Launching a new product is a daunting challenge. Even with the best product design and market research, getting the word out about your product is difficult in today’s cut throat environment. The simple strategy of advertising your product using the traditional media sources is no longer enough. It is important to use all avenues available to build product awareness and buzz when launching a new product.
Introduce Your Product to Existing Customers
The simplest and most cost effective step in the product launch process is to introduce your product to your existing customers. Since this group already has awareness of your company and hopefully a good feeling about it they are the first group of people you should target.
There are several ways to communicate your new product to your existing customers. Simply send them an introductory email or marketing piece through the mail. You can include a promotional offer such as a coupon to entice them to try your new product. If you are able to identify your best customers you can send them a free sample to help create buzz about your product.
Get Your Product in Front of Distributors
You need to get the word out about your product to distributors when launching a new product. Consider showcasing your product at a trade show. Most industries have trade shows that bring together manufacturers and distributors. When choosing a trade show to attend it is important to weigh the cost associated with participating in the show with the potential benefit you will receive. Since most trade shows are expensive to attend you need to make sure that this cost makes sense for your product launch strategy.
If you decide that you do not want to participate in a trade show then you can advertise in trade magazines and trade websites. Since distributors are one of the target audiences of trade magazines and websites, advertising in these venues will get your product in front of them.
If a regular ad is beyond your budget, consider using a trade magazine’s new product section to announce your product. Many trade publications have sections that highlight new products which can be a lower cost alternative to a regular ad.
Guerrilla Marketing
Guerrilla marketing used to be only for quirky or unusual products. Today, Guerrilla marketing is going mainstream. The goal of Guerrilla marketing is to produce buzz around your product at no or low cost. Your company can produce their own local Guerrilla marketing campaigns or you can hire a marketing company that specializes in Guerrilla marketing. A great resource to find Guerrilla marketing ideas is gmarketing.com.
The goal of guerrilla marketing is to make a statement about your product and leave an impression on your potential customer base at a low cost. Many companies use stunts such as scantly clad people handing out free samples. Others will set up creative and eye catching public display that cause passers by to stop and look. Whatever guerrilla marketing tactics you use the goal is to make people take notice and create a scene that they will not soon forget. When executing a guerrilla marketing campaign be sure to abide by all local laws.
Social Media
Utilizing social media websites such as Twitter, My Space and Facebook is vital in launching a new product. People, especially those in the younger demographics, are willing to engage with companies and products that they relate to. When using social media to promote your new product launch it is essential to remember that social media is not a one way street. You must be active in the communication process with your friends and followers on these websites.
When people decide to follow a business on a social media site they do so for two reasons. First they are genuinely interested in a company or product. Second, they are looking for deals. Take advantage of their desire to get a bargain. Use social media to incentivize your followers to make a purchase. Offer an exclusive discount or coupon for your followers. Run contests that generate excitement and publicity for your followers.
