If you are in the business of releasing new products, you may have run into a roadblock once or twice trying to figure out how to market your product effectively to your consumers.
A new product in a niche market can be very hard to market as you may not understand exactly how to market to the demographic your product appeals to. By following these 7 easy steps, you can effectively showcase your product and start making sales more quickly.
Tell A Story About Your Product
One of the easiest ways to engulf potential customers to invest in your new product is by telling a story about it. While fabricating an elaborate story may seem enticing to tug at the heartstrings of consumers, you will want to ensure that your story is true and tells the actual story of the product. This story does not have to be just about how the product was thought of or how it is made, it can be about how it has helped others in their daily life or how buying one can make the consumer’s life easier. Tying a story to the product allows the customer to feel a personal connection with the product that will give them more incentive on purchasing the product.
Do What Your Competitors Aren’t Doing
Unless your industry is so niche that you are the only producer of your type of product, you are going to have competition. Edging out the competition is a huge part of your business as better prices, customer services, and other factors come into play when customers are shopping around. While it may be very tempting to watch over your competitor and do exactly as they do, a more reasonable approach will be to distinguish what they are not doing and see if that could be something to make you stand out from others. Consumers like excitement and when every company is doing the same thing, one that breaks the mold and does something out of the ordinary can really gain the attention of customers.
Market To Your Customers
Marketing is all about bringing in sales and expanding your audience. What many marketers fail to realize is that whole marketing to new customers each year, you can stray further away from your core market who are loyal and have fallen in love with your business because of your past actions. Keeping up with current marketing trends is important as long as you do not forget to market to your current audience as well. These customers can be turned off by your business offering discounts to new customers while they are stuck paying the same amounts, even after years of loyal service. Identifying your core customer base and ensuring that you are marketing to them at all times will increase your retention rate and drive higher lifetime values.
Decide If You Need A New Brand
Sometimes with a new product, it is time to get a new brand. This can go two different ways. One, if you are bringing in the product with a new high quality finish, you do not want to associate it with a brand that has a bad reputation as it can ruin your product before it even officially launches. Customers will notice the brand name and remember the poor quality products and associate your new product with this stigma. Alternatively, this could be a time to really divide up your product lines and kickstart a new brand to drive some curiosity and excitement. It could be a huge stepping stone for your business to build new products off of
Make A Promise And Keep It
An easy way to get your product gaining attention is to set a promise with it – and follow through with it. This can be anything from donating portions of the proceeds, advertising that they will lose a specific amount of weight (if you are in that market) or something as simple as a money back guarantee. Showing that you back your product up worth a guarantee can really show the consumer that you believe in your product. Giving them an incentive such as donating proceeds or receiving a rebate can really kickstart your product’s sales to help get some real-world results on your product. The most important thing to remember is to follow through with your promise as people will be watching and making sure that you have.
If You Fail, Learn & Move On
New product launches can be a scary thing as all of your time and effort could go right out the window if your product fails to meet consumer demands. That is business, however, you will fail at some point and how you come back from it will determine how your business will grow. Failures come in all shapes and size and some businesses are unsure of how to handle them which can turn a small failure into a larger one. When you fail, you will want to quickly move on and learn from your mistakes to ensure that they do not happen again. There will be hardships but showing that you can quickly learn from the failure and apply new techniques to future products to ensure it does not happen again will be priceless.
The last tip on our list is using product scarcity to your advantage to drive up “hype” for your product. This can be done by using real production numbers or by releasing limited quantities in waves to generate buzz and use consumers impulsive purchasing behaviors to your advantage. What you will want to do is market to your consumers that you only have X amount of your product available and to get them before they sell out. This will make the consumer feel that they have to have it now before everyone else. This can be driven by the fear of long backorder wait times or limited stock. You will want to keep in mind that consumers will be watching so using fake numbers can come with risks.