Marketing a New Product

Marketing a new product can be difficult. There are press releases to write, Internet marketing strategies to research, and a host of other things to consider when marketing a new product. Collective buying is a great way to tell people about your product and generate sales. It’s no secret people love a good deal. In fact, people who love to shop sometimes buy things they don’t need, just to take advantage of a good deal.

Offer a Good Deal

Collective buying websites like Living Social and Groupon are becoming an increasingly popular option. These sites give customers special prices for products, services and even travel packages. Members of these sites can opt-in to email alerts or download a mobile application that will notify them of deals they may be interested in based on their preferences.

Marketing a new product using these sites may cost you, but it is also an opportunity to show customers what you’re worth at little risk to them. When your product is featured on a group-buying site, all of the site’s users in your specified area are notified. Customers who may not generally be interested in your product might come across it when checking their email online or scrolling through their smart phone.

Word of Mouth

Group deals have the added benefit of encouraging word of your product on the streets. A college student, for example, is scanning through her phone and sees an advert for your custom-made ties. She decides to try your product out, since Father’s Day is approaching and you’re offering $50 worth of ties for $25. When she receives the product, she is impressed and tells her friends about your website. If two of her friends purchase ties for $50, you’ve made a $75 profit. Your satisfied customer has taken some of the legwork out of your internet marketing campaign.

Deals typically have a timeline, which puts members under pressure to buy. These sites also offer clients the chance to get their deal free of charge, if a certain number of their friends purchase the product during the promotion. Advertisements are equipped with social buttons so individuals can share your deal via text message, social media and email. When marketing a new product, social media is vital. With collective buying, your customers have an incentive to do some of that social media promotion for you.

Product Placement

Product placement is also an important part of marketing a new product. Group selling allows you to customize your offer by market. In markets that tend to spend more, using the above example it might be better to run a Buy 3 Ties, Get Tie Free promotion. This way, customers still get a deal, but you get a higher profit. For example, if ties are $50 each, it only cost you $50 to make $150. This way you can earn more than the previous approach before the customer even shares your deal online.

Marketing a new product using group buying sites is a great option for growing your profits and customer base. Take this approach and save on pulling together a marketing team, writing a press release or manually promoting your product online. Try it out and be amazed by the outcomes.

New Product Marketing Strategy

Marketers have numerous tried and tested methods for developing successful new product marketing strategy, many of which include some kind of social media element. This means that a new product marketing strategy is now largely reliant on the Internet. Success always starts with a strategy, and for your new product, this is a necessity.

Internet marketing has become so vast that marketers need different strategies for marketing products through different online platform. A Pinterest strategy will not look like a Facebook strategy; therefore, it is important to determine what kinds of Internet marketing are most appropriate for your product. However, there are some general practices that should always be applied.

Finding Your Demographic

When developing your new product marketing strategy, start by compiling a list of the kinds of people who will be most interested in your product. Be as specific as possible. It might be helpful to take your description of your target market and identify real people on social networks who represent your target customer.

Generate a Buzz

Offering freebies is also a great way to generate a buzz about your product online. Ask people to share or Retweet a photo of your product for a chance to win one for free. Freebies and promotional offers can also help to brighten up your everyday press release to bloggers. Find a blog that has a niche that relates to your product and offer them free samples in exchange for writing a review of your product.
If there are celebrities or industry influencers that fit your target market, offer them freebies. If they like your product, chances are they’ll send a “Thank You” tweet or post that will drive loads of online traffic to your product’s social media accounts or website.

Use SEO

New product marketing strategy should also include Search Engine Optimization (SEO). Analyze your target audience and create a list of keywords they might use to search for similar products. If possible include SEO in your product description or any press releases you submit online. Implement SEO through developing a blog as a part of your product’s website. Your blog’s content determines the success of your SEO strategy. Chances are competitors are using the same words, so providing useful content for your target market is important.

Use blogging and other forms of social media to become an expert in your product’s industry. Use websites like MeetUp and Eventbrite to create powerful events surrounding your product and press releases to tell people about the events. Examples include gallery showings, tastings and fashion shows. Also, join or create LinkedIn groups where you can share information about your product on discussion boards. Sharing and linking back to your website through these social media outlets will also help to build your SEO profile.

Creating a new product marketing strategy is necessary for launching a new product in any market, online or in brick and mortar stores. While not every plan is successful, it is almost impossible to be successful without first developing a plan. A new product marketing strategy is key.

Launching a New Product

In this day and age, launching a new product is very different from how it used to be. You will also need to approach online blogs when launching a new product. It is no longer necessary to announce a press conference in order to pitch your product and its distinctive qualities to publications. If you want to market your product online, you need to plan and prepare a thorough strategy for success.

Preparing your product

Preparation is key. First of all, you should research similar companies and their marketing policy. You must know what your competitors offer and what they don’t in order to tailor your own product and made it attractive to the market. This will help you to make a comparison between your product and others in your promotion, highlighting your products superiority.

Prepare a press release for launching a new product stating the unique features of your product explicitly. This will draw the attention of your intended customers. Send this press release to your existing clientele or, if you are a new company, consider setting up a mailing list and inviting members of your target demographic to join. Provide updates about your product at regular intervals so that your customers do not forget about your product.

SEO

SEO, or Search Engine Optimization, boosts your presence on search engines such as Google. This makes your product more accessible and lures potential customers in. It is an essential step when launching a new product.

You have to drive your targeted customers to your website. The best way to do this is by placing keywords pertaining to your product throughout your site. Ensure that your descriptions are engaging. Your success depends on a convincing product description. If your customers find the description and promotion of your product unsatisfactory, they will leave the page and search for another product. Even with good SEO and key word placement, you need to captivate your audience from the first sentence onwards.

Another important aspect of SEO is something termed back links. This is the process of sharing a link to your website externally through services such as popular social network sites and blog aggregators. By posting a link to your website onto these sites, you are increasing your page ranking on Google.

Social Media

Social media marketing is another excellent way to promote your product Community driven sites like Facebook, Twitter and LinkedIn allow you to connect with your target demographic by creating a page for your product. You can also create a group to post about your product at regular intervals and keep your customers up to date. If your customers find your content engaging and informative, they will refer their own followers to your page.

Email marketing is another important strategy for launching a new product. You should analyze your existing network and connect with potential customers through your contact base. Send emails to your contacts regularly to inform them about your product. A free trial may be offered to selective contacts. You can also create an email mailout and promote it on your website, therefore adding new contacts to your database as they find your website.

Whatever your strategy and however effective your communication for launching a new product, the most important thing is to ensure good quality writing. This will compliment SEO and help you to gain a loyal following.