It can be a challenging task to introduce a new product, especially in today’s saturated market. According to research, 95% of new products introduced every year in the US market fail. These numbers can be frightening, especially when you are in the process of developing your new product. However, you can be part of the 5% of products that succeed if you get the launch right. Here are the top five effective ways to introduce your new product.
Create a social media contest
Social media contests offer an exciting and easy way to connect with your customers and grow your audience to enhance your business prospects. Statistics suggest that Facebook contests can generate 34% of new clients per campaign. Twitter and Instagram offer similar numbers, which effectively introduce your product to a wide audience. Winners of the social media contests would get a first-time feel of the product, making them a great source of giving reviews and recommendations.
Collaborate with relevant influencers
Developing an influencer marketing strategy can be daunting or expensive. However, the payoff is enormous when executed properly. A recent survey shows that an estimated 73% of US marketers will use influencer marketing to promote their business or products. The number will be an increase from last year’s 62%. Influencer marketing is more famous now than ever before. Garnering esteemed recommendations from relevant influencers is excellent for selling your new product to your target audience. Meanwhile, 89% of US marketers say influencer marketing ROI is better than other marketing strategies.
Define your target market
While it is vital to know why somebody would buy your new product, it is equally important to find out whom. Defining your target market is crucial before product launch. This would require describing your customer or potential customers with many details, including age, gender, family life, location, disposable income, websites, and social media they visit and use. Like a conjoint analysis, defining your target audience is incredibly useful for gathering as much data about your audience’s lifestyle, interests, and what inspires them. This can help you develop the right marketing strategies, design, price, and other ways to woo the market with your product offering.
Host an event
Hosting an event won’t only get your customers excited about your new products. It offers an excellent platform for them to interact with you and your working teams personally. Events are beneficial for building customer loyalty and winning over potential new clients. While it is easier to think fancy and glamor for events, it can be as simple as info or open house sessions in your place of business. You can also collaborate with nearby businesses to create an outdoor open house or sidewalk sale to attract an even larger audience.
Regardless of how you decide to introduce your product, the essential goal is to get it in front of potential buyers. However, to do this successfully, you would need to implement the right strategies. These strategies mentioned above are an excellent place to start.