Marketing a new product is exciting and daunting in equal measure. Your product not only has to compete in an increasingly over-saturated market, but your business must also adhere to a marketing strategy that plays to your strengths in order to sell it. In fact, marketing can often toe a very fine line between success and total disaster.
So, let’s take a look at the top 7 tips for marketing a new product to ensure that your product doesn’t flop after launch.
1) Consider Influencer Marketing to help amplify the reach of the product
Influencer marketing has rocketed in just a handful of years – but don’t underestimate the power of a social media star with thousands of followers: these individuals hold the keys to your consumer base and knows exactly what makes them tick. As a result, an influencer can dramatically increase your sales with just one simple post.
When compared to any other form of advertising, one study found 92% of consumers are more likely to trust recommendations made from individuals. Indeed, social media influencers are powerful due to their relatability and trustworthiness amongst consumers.
And you don’t need to break the bank either by gunning for influencers with hundreds of thousands of followers. With even just a moderate reach, an influencer can still generate hype for your product.
2) Reward loyalty
Marketing a new product to a new cohort of customers should not come at the expensive of your old ones.
You need to work to keep your customers loyal to your brand and business – especially since these people will be the ones working behind the scenes to promote your product to their friends and family. These are the people most likely engaging by leaving comments or reviews.
By offering exclusive offers and deals to your loyal customers, you can show how much you value them and how hard you will continue to work to retain them.
3) Utilise SEO and blog content
The good news about the internet age is how straightforward it is to set up a website and a blog. The hard part, however, is learning basic SEO so that your blog can rank for your niche’s keywords and compete with others to attract attention.
However, blog content presents you with a golden opportunity to go into depth on your product and highlight the merits of your business. The idea here is that your customers will either subscribe to your blog (and therefore emailing list) or be convinced to purchase multiple products – or hopefully both!
4) Create an animation video promoting the product
Video animation is another effective way to market a new product. Research even suggests that 64% of consumers go on to purchase a product after watching a video on social media. Consider talking to a motion graphic agency like OK Social to find out more.
The benefits of video animation are clear to see: it is visually exciting, inviting to watch and can simply explain the product in a matter of minutes, or less, while asking very little from the customer. It is also easy to share across every social media channel and can be strategically placed on your website to boost your product’s page.
5) Provide a one-time discount
Your animation video may have reeled your customers in, but they may still be way of your company. This is particularly true if your business is brand new and lacks reputational influence.
However, a one-time introductory discount may be the silver bullet you need here. By providing a discount in the opening days or weeks of your product launch, you will also be creating a buzz about your product that will get people talking.
6) Social media campaigns
Your customers are just a click away on social media platforms like Twitter, Facebook, Instagram, TikTok and Snapchat – to name just a few.
Social media is a goldmine for businesses looking to promote their brand and generate a loyal following, and has proved to be an advantageous leverage that delivers lucrative results time and time again.
Consider for instance that 66% of the population in the UK have a Facebook account – and that these users typically scroll through their timelines at least once a day, if not by the hour.
By increasing your social media presence, you can tap directly into the algorithms of your target audience.
7) Run email marketing campaigns
Finally, a great way to build connections and network with like-minded people or competitors is through email marketing which, to this day, has a surprisingly successful open and click-through rate of 16.97% and 10.29% respectively.
By following just a few of these tactics after your product launch, you’ll be sure to see customers come rushing to your doors.