In this ever-growing and competitive market, launching a new product could be an intimidating ordeal. Even if you have a product or service that is unheard of and completely unique, there is always a fear of lack of correct amount of enthusiasts. Number-crunching before the launch may have shown you enough rays of hope, but if you fail to implement the proper strategy, there is a high chance that your sales will slump for good. Here are some tips on how you can market you new product, and do so with flying colors.
Understand the Market
Just hold your excitement of finding out a unique concept for a few more weeks! Before you jump into the market, you need to understand it in a better manner. One of the best methods of gauging the amount of competition is to perform the SWOT analysis which will help you to determine the strengths, weaknesses, opportunities and threats for your idea, and you can assume whether or not the venture will be a profitable one for you.
If your product is unique and has no competition whatsoever, you will still need to perform a thorough inspection. The market is teeming with potential ideas, and it’s only a matter of time that your ‘unique‘ idea will be picked up by another entity and will become ‘not-so-unique-anymore’. Find out the weaknesses of your idea and be prepared to tackle competitions beforehand. Along with that, make sure you have identified the proper target market. Often ideas or startups fail because ventures choose the wrong set of people as their potential market.
Formulate Appropriate USP
The Unique Selling Proposition (USP) of your product or service is one of the most important aspects of a venture. Learn the needs of the customers and devise the USP in such a way that resonates with what they want. This will make the customers more interested in your product and will increase sales.
Determine Marketing Methods
Marketing methods differ widely from product to product. Look at your target market and determine which marketing methods suit your product or service the most. Almost all people are active on internet nowadays, so make sure you are concentrating enough on online marketing. If it suits your product, do use traditional marketing methods, such as advertisements on newspaper.
Make the Audience Aware of Your Product
Whether it’s a new idea or a common one, your product or service needs recognition. Do not let go of even one opportunity where you can let people know what your venture is about. If the product is something that uses a complex concept, try your best to break it down and make people understand it. If talking appears as imposing, avoid it and use related images or infographics to create awareness and make people connect to the USP of the product or service to their unmet needs.
If possible, get help from online advertising solutions for exposure. If it sounds expensive, then worry not. There are many new firms out there nowadays that provide easy-to-afford online advertising, and will suit your purpose perfectly.
Alternatively, you can go for small sponsorships for local events, which will bring your brand into attention of the locals. Try to introduce your product or service in as many ways as possible: use pamphlets or other types of awareness while sponsoring the event. If you manage to create even a small group of people who are ready to give your product or service a try, this could definitely lead to a wider range of sales in the long run.
Humor is The Best Approach
Use humor in your advertising or introduction of product. While there is nothing wrong with other approaches, humor can do wonders when it comes to familiarizing someone with a new concept.
Grab and Hold the Attention of Your Audience
Nowadays, customers get first impression of your product through your website. If you don’t have one already, get a website that describes the purpose of your product/service and lists all the benefits that come with it. Also, make sure that your website has a good design that is appealing to the eye and is user-friendly. This should give your audience a good impression of your brand and will hold their attention.
Listen and Answer to Your Audience
It does not matter if your product or service is impactful or is of less significance. What customers look into is how much effort you are putting into reaching out to them and if you are offering them the product/service in the most convenient way. Therefore, you must leave no stones unturned when it comes to customer service. If they want to know about your product/service in detail, do so with a smile on your face. Never disappoint them. Also, ask for their feedback on improvement, which will make them feel important.
A proper mix and implementation of the tips above will ensure a great exposure of your brand and will help to maximize sales. However, avoid repeating the same methods over a long period. Learn about the lifecycle of your product and apply different methods when your product matures.
Sources: Entrepreneur; TNW; Chron
Image Credit: Business News Daily, Colorlabs, Sports Biz Advisor, Learaslead.com, Shutterstock
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