In this blog, we'll take a look at the most effective ways to promote a new product or service. This will especially help those organizations that are facing a tough time advertising new products due to the Covid-19 pandemic.
It is extremely creative and innovative to create a new product and it is equally creative and innovative to promote the product. Without properly promoting it, a company will not be able to reach the target audience and lose out on a lot of revenue. It is also necessary that an organization comes up with a good strategy because there are countless options when it comes to promoting a product and it can become a little frustrating to figure out where to start and what methods to use. Thus, it is important that a business knows how to properly promote its products and form a strategy that will benefit them in the long run.
Let's take a look at the most effective ways to promote a new product or service:
A great way to promote a new product is by offering loyal customers exclusive previews. This is an excellent opportunity because they are the ones that are most likely to buy the product and they will be able to promote it to their networks. This can be done in a variety of ways, such as private, virtual, online, or demo preview. It can even be a special invitation in order to test the product or service and ask the customers to give feedback. This is a great customer engagement strategy and also shows them that the organization values its loyalty.
Special Introductory Offers
Many organizations use this technique, where they do not announce a new product but make it available as part of a special introductory deal. This can include offers like buy one get one free, voucher with purchase, discounted pricing, reduced rate package, etc. It is of the utmost importance that businesses who decide to use this technique emphasize that the offer will not last forever. This will make sure that customers feel a sense of urgency to buy the product or service.
Social Media Contest
One of the best ways to connect with the audience is to run a social media contest. Studies have shown that Facebook contests have the potential to garner 34% new customers per campaign. Companies should also make it clear as to what happens if a person comes first in the contest. For instance, the individual who is first can get the product for free or at a discounted rate. It is also important that a maximum number of people learn about the contest and this can be achieved by announcing the contest across various marketing channels, social media channels, websites, and even paid advertisements.
Research has shown that 82% of customers open emails for businesses, and more than 75% of subscribers have made purchases from an email marketing message. Email remains one of the best channels to get the word out regarding a new product or service. Of course, ensure that you aren’t spamming your customers with the emails!
Faisal Abidi is the Co-Founder and Director of RNF Technologies since 2009. He has also co-founded other ventures, namely Phonato Studios, Resourcifi, and FNR Technologies. He started his career with Google India working in the online marketing space where he was recognized and rewarded for his innovative product ideas. Google was followed by British Telecom where he worked as an analyst and was involved in all aspects of marketing and business management of the highest level. He is a marketing and a tech enthusiast and has been invited by Google to speak on various online marketing trends. His professional interests lie in the areas of branding, digital marketing, and developing anti-fraud, and anti-scam tech solutions.