You have a brand new product that you\u2019re sure will be a hit. That\u2019s great news! But how to market your new product?<\/p>\n\n\n\n
If you assume that you can sit back and watch the buzz about your new offering spread like wildfire, you\u2019re sorely mistaken.<\/p>\n\n\n\n
Your new product may be a big deal to you. However, it doesn\u2019t carry the same weight for everybody else\u2013particularly if you don\u2019t already have a solid customer base that\u2019s eagerly following your business\u2019 every move.<\/p>\n\n\n\n
With that in mind, it takes some clever product development and product marketing in order to have a successful product launch and get your innovative offering into the hands of eager consumers.
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So, what do you need to know in order to pull off this new product introduction? Here are the details on how to promote a product\u2013and get people to care about it.<\/p>\n\n\n\n
First, let\u2019s start with a bit of bad news. According to Harvard Business School professor Clayton Christensen, each year more than 30,000 new consumer products<\/a> are launched.<\/p>\n\n\n\n But unfortunately, a whopping 95% of them fail.<\/p>\n\n\n\n Why is this?<\/p>\n\n\n\n There are a multitude of reasons at play here. It could involve a lack of customer demand. Or it could have something to do with an incorrect pricing structure.<\/p>\n\n\n\n However, many experts cite a lack of marketing for this flop of new products.<\/p>\n\n\n\n \u201cThere a number of reasons why new product introductions fail; however, the one we see most often is lack of rigor behind sales and marketing planning and execution,\u201d explains Kurt Schroeder in a post for The Business Journals<\/a>.<\/p>\n\n\n\n After all, products aren\u2019t a \u201cbuild it and they will come\u201d sort of thing\u2013even major companies like Apple aggressively market their new offerings in order to generate buzz and get customers in the door.<\/p>\n\n\n\n Needless to say, marketing will be a huge piece of your product launch puzzle.<\/p>\n\n\n\n But what steps can you take to do this well?<\/p>\n\n\n\n Follow these seven key steps for successfully marketing a product.<\/p>\n\n\n\n The first step in any successful marketing initiative is to understand exactly who you\u2019re marketing to. Ask anybody\u2014trying to sell bacon to vegetarians will never end well for you.<\/p>\n\n\n\n So, you need to dig in and identify your target market.<\/p>\n\n\n\n While understanding those nuts and bolts about your customer is important, you also need to dive a little deeper by answering this one key question: What problem does your product solve for them?<\/p>\n\n\n\n In order to be successful, your product has to have some demand\u2013which also means that it needs to meet a need.<\/p>\n\n\n\n If you can\u2019t think of a single pain point that your product addresses?<\/p>\n\n\n\n Well, that could be an indicator that you\u2019re solving a problem that\u2019s actually non-existent for your customers.<\/p>\n\n\n\n \u201cMany organizations need to become better at asking the right questions so that they tackle the right problems,\u201d explains Dwayne Spradlin in a post for Harvard Business Review<\/a>. One way that you can really gain the customer understanding that you need? Begin selling to them directly at first.<\/p>\n\n\n\n To learn how to bring a product to market, begin by selling directly to end-users, advises entrepreneur Tamara Monosoff in an article for Entrepreneur<\/a>.<\/p>\n\n\n\n \u201cThis\u2019ll give you confidence that there\u2019s demand for your product and will also create referenceable customers that you can contact for product and packaging feedback before you hit the bigger leagues.\u201d<\/p>\n\n\n\n By having those early conversations with your target market, you\u2019ll not only have a better grasp on their goals and challenges but also have the opportunity to make any necessary tweaks\u2013to your product, your pricing structure, or anything else\u2013before you get too much further down the rabbit hole.<\/p>\n\n\n\n You not only need to understand your audience, you also need to have an intimate understanding of your product.<\/p>\n\n\n\n This is especially when your product is in its early stages. You need to think of yourself as the all-knowing expert on your offering:<\/p>\n\n\n\n You\u2019ll need to answer all of those questions (and then some!) in order to identify your product\u2019s value proposition\u2013which will be the common thread that weaves throughout all of your marketing materials and messaging.<\/p>\n\n\n\n While it\u2019s undeniably important to understand the ins and outs of your product, you also need to ensure that you have an understanding of how it fits into the larger picture for your target market.<\/p>\n\n\n\n For example, which quick sales pitch do you find more effective?<\/p>\n\n\n\n Option A: <\/strong>This widget that we created uses state-of-the-art technology that we spent months refining.<\/p>\n\n\n\n Option B: <\/strong>This widget will help you better keep track of your customer contact information, empowering you to nurture those relationships, increase your sales, and improve your bottom line.<\/p>\n\n\n\n If you\u2019re like most people, Option B resonated with you far more than Option A.<\/p>\n\n\n\n Why is that? <\/strong>Rather than getting so wrapped up in product features, it focused specifically on results. Ultimately, your customers don\u2019t care about the behind-the-scenes stuff\u2014they really only want to hear what\u2019s in it for them.<\/p>\n\n\n\n Once you have that foundation laid, it\u2019s time to <\/strong>create a plan.<\/p>\n\n\n\n It might sound obvious. <\/em>But without this breakdown in place, your product marketing efforts will feel a lot like being on a road trip without a map or a GPS.<\/p>\n\n\n\n Fortunately, you have plenty of flexibility here in order to create a plan that works best for you and your unique product. Here are some questions you\u2019ll want to be sure to answer when hashing out your next steps:<\/p>\n\n\n\n With that self-reflection in place, you can begin hashing out different tactics and strategies to get your product to market.<\/p>\n\n\n\n However, remember this: You need to stay flexible. Launching a new product is a learning process, and your plan might require some tweaking (or even major changes!) along the way.<\/p>\n\n\n\n Imagine your doorbell just rang. You swing open your front door and there\u2019s a salesman standing there with a vacuum cleaner. \u201cThis is a great vacuum,\u201d he says, \u201cYou should buy it.\u201d<\/p>\n\n\n\n What are you going to do? You\u2019re probably going to shut the door in his face.<\/p>\n\n\n\n You see, as a business, you\u2019re intimately aware of all of the benefits and advantages your own product offers.<\/p>\n\n\n\n But your customers don\u2019t immediately have the same knowledge simply because you put your new product in front of their eyeballs.<\/p>\n\n\n\n Any new product launch requires a high degree of customer education in order to be successful.<\/strong> You need to help your customers understand not just what your product is, but why they need it in their lives. So how do you do this?<\/p>\n\n\n\n By creating various educational materials that your customers can reference. These can include things like:<\/p>\n\n\n\n A short demo video that lives on your website or gets shared on social, like this explainer on how to use Toggl Track<\/a>. There are plenty of other things you can do. But it\u2019s important to remember that you absolutely need to educate your customers.<\/p>\n\n\n\n When businesses blindly assume that their prospects already have the information they need and are simply making a choice between brands, they shift from a learning-focused mindset to a competitive one, explains Mark Quinn in an article for Business Insider<\/a>.<\/p>\n\n\n\n \u201cThe smart consumer will opt to buy from the company that\u2019s educated him on the issue and presented him with multiple solutions. That company\u2019s selflessness has built trust\u2013and its ability to teach him has bought his loyalty in the future.\u201d<\/p>\n\n\n\n All of this groundwork is important.<\/p>\n\n\n\n But you\u2019re likely wondering this: When do you get around to actually promoting your product? When are you going to start drawing in more people?<\/p>\n\n\n\n Promotion is a major part of your new product launch.<\/p>\n\n\n\n However, your promotional efforts will fall on deaf ears if you don\u2019t take the time to gain an understanding first.<\/p>\n\n\n\n So, now that you\u2019ve done that, it\u2019s time to start blanketing your target market with the news of your new product. There are tons of different ways you can do that, including (but certainly not limited to!):<\/p>\n\n\n\n How can you make sure your marketing messages really pack a punch? Try a few of these tactics:<\/p>\n\n\n\n Unfortunately, not every single thing you do will be effective. Some of your marketing efforts will result in a huge payoff, while others seem to totally flop with your consumer base.<\/p>\n\n\n\n That\u2019s normal\u2013particularly when you\u2019re just getting your product off the ground.<\/p>\n\n\n\n However, you don\u2019t want to keep channeling time, energy, and resources into initiatives that aren\u2019t actually pushing you forward.<\/p>\n\n\n\n Make sure you schedule some regular times to look at your results and analytics to identify how your efforts are resonating.<\/p>\n\n\n\n By taking a magnifying glass to the things you\u2019re already doing, you\u2019ll continue to keep learning what\u2019s effective for your product and your target market\u2013getting you that much closer to landing on a winning product management strategy.<\/p>\n\n\n\n Would you go on a diet for one day and expect to see a difference the next morning?<\/p>\n\n\n\n Probably not. That same rule holds true with your product marketing.<\/p>\n\n\n\n You\u2019re probably not going to see results after doing things once. Posting one social media update won\u2019t lead to an influx of sales. Drafting one blog post won\u2019t cram your inbox full of inquiries from eager customers.<\/p>\n\n\n\n The secret with marketing is to stay consistent and\u2013as just mentioned\u2013repeat what\u2019s working well.<\/p>\n\n\n\n \u201cWhen you dabble in your marketing, you\u2019re right! It won\u2019t work. Not because that marketing channel isn\u2019t suited to your business, but usually because you didn\u2019t maintain it for long enough,\u201c advises Ashley Davis in a post for Skyline Social<\/a>. You\u2019re excited to share your brand new product with the world. But a successful product launch requires a lot more than posting an announcement and watching the customers roll in.<\/p>\n\n\n\n Marketing products involves plenty of thought, strategy, and prior planning.<\/p>\n\n\n\n That might sound overwhelming. However, don\u2019t panic yet\u2013it\u2019s much more doable than you think, and will ultimately lead to a better, more impactful product introduction.<\/p>\n\n\n\nHow to market a product<\/strong><\/h2>\n\n\n\n
1. Understand your audience<\/strong><\/h3>\n\n\n\n
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“Your products must truly solve your customer\u2019s problems in compelling ways, and most product companies spend too little time immersing themselves in the customer\u2019s reality,” said Spradlin (now CEO of Buzz Points) in an email.<\/p>\n\n\n\n2. Know your product<\/strong><\/h3>\n\n\n\n
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3. Create a plan<\/strong><\/h3>\n\n\n\n
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4. Prepare to educate<\/strong><\/h3>\n\n\n\n
An informative blog post (like ours<\/a>) that walks them through how your product works.
A FAQ page that answers questions that are commonly asked by prospective customers.<\/p>\n\n\n\n\n
5. Promote, promote, and promote some more<\/strong><\/h3>\n\n\n\n
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6. Learn what\u2019s working<\/strong><\/h3>\n\n\n\n
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7. Hit repeat<\/strong><\/h3>\n\n\n\n
\u201cThe businesses that produce the best results (in terms of generating both leads AND sales) are those that are consistent in their marketing,\u201d according to Davis. \u201cThey\u2019ve regularly been sending clear, consistent messages to potential clients. Not just for weeks or months, but for years.\u201d
So while you may be understandably eager to get your new product off the ground, remember that it\u2019s not a one-and-done sort of strategy.
A successful product will require a hefty dose of patience and a real investment in your time and your efforts.<\/p>\n\n\n\nOver to you<\/strong><\/h2>\n\n\n\n