If your company truly does deliver a positive experience, it's all the more easy to get your past customers to write about you. Building an audience in advance is a great strategy for building up anticipation and excitement. If you’re using any of the tactics mentioned above to promote your new product or service, make sure to spread word of your deals and offerings via your social media accounts (as many of the companies did in the examples above). To convince them to place wholesale orders, present selling points either showing how it will fill an underserved market or how it will meet an existing need more effectively than existing options. Not really. There are also several options for ad type, budget, and duration of campaign, so you can accommodate your goals within your means. How to Introduce a New Product to the Market Reasons for Introducing New Products. Try out the strategies above to get the results you want from your next product launch, software upgrade, or new service offering. You also want to make your offer easily shareable, either through an image or promotion code, so you can get the viral impact through social channels.". Will you market online, via catalog or through dealers, for example? Help me turn site visitors into conversions, Help me manage ads across Google Ads, Bing, and Facebook, Coming up with a new product or service is a lot of work, which unfortunately does not stop once it’s ready. Rather than just announcing your new product or service, you can … By carefully understanding your target customers, you position your product into their world – because you can have the “latest and greatest” product available, but if it doesn’t fit a customer need or solve a customer problem, it won’t win their business. Content marketing is a long, but highly effective means of promoting a product. With so many businesses pivoting their products and services due to COVID-19 and unable to afford opportunity losses, we thought it fitting to give you some guidance around this topic. This will not only expand the reach of your campaigns, but may also inspire customers to share posts and pictures to their accounts, using the custom hashtag. Your target market is probably already aware of your product’s benefits, so you’ll want to … Absolutely. So you want to bring a new product or service to market. But if you truly believe in your chunky sauce, you'll probably be able to bring customers around via effective marketing and a quality product. Start by putting together a list of relevant keywords that pertain to your new product. SlideShare gets 70 million views a month, and is traffic referral beast. Social media contests are a fun, easy way of connecting with customers and bringing in more fans/followers and prospects for your business. Here are 6 new product evaluation process tips to bear in mind while introducing a new business product. 101 Huntington Ave, Floor 7 Add the new service to existing clients’ packages at their legacy pricing. If your business is more service-based than product-based, like a salon, spa, fitness center, or consulting business, you can offer an upgrade for customers to try out your new service. Or, it could even be a special invitation to test it out and give feedback. Whatever approach you use, it should be consistent with your company's overall mission, direction and style. launching and promoting it is the other half of the equation. Because so much is at stake with a large-scale product launch, you should do your homework thoroughly during the development period. These may be customers who are currently buying something similar and will appreciate the additional features your new product or service provides. Promoting a new facial or massage type at your spa? One way to do this is offer certain influencers free access to your product before anyone else can use it. You can do formal research, such as paying people to participate in focus groups, or you can test your ideas informally on friends and family. With all the money it takes to bring a new product or service to market, it's foolhardy to rush headlong into the launch phase prior to testing. If you have a loyal customer base and you're building onto an established set of offerings, your existing customers are a natural place to start your marketing efforts. The truth is, there are many, 1. Other times, however, a new product idea may simply not be destined for success. For some more examples of blog posts promoting new products or services, you can check out some of our past launch posts: Events not only get customers excited about your new product or service, but can also get new prospects personally engaging with you or other employees of your business—a great way to win them over as customers. Use all four sections of your Google listing mentioned above (Posts, Photos, Products & Services, and Q&A). Here are 7 important tips to consider. If you’re just announcing the new product or service, you may want to go with a “What’s new” post. Learn how they position, price and distribute their products. Develop a social media strategy that includes the message you plan to communicate, the frequency of your postings and a budget for promoting them and metrics for evaluating your success. Conclusion: Another part of the new product evaluation process is to first introduce that product and then market it in such a manner so as to create a need for it. Depending on what you plan to market and your budget, you can use formal focus groups (or simply host roundtable discussions with members of the target audience), employ online research or mall intercept studies, or distribute your product to a select group of users for testing. But do you know why customers will want to buy from you vs. the vast field of competitors out there? Your loyal customers are a key part of how to promote your product, because they are most likely to not only buy it, but also promote it to their networks. For more help with announcing your new product through this tried-and-true marketing channel, head to our post: How to Write Promotional Emails (With Examples), When promoting your new product or service, you may not have a, Having a blog post written on the newly launched item is a great way to go into depth on all of the details, features, and benefits you would otherwise include on a landing page, and you can share the link to the blog post via your emails or, An example of a new product launch via blog post, by, Three Questions Our New Facebook Grader Can Help You Answer, Get Set Up for Google My Business Success With Our Free Grader, Try the Free Keyword Search Tool From WordStream, Events not only get customers excited about your new product or service, but can also. Now, it's time to decide whether to sell it. You might: Virtual, customer-exclusive training session for a new version of Salesforce. You should first survey the market and find out if there is a need for the product. Let's say your company is working on building a new software tool. Ask people to write reviews for you on Yelp, Google and even Facebook. Do your research and make sure your pitch isn't ignored. You can use media relations tactics to place articles and win interviews, get coverage by allowing key press to review your product, hold a launch event, or use grass roots marketing to build buzz. 2) Ask Influencers to Vouch for It This post may contain affiliate links to help us pay for running the website. Reviewed by: Jayne Thompson, LL.B., LL.M. If customers are used to smooth tomato sauce and you plan to introduce a sauce that's chunky because this version is more traditional, you may have an uphill marketing battle. This may include marketing research using paid subjects or hiring firms that dig into consumer trends and sales figures to tell you what's likely to gain traction. Run a live or recorded Q&A on the product itself. Here's how to improve your odds. In this case, check to see if you could offer discounts or freebies to your customers without going into a loss. It can be difficult to figure out where to get started and which methods of promotion will give you the best results. Target the ideal customer. Having a blog post written on the newly launched item is a great way to go into depth on all of the details, features, and benefits you would otherwise include on a landing page, and you can share the link to the blog post via your emails or social media channels. Just remember that Google My Business posts expire every seven days, so you’ll need to repost. Even if you think your new product or service is entirely unique and without existing competition, it's important to put yourself in your prospective customers' shoes and imagine what they might buy in lieu of what you plan to offer. 5. Did you know that 82% of consumers open emails from businesses, and that 76% of email subscribers have made purchases from an email marketing message?