Developing a new product is a great way to earn more business, but you must invest in a marketing strategy to increase sales. Promoting your product creates brand awareness, builds credibility, and boosts sales. Unfortunately, without the right marketing strategy, you won’t get many sales because the public won’t know about your new offering. In addition, when selling products, you must find a way to differentiate yourself since you likely have a ton of competition. Promoting your product can help get it in front of more customers while improving its design and user experience by collecting customer insights for better future strategies and new product developments.
Best Ways to Market a New Product
Product marketing differs from other types of marketing because you’re focused on a single product. Therefore, it’s important to know your target audience to ensure results. Additionally, knowing everything there is to know about your product is key. Here are a few of the best ways to make your new product.
Search Engine Optimization
Sure, you could spend thousands of dollars in a shotgun approach to get ads for your new product in front of as many people as possible. However, that strategy isn’t effective. If you’ve done your market research and know there’s a need for your product, it’s likely people are searching for it online. Search engine optimization (SEO) can help you reach customers at the right times– when they’re already searching for your product online. So while they might not be inquiring about your brand name, they’re probably using relevant keywords that align with your product.
An SEO strategy can help you attract search engine users to your website based on their search queries. However, SEO takes time and hard work. First, you must perform keyword research to determine the search volume for various relevant keywords. Then, you’ll need to find ways to implement those keywords into your website content. Of course, SEO has many moving parts that go beyond keyword research and implementation. Technical SEO, on-page SEO, and off-page SEO will all play a role in your ability to rank on search engines like Google. If your head is spinning and you’re unsure where to start, consider talking to an SEO agency that can improve your website to help it rank on search engines.
Paid advertising can be a great strategy if you want to increase brand awareness and measure the results of your campaign. You can use several methods for this outbound marketing strategy, including digital and print ads. Traditional advertisements like billboards are typically best for local businesses, so if you sell your product online, you should consider digital ads that allow you to reach your target audience online. There are also several channels for different types of paid ads. Your options include the following:
- Social media advertising
- Display advertising
- Native advertising
- Publication advertising
- Search advertising
Of course, there are many more options that we can’t cover here. However, using paid ads is a fast and effective way to increase brand awareness as soon as your product launches. Since SEO can take time, you can invest in both strategies and reduce your paid advertising once you rise up the search engine ranks.
If you already have customers for other products, they should be the first people you tell about any new products, especially if you think they’ll be interested in them. Many customers sign up for email marketing for deals and to get information about new products before anyone else. Sending an e-blast to new customers about new products is a great way to get customers who already love your brand interested in a new product. It’s also more cost-effective than paid advertising.
Social Media Marketing
Your followers follow you for a reason, so sharing information about your new product on your social media channels is a great way to spread the word. You can reach thousands of people instantly if you have thousands of followers. However, if you don’t have that many followers, we suggest investing in social media advertising to boost your brand awareness, especially if you’re trying to sell products online.
Influencer marketing has been proven effective for all types of businesses, but it’s most effective for B2C or D2C businesses. Working with influencers allows you to leverage their existing follower base, reaching new customers you can’t with your existing social media efforts. In addition, influencers are trusted through leaders among their followers, so teaming up with a well-known influencer in your industry can help raise brand awareness while improving your reputation.
Remember, working with influencers isn’t free, and to work with the best, you’ll need to offer more than a free product. Still, if you can negotiate offers with several influencers in your niche, you can reach a new audience and get them excited to try your product.
Offer a Deal
If you truly want to increase sales, there’s no better way than to offer a deal. If your product is the first of its kind or new and you can reduce your profit margin to generate buzz on social media, offering a deal can entice customers to make a purchase. While it may not be ideal for a new product you spent hundreds of thousands of dollars developing, sales are the best way to earn new customers or get them excited about a product. In addition, the more people who use your new product, the more word of mouth can spread to help you generate more sales in the long term.
Upsell and Cross Sell
When marketing a new product, you likely have old products still selling. When people buy those products, consider upselling or cross-selling them your new product. You can do this in several ways, but one of the most popular is to share additional products for them to purchase on the checkout page. You can also add products to various product pages in a “You May Also Like” section. In addition, you can use email marketing to up-sell products by targeting customers based on purchases they’ve made on your website.
Convert More Traffic
All the tactics we discussed work to bring customers to your website. However, if your website doesn’t convert, your marketing budget and efforts will go to waste. Converting your traffic is important, so you’ll need to invest in conversion rate optimization (CRO) to determine how design, copy, and website development affect your conversion rates. CRO can be automated and is less expensive than buying more traffic that may not convert.
Better Marketing Increases Sales
Investing in a strategic marketing plan will ensure the success of your new product launch. However, you should plan as far in advance as possible, generating buzz before the product comes out. The more people are excited about your new product, the more purchase you can expect when it launches.
Ashley Nielsen earned a B.S. degree in Business Administration Marketing at Point Loma Nazarene University. She is a freelance writer who loves to share knowledge about general business, marketing, lifestyle, wellness, and financial tips. During her free time, she enjoys being outside, staying active, reading a book, or diving deep into her favorite music.