Marketing a new product can be tricky. No doubt, new product launches can be very profitable, but also very costly. When it comes to your marketing plan, you want to be well prepared for a successful launch.
In this post, we will look at five helpful tips for marketing your new product. They will help you save time and money by planning correctly. Also, you will have the chance to make some major breakthroughs with your product.
Look At Similar Products
First off, you should take a look around at the similar products in your niche. You need to decide exactly how your product stands out from the rest. What is the feature, attribute or benefit that makes your product better than everyone else’s? Is it faster, cleaner, eco-friendly? Find your competitive edge and start sticking out from the rest.
Get In Touch With Your Market
Before launching any sizable marketing campaign, it is absolutely crucial to do some market testing. This can simply be a survey, group discussion or interview. However, you can not skip this step as it will give you invaluable insight to the customer’s mind. Unfortunately, many entrepreneurs do skip market testing before launching a product to only find out later how much money they wasted.
Choose Your Marketing Channels
If you are marketing to community college students, your marketing channels will be much different than a 50-year-old divorce attorney. For younger generations, you might be best off creating a nicely designed website with an active blog that links to social media promotion on Facebook, Twitter and Google+. Otherwise, you can choose more traditional forms of marketing like newspapers and television advertisements.
Show People How It Works
Do you remember BlendTec? They were marketing a new product launch, the BlendTec blender. But, they didn’t blend food! They started blending calculators, screws and random objects. People could instantly tell that this blender worked and they bought in. Show how your products work and make it something that people will want to share with others. Once you get a few videos moving, you might not have to do too much more before increasing production.
Recruit Major Endorsements
There are celebrities and super-stars in every industry. Take the time to reach out to each one individually and ask them for a review or testimonial. If you can offer them a free unit of your new product, then by all means do so. Authoritative endorsements can help other people take notice that your new product is something they should have too.