, bringing you one step closer to developing a strong product management approach.
7. Press the repeat button.
Would you go on a one-day diet and hope to see results the next morning?
Most likely not. The same principle applies to product marketing.
It’s unlikely that you’ll see results after only one attempt. A single social media update will not result in an increase in sales. One blog article will not flood your email with requests from eager clients.
The key to successful marketing is to keep constant and, as previously stated, to repeat what works.
“When it comes to marketing, you’re right! It’s not going to work. In a piece on Skyline Social, Ashley Davis suggests, “Not because that marketing channel isn’t suitable to your brand, but usually because you didn’t maintain it for long enough.”
According to Davis, organizations that are consistent in their marketing achieve the highest outcomes (in terms of producing both leads and revenue). “They’ve been sending clear, consistent messages to potential clients on a daily basis. Not just for a few weeks or months, but for a long time.”
While you may be anxious to get your new product off the ground, keep in mind that this is not a one-and-done plan.
A successful product will necessitate a large dosage of patience as well as a significant investment of time and work.
Now it’s your turn.
You’re ecstatic to show off your brand-new product to the rest of the world. However, a successful product launch involves far more than simply making an announcement and waiting for the buyers to arrive.
Product marketing needs a great deal of thought, strategy, and forethought.
That may appear to be overpowering. But don’t get too worked up just yet–a it’s lot easier than you think, and it’ll lead to a stronger, more impactful product launch in the end.
If you follow the seven actionable steps indicated above, you’ll be far more likely to target an interested and engaged audience for your new items (and hence meet your sales targets!).
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