As a business owner, you’ve spent lots of time and money developing your product. Your objective is to charge it at the right price and sell as many units as possible — without discounting them.
However, there’s still more work for you to do before your product is ready for prime time. An amazing product isn’t enough anymore. You have to market it properly to generate interest.
There are several challenges to bringing a new product or service to the market. First, it may be that you’re the only one selling it, or there is a lack of customer demand. If this is the case, knowing where and how you should promote your product can be challenging.
Though you want your brand to get out there, you still want to spend only a little on promotion until you know how well the product will sell.
Secondly, there can be pricing issues. Suppose your company offers something different than others in the same field. It could take time for customers to understand why they need your product.
This can be especially difficult if another organization has already established itself and has a lower price. When pricing and promoting any new product, consider not just what competitors offer. It helps to consider other factors like quality and availability.
Consider the qualities below and which are most important to consumers.
One survey shows that the most important aspect of a promotional product is its usefulness, as about 49% of respondents stated this. You must demonstrate how any product can make a difference in their lives to prove it’s worthy of purchase.
Given how challenging it can be to launch a new product, here are some steps you can take to market it effectively.
The best way to sell your product is through a backstory. Your product should show why it exists and what makes it unique.
To get started with the method of storytelling, here’s a look at some questions that will define your company and position your product:
- What does your customer want?
- Why do they want it?
- Is there anything similar available on the market? If so, how is yours different from those options?
- How can you reach your target audience most effectively by using this method of storytelling?
Part of a successful marketing strategy is knowing your target audience. Developing a plan is only possible by understanding who your customers are and what they need.
Start by identifying the characteristics of your ideal buyer — their demographics, lifestyle and interests. Doing this helps narrow down the pool of potential customers who may have an interest in your product.
From there, consider different channels where these people spend time online and offline. Once you’ve got an idea, consider how best to reach them through those channels with compelling content.
It’s important to note that your content should demonstrate why they should buy from you instead of someone else.
As a business owner, you’re aware of all the benefits and advantages your product offers. However, your customers don’t have the same knowledge. Therefore, educating your customers is of great importance.
While it helps them understand your product, it also shows them why they need it and how it changes their lives.
Here are some of the best ways to educate your customers:
- Show them how to use the product. This demonstrates your expertise while providing value to them.
- Emphasize your commitment to producing safe, reliable products with tamper-proof seals and infallible packaging.
- Explain why your product is better than others. You could go as far as listing the problems of competing products and how yours solves those problems. This makes it easier for people to trust you when making their purchase decision.
Offers are an excellent way to establish loyalty and a sense of urgency. However, it’s best to avoid overdoing it. Too many offers or generic ones lose their appeal.
Ensure you target your audience with the right offer that is attractive to them. For instance, suppose you’re selling a premium service. Avoid offering something too simple, like a free guidebook or coupon code.
It would help if you had something that stands out and makes the product look more appealing by comparisons — such as a free consultation or access to exclusive content.
Keep this in mind when creating a special offer — it quickly builds trust around your brand.
It’s also helpful to consider the most motivating offer you can use to capture more sales. Consider the chart below.
In a survey where it asked which discounts people are most attracted to — 62% of respondents said percentage-based discounts are the most preferred. Meanwhile, free gifts and referral credits are the types of discounts people are less likely to use.
However, special offers all depend on your audience and what you know interests them the most.
Effective marketing isn’t only about finding the right audience. It’s also about knowing how to reach them in a way that resonates.
Consider using targeted ads on social media by leveraging your current customers. These ads will likely appear in users’ news feeds because they’ve already shown interest in your business.
Retargeting customers drives clicks and conversions because you offer something they’ve looked at previously.
Knowing customers is an ongoing process because consumer behavior is constantly changing. Therefore, listening to customers’ feedback is crucial. If customers leave reviews online, ensure you note something that needs changing and work on it.
You may be prideful of the product you’re selling. Yet, if something isn’t working for your customers — you must keep making improvements, so they keep buying from you again.
If you don’t have customer feedback, consider asking them directly. There are many ways in which you can ask for feedback. However, the chart below shows the most popular ways people share their opinions.
Research shows approximately 85% of consumers are willing to share their opinions through surveys. Meanwhile, only 22% make their voice heard on social media.
Consider using surveys to understand your customers better, as most consumers feel brands listen to consumer feedback through this medium.
Leveraging influencers in your campaigns are excellent ways to reach your target audience. Here are some of the top benefits of using influencers:
- You can reach a larger audience.
- It increases trust with existing customers.
- Builds a customer base.
To ensure your influencer marketing campaigns go extremely well, you must find influencers that align with your brand.
Consider working with influencers that believe in your product and your brand’s core values. You also want someone that has a similar target audience to yours. And ensure you’re open to the influencers’ campaign ideas, as they know their audience best and what works for them.
Improve your conversion rates by closely monitoring your campaigns’ performance. You can do this by using A/B testing.
A/B testing allows you to test two campaign versions and measure which performs better. For example, suppose you’re running an ad that links to your site’s product page. You can run a similar campaign with a link that points users toward a blog post about the product instead.
If the new variation gets more clicks or conversions, it’s clear what is working and which option you should follow.
A great product doesn’t sell itself anymore because the internet is saturated with information and marketing noise. It can be difficult for any product or service to stand out. Therefore, marketers and businesses need to be more creative than ever before when promoting their products.
If you want your business to succeed in the modern economy, assess your marketing strategies and get to know your audience.