Have you been working towards your first product release and want to learn ow to market a product like a pro? Check out this guide today.
Your product is finally complete and you are ready to release it to the public…now what?
Now you need a strategy to help you promote your product to the right consumers and on the right platforms.
First, have you done any research? Marketing a product is a rewarding experience, but it takes 100’s if not 1,000’s of man hours to complete successfully.
Don’t worry, we have done the research for you! Here is your intro guide to launching your first product!
Here are 7 steps on how to market a product:
1. Create a Realistic Sales Plan
Before you start telling all of your friends about the next big thing (it’s okay if you already chatted with a few), make sure you are talking to the right people.
Do you really want your spouses best friends cousin who is a baker testing a prototype for a computer chip? Maybe not.
Defining a realistic plan is key. Here are few things to consider:
- Who is your target audience?
- How do you want to target them?
- What platforms are you successful at processing?
- What are your sales projections?
- Do you have enough products to sustain sales?
- What is your product margin?
Don’t stop reading because you are overwhelmed! This looks like a lot, but they are all questions you have thought about and likely answered before even designing.
All you need to do is right it all down so you can make realistic goals and a realistic timeline.
The hope is that you will sell out right away and need to re-stock ASAP. Prepare for that. That is the most realistic thing you can do.
2. Build Your Market
Once your website goes live and you are ready to launch the product, wait.
You decided your target market in step 1. Great! Now how are you going to reach them?
It is a great idea to start hitting the stores you want to sell it in, the websites you want to partner with, or the influencers you want to have it BEFORE you actually launch the product.
Get consumers excited about what is coming their way. Using your personal social media accounts and business accounts is a great start, but you can do more.
Post video’s about how to use the product. Have a few people test your product and write a review about it linking to your website which has a countdown to when it will go live.
It is hard to plan a sales projection if you do not have any possible consumers at the start. You don’t have control what type of consumers are drawn to your site if you just publish it and “hope for the best”.
3. Stay True to Your Brand
I know you are so excited to launch your first product. That is great!
Although you may be desperately searching for innovative ways to engage potential consumers, do not do anything that will distract you from promoting your brand as well.
If you do not want to flood someone’s email with ads about your product, then do not take advantage of email marketing strategies. At least not yet.
Focus on the strategies that represent your brand in the light you believe it fits in.
Want to read more about brand strategies and how to stay true to yourself? Learn more here.
4. Beat Out The Competitors Early
Your product may be fresh and new, but it likely doesn’t have the thousands of reviews and millions of customer reach like its competitors. One of the best ways to become a real competitor with similar industries is to beat them at their own game.
What are they NOT doing?
Nike is a great example of this. They hit a rough patch in the 1980s when they tried a new product. They suffered in sales and needed to get back on top.
They used a new marketing tactic that is now one of the most successful in the retail industry to try and get back on top: celebrity endorsements.
Michael Jordan and many other famous athletes began endorsing the product ultimately starting the now new popular social media tactic we call “influencer media”.
Thinking outside the box and using tactics like these are a great way to increase your ability to outperform your competitors.
5. Create a Culture of Innovation
Whether this is inside your new start-up or for the consumers of your product, innovative strategies bring a level of sophistication to the product line. When you are adding taglines to your products or deciding what elements are the key sellers, remember to be innovative.
Consumers do not want you to tell them that they are saving more money with you than with Target. Not only is Target a well-known brand, but you cannot back up that statement unless you have all of the facts behind targets product lines.
Innovation is a fancy word to mean saving technology, time, and resources. How is your product going to enhance the culture of the individual?
Implementing an innovative strategy will not only keep you a competitor, but it will bring you the customers that will be loyal to you in the coming years when sales become more and more crucial.
6. Build a Relationship With Each Customer
Treat every customer as if they are the most important customer for your business. Especially if you are a new company, the relationship you have with your customers is everything!
Most companies only respond to the complainers. The ones who bash their product on popular review sites. Messaging the loyal customers is what is going to help your relationship with your consumers grow.
Everyone wants to be treated like they matter. They want to know how important they are to you. Remind them through personalized emails, special offers, and incentives.
Have You Learned How To Market a Product Yet?
Marketing your first product will be a challenge. We aren’t saying that these 6 steps are going to guarantee success nor are they going to make or break it.
We do believe that these are the best first steps to take when marketing your first product.
Interested in reading more about innovation strategies? Read our new article here.