From innovative new software to an incredible new health supplement, working
out how to promote your latest product can be tough. With so many marketing methods out there, how can you know which is the best suited to your business?
Entrepreneurs like to say that success in business is all about taking action. They’re right; most of the time, the harder you work and the more action you take, the more successful your product will be.
Sometimes, however, it’s best to take a step backwards and work out a strategy for your new product before you leap headfirst into your marketing campaign. In this blog post, we’ll help you discover the best way to promote your new product.
Before you start marketing your product
No matter how great your product is or how large your marketing budget might be, it’s difficult to promote your product successfully without first creating a marketing strategy.
Before you even start thinking about promotion, ask who your target market really is. Is your product aimed at businesses or individuals? Which type of individual or business is most likely to buy it and benefit from it?
Entrepreneurs call this product/market fit. It’s the first stage of your marketing – the part where you work out who your product is aimed at and why it’s something they’ll respond positively to.
Don’t be afraid to spend a long time working out who your product is for. You may even need to modify your product to make it better suit your target audience. This is perfectly normal – it’s something many successful products have been through.
In fact, some of the world’s most successful products were originally designed with a completely different audience in mind from the one they found success with:
- Listerine, the famous mouthwash, was designed to be a surgical antiseptic for doctors. It wasn’t until 35 years after its creation that it was successfully sold as an over-the-counter mouthwash.
- Airbnb, the multi-billion dollar online apartment booking website, originally started as an online bed and breakfast service, with the founders renting out space in their own apartment and cooking breakfast for guests.
It can take a while to discover the perfect market for your product, and it’s often a process that involves a lot of trial and error. The more time you put into research, the more successful your promotional efforts will be once you get started.
How to reach your target audience
Once you’ve identified your target audience – whether it’s 20-something technology gurus or 70-something retirees – your next promotional goal should be putting your product in front of them.
Where does your target audience spent its time? What shows does it watch? Where can you interact with your target customers and let them know about your product, its benefits and its unique selling points?
Below, we’ve listed seven proven and effective methods to promote your product to your target audience. Which of these seven tactics do you think would work the best for your new product?
Is your product sold in retail stores and supermarkets? If so, you can draw attention to it using banner stands. By placing a banner stand at the end of an aisle, you’ll get the attention of shoppers and encourage them to look for your product in store.
Banner stands can also be combined with travelling in-store sales reps for a double dose of direct marketing. This way, you can draw attention to your product and tell consumers about why it’s worth purchasing at the same time.
Trade shows and conferences
From innovative technology to B2B tools, trade shows are wonderful opportunities to show your product to an enthusiastic audience. With the right exhibit, it’s easy to inform your audience of your latest product’s unique features and benefits.
The key to success at a trade show is standing out. With the right combination of an eye-catching exhibit and an effective sales team, you can promote your product to a highly focused audience that’s genuinely interested.
Free giveaways and promotions
Sometimes, the best way to sell your product is by giving it away for free. This is especially true if you’re selling a product that people need to buy every week or month.
Have you ever received a free sample packet of washing powder in the mail? This type of marketing works extremely well for products with repeat purchase value, since it lets you highlight your brand’s advantages at a relatively low cost.
Do you remember the hilarious Old Spice videos that took over the Internet a few years ago? Old Spice effectively created a new product by rebranding their roll-on deodorant, which was formerly a ‘vintage’ brand, into a must-have modern item.
If your product is part of a highly competitive market, sometimes the best way to stand out is by being different. A creative, cool and funny viral video can separate your brand from the rest and make your product something people want to use.
TV, radio and print advertising
Print advertising might not be what it once was, but it’s still a hugely valuable tool for marketers. In fact, print and radio advertising is one of the best ways to market your product to the over-50 demographic.
Did you know that the median reader age for print media is 54.8 years? Print ads in newspapers and magazines let you promote your product to an audience that has a higher-than-average household income and great response rate.
Outreach to experts and influencers
Is there a certain celebrity that might like your product? You don’t need to pay for an expensive celebrity endorsement to find evangelists for your product. Instead, reach out to influential users and offer to give them your product for free.
From bloggers to podcasters, research people within your industry who might be interested in your product. A quick email or outreach phone call is often all it takes to start a potentially lucrative promotional partnership opportunity.
Online search and display advertising
Does your product have an online audience? Using Google Adwords and Facebook Ads, you can target promote your new product to potential customers while they browse the Internet or connect with friends.
Although digital advertising has significant startup costs, it’s easy to measure and very effective when done right. If your audience is net-savvy and connected, online advertising could be a great way to promote your new product.
What’s your favourite way to promote new products?
From cold calling to corporate sponsorships, promotional methods can range from cheap and easy to costly and hugely effective. What’s your favourite way to promote a new product, service or offer?