Marketing a new product or service is never easy on a business. This is especially true when the target market consists of other businesses. Learn how to do it.
Did you know that 95% of new products fail?
That’s right — it’s a sobering statistic, particularly if you’re about to launch a new product of your own. Even established brands can struggle when it comes to making new releases a success.
However, the right marketing strategy will greatly increase your chances of selling well from day one, taking the stress out of your launch.
Want to find out how to make marketing a new product easier on your business?
Keep reading for five expert tips.
1. Focus on Your Unique Selling Point
What makes your new product or service better than everything that’s currently out there?
Use the answer to this question to focus your marketing efforts.
Make sure you understand customer pain points and how your product addresses them, rather than focusing on features that might sound fancy but don’t make much practical difference.
If you’re struggling to identify a USP, you might need to go back to the drawing board.
2. Market to Existing Customers
Do you already have a loyal, engaged customer base?
Marketing your new products directly to your existing customers makes things much easier. They’re already sold on your brand, so you just need to persuade them that your new product is worth buying.
Loyal customers also make great brand ambassadors, and if they’re passionate about your new product then they’ll spread the word to others.
Make use of your social media profiles, website, email list, and industry connections. There’s no need to start from scratch with every new product you release.
3. Run a Giveaway on Social Media
Want to generate hype around your new product?
Running a giveaway on social media is one of the cheapest, fastest ways to get publicity online.
Be sure to emphasize what’s so great about your product in the giveaway post text — you could even ask people to enter by answering a question like, ‘How will you use our new product?’
This is an excellent way to make your product appear desirable and increase your online following.
4. Try and Get Noticed by the Press
Want to get some free publicity for your new product?
Getting noticed by the press isn’t as hard as it might seem, and it’s a great way to get people talking about your product.
You could plan a publicity stunt involving the product, organize a mass charitable giveaway, or tell an interesting story about the product’s origin.
Get creative and don’t be afraid to think outside the box.
5. Get Help from a Marketing Agency
Are you feeling out of your depth?
There’s no shame in getting some extra help, especially around something as crucial as a new product launch.
Consider hiring a B2B marketing agency for expert advice on reaching the right people, getting noticed, and keeping the momentum going after your initial launch.
The money you spend will be more than worth it when you start making sales.
How to Make Marketing a New Product Easy
Marketing a new product doesn’t have to be expensive or stressful.
Make the process as easy as possible by focusing on your USP, targeting existing customers, using social media, and getting expert marketing help.
Want more tips? Check out the rest of our business posts today.