Proven Techniques to Market a New Product/Service

Proven Techniques to Market a New ProductService

When it comes to market a new product/service for your business, it seems like there are endless options in the market. It can be tough to figure out where to start and which means of promotion will be effective for your business. There are many efficient yet cost-effective ways to promote your business‘ products and services. What works may depend on your business, industry, offerings, and audience.

Take a look at these effective techniques below and find out which ones make the most sense for your business.

Offer Your Loyal Customers an Exclusive Preview

Your loyal customers play a key role in promoting your products and services because they are most likely to not only purchase them but also promote them to their networks. Give an in-person, private, or virtual pre-launch party to your loyal customers through an online tour, demo or preview. Or you can even send a special invitation to test your product/services out and give feedback. These exclusive offerings to loyal customers bolster how much you value them and also help in retaining their loyalty.

Have a Special Introductory Offer

Rather than just launching your new product/service, you can introduce a special introductory deal with it. Such deals can be anything:

  • Reduced-rate bundle or package.
  • Discounted pricing
  • Vouchers or coupons
  • Joint promotion with a complementary business
  • Buy one get one free offer
  • Free gift for every referral

Whatever your promotion offer is, be sure to emphasize that it won’t last long.

Go for a Social Media Contest

Social media contests are a fun and easy way of connecting with customers and prospects and increasing fans/followers. Facebook contests are capable of garnering an average of 34% new customers per campaign, which is a great way to boost organic reach. Apart from Facebook, social media platforms like Instagram and LinkedIn are also great means for promoting new products/services.

Spread the News Via Email

Around 82% of consumers tend to open emails from businesses, and around 76% of email subscribers make purchases from an email marketing message? Email is a cost-effective channel for getting the news out about your new product/service. It makes a great incentive to get your subscribers signups in the first place.

Write a Blog Post

Writing blog posts related to your new product/services is a great way of marketing a product. When promoting your new product/service, you may not have a landing page to redirect your customers. In this case, your goal may not be to attract more customers, but to keep your existing customers engaged, or to re-engage dormant customers. Having a blog post on your website written on the newly launched product/service is a great way to tell them about the product’s features and benefits etc.

Host an Event

Events not only make your customers excited about your new launch, but can also attract new prospects personally engaging with you or your employees – a great way to convert them to customers. Such events don’t necessarily have to be fancy and super organized; something like an open house or an info session will also be effective in marketing a new product/service.

During the ongoing pandemic, even virtual events can serve as an effective promotion tool. You might:

  • Have a Facebook Live session explaining the new product/service and highlighting its features.
  • Organize a live or recorded Q&A on the product/service.
  • Call an influencer to promote your new product/service on social media platforms.

You can market a new product/service effectively by ensuring that you are focusing on the key pain points that are solved and being clear on the deliverables that you are going to offer. Set your goal and expectations ahead of time, this builds trust in your customers and ensures that they will not have buyer’s remorse.

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