Launching a new product can be both timely and costly, but what about promoting it? Have you thought about how you will go about spreading the word about your product?
If you have or haven’t, then here are a few ways you can promote a new product:
1. Through sending press releases to your local press and media and by getting editorials and features out of your press releases.
2. Through piggyback marketing. By working alongside another company that is normally well established or known.
3. By using cross promotion. For example if you have another product for sale/in the marketplace then why not cross promote it with your new product. Let the products work together and compliment each other.
4. Through giving away freebies. Now this could be a free sample of a product, a free trial, free test or similar. It could even be a free gift such as a pen or umbrella – depending of course on your marketing and promotions budget.
5. Use business cards, leaflets and flyers and get your product out there now. Give and hand out these pieces of marketing literature to both existing customers and potential customers. Give to people at networking events and anywhere else you can think of.
6. Send samples off to industry experts and other recognized bodies/individuals. Try to get as many reviews as possible of your product, reviews help sell products.
7. Through using and getting both testimonials and referrals. Nothing works better than word of mouth so once a product is available for sale then why not give a few away for a review/testimonial in return. Testimonials really do sell products!
It takes at least 7 times before someone buys your product or service, this means that on average a potential customer must see your product and marketing at least 7 times before they will part with their cash.
So then, now that you have a few ways to promote a new product how do you go about putting all of this into action?
Well…. To start off with you will need to conduct market research to establish who your market is and where they are. You then need to collate and analyse the results which will allow you to do two main things, one of these being to see whether or not there is a market for your product. The second being how you can/will be able to reach your target audience/market, for example from market research you will be able to establish what they read, view, watch, listen to and so on.
After you have found out who your target market/audience is then you will have to start drawing up a budget. This budget will cover how much you have for promotions, sales events, marketing literature, websites, press releases and so on for at least the next 12 months.
Ideally you will put together both a pre launch marketing plan and budget and a post launch marketing budget to see where you are spending your money and why.
Now you have a budget, and your research you now need to produce a plan and put it into action. You should ideally produce a marketing plan for your product as soon as possible based on your budget and market research results.