Four Marketing Strategies to Try When Launching a New Product
Launching a new product is an exciting moment in the evolution of your business. It creates a rush of adrenalin as, far apart from the normal daily activities that you find yourself repeating day in, day out, you’re actually doing something to push your company forward; putting your most recent creation out there for all the world to see.
Regardless of whether you’re launching a new product or service, there’s an unending amount of different marketing strategies out there that you can attempt to use during the launch of your product, with the question being not will you market your new product, but how will you market it?
The marketing strategies you decide to use during this period are entirely up to you. Using several strategies at once (known as multichannel marketing), however, is likely to guarantee you significantly more sales than simply sticking to one strategy throughout your launch period, as customers who are given the option to buy from you in the way in which they’re most comfortable are likely to spend more with you, and keep coming back to buy from you more often.
1) Online Advertising
A few years you could have gotten away with not advertising your new product or service online and not seen a significant difference to you sales volume as a result. Those times are now over; for the vast majority of new products being launched you’re going to have to put an online advertising strategy into place if you wish to reach your full sales potential.
Now, online advertising encompasses a number of areas, all of which you should be open to exploring. A couple of these are:
– PPC (Pay Per Click) Advertising: Talked about in depth in a precious article, PPC advertising allows your to pay Google, Bing, and other search engines to display your new product’s website whenever a user searches for a particular phrase.
– Content Marketing: You (or an agency you hire) create articles to be placed on other websites to direct people back to your product page.
2) Put on Events
There are few marketing strategies that work better for a new product or service than putting on events in recognition of the product’s launch. If you’ve never put on an event before, or you want to put on an especially large event, contact a professional event production company who will be able to work alongside you to ensure all your needs are met both in the lead up to your product launch, and during the event itself.
Even if you’re unsure that putting on events are a viable option for your type of product, contact a production company anyway. You never know, it may be the best marketing decision you ever make.
3) Employ Dealers
Employing dealers, resellers, and individual salespeople to sell your product or service on your behalf is a great way of marketing your product upon launch, while all-but guaranteeing that you’ll be greeted with sales along the way, because:
– They work off commission: This relates to individual salespeople in particular, although it’s sometimes also the case for dealers and resellers. When these individuals know they won’t be paid a penny if they don’t manager to sell your product, they go out of their way to do so.
– They’re driven, motivated individuals: To work in sales you have to have a certain drive and motivation, and this is exactly what you want from people enlisted with the task of selling your new product.
4) Direct Marketing
Direct marketing encompasses an enormous area of sales and marketing, therefore before looking into any direct marketing strategies you should familiarise yourself fully with this area.
The type of direct marketing strategy you choose to use for your new product or service will depend both on the product or service itself, as well as your target marketing; the ideal customers in which your product is aimed towards. If your product is aimed at a younger market, say 18-30 year-olds, chances are you’re not going to have much luck trying to contact them via direct mail. On the contrary, if your product is aimed at the over sixty-five demographic you may find direct mail to be your most profitable marketing strategy.
In conclusion, there are many marketing strategies you could try when launching a new product, four of the most popular being to use online advertising, put on events, employ dealers, and look into direct marketing methods.