Developing a new product or service is a lot of work that unfortunately doesn’t stop once it’s done. Introduction and promotion are the other half of the equation. You could offer the best new product or service, but if you don’t advertise it correctly, you’re probably wasting opportunities or even losing money in the end. Given that so many companies are changing their products and services based on COVID-19 and can’t afford any loss of opportunity, we felt it appropriate to give you some guidance on this issue.
In this great guide, we will outline examples and steps of 10 effective ways to promote a new product or service.
The Best Methods To Promote A New Service or Product
When it comes to promoting a new product or service for your business, it can seem like there are endless possibilities. It can be hard to figure out where to begin and which ways of promotion bring you the best outcomes. In truth, there are many cost-effective ways to promote your business, and what works depends on your industry, your offerings, and your audience. Take a look at these 10 methods below and see which are most useful to your business.
1. Offer Loyal Customers An Exclusive Preview
Your loyal customers are a key factor in the promotion of your product, as they are most likely not only to buy it but also to promote it on their networks, in the form of a private, personal, or virtual pre-launch party: an online tour, a preview or demonstration, or even a special invitation to try it out and give feedback. These exclusive offers to loyal customers underscore how much you value them and also help maintain their loyalty.
2. Take Advantage of A Special Introductory Offer
Instead of just announcing your new product or service, you can make it available as part of a specialized introductory store. This store can take many forms, including:
- Discounted prices.
- Discounted bundle or package.
- Joint promotion with a complementary company.
- Voucher or coupon with purchase.
- Buy one, get a free offer.
- Double the points if you have a loyalty program.
- Free gift for every recommendation.
No matter what your promotion will be, stress that it will not last forever. Customers whose purchasing power is limited, either by time or inventory, will feel a more urgent sense of urgency to buy.
3. Use Google My Business
There are a few ways you can promote your new product or service through your Google Business Profile, provided you have a Google My Business account.
If you’re in your GMB dashboard, navigate to the Posts tab, where you can create a “quote” or a “what’s new” post.
If you’re about to announce a new product or service, you might want to go with a “what’s new” post. Remember that Google My Business posts expire every seven days, so you’ll need to re-post. On the other hand, if you’re doing a special introductory business, an “offer” post would be best, as you can set a timeframe. No matter what type of post you’re using, be sure to include a photo and a call to action.
You can also promote your new service/product by uploading images of it to your company profile through the Photos tab on your Google My Business dashboard and adding it as a new item via the Service/Product tab.
If applicable, you may even want to add some FAQs about the new product or service to the Q&A section of your Google My Business account.
4. Conduct A Social Media Contest
Social media contests are a fun, easy way to connect with customers and gain more fans/followers and prospects for your business. Facebook contests attract an average of 34% new customers per campaign, which is a great way to combat the platform’s low organic reach.
As far as positioning is concerned, the winners of your Facebook or Instagram competition should be given the opportunity to be the first to get their hands on your new offer and receive it for free or at a discounted price.
Make sure you announces the content on all of your marketing channels, not just the social platform you use for the main campaign, including your other social media channels, your website, email newsletters, and even paid ads.
In addition to generating more excitement and buyers for your new offering, increased engagement with your social media account is likely to bring more traffic to your website, place your business in front of new clients, and create an entertaining way to connect with your audience.
5. Spread The Word By E-mail
Did you know that 82% of consumers open corporate e-mails, and 76% of e-mail subscribers have purchased through an e-mail marketing message? Email is a fantastic channel to gets the word out about your new product/service, and it’s a great incentive to sign up subscribers at all.
You can run an email campaign specifically for this new offering, perhaps even as a series of emails that build-up to launch day, or you may want to announce it as the focus of your next email newsletter. This email could go to your general target audience, or, in support of Method # 2, it could be a subscription or customer-exclusive offering.
Some Tips for Email Marketing:
- Focus more on the benefits/end value of the new product than on its features
- Highlight the offer in your subject line
- Use the preheader to further increase disclosure rates
6. Write A Blog Post
When you promote your new service or product, you may not have a landing page for subscribers or customers. After all, your new offering may simply be an upgrade to an existing platform or account. In this case, your goal may not be to attract more customers, but to engage your existing customers or regain dormant customers.
Writing a blog post about the newly launched item is a great way to delve into all the details, features, and benefits that would otherwise be included on a landing page, and you can share the blog post through your emails or social media accounts.
Even if you have a landing page, a blog post is still a great channel to find out about your new offering, and offers plenty of opportunities to link to the landing page.
7. Host of An Event
Events not only inspire customers for your new product or service, but can also attract new prospects to engage with you or other employees of your company in person – a great way to attract them as customers.
Events don’t have to be fancy and super organized; something as simple as an open house or an information event works for venues such as salons, fitness centers, yoga studios, spas, and retail stores. If your business is in a location with other local businesses, you can work together to do a sidewalk sale or open house outdoors to attract even larger crowds.
During the pandemic, virtual events still serve as an effective promotional tool. They could:
- Conduct a Facebook Live session demonstrating the product and highlighting its features.
- Conduct a live or recorded Q&A about the product itself.
- Center the event around an influencer who has expertise around your new product or service, with the promise of unveiling the new offering at the end.
8. Share Customer Reviews
Reviews and testimonials are invaluable when you bring the product out to your general audience, with 84% of consumers trusting online reviews as much as personal recommendations.
9. Posts on Social Media
If you are using any of the tactics mentioned above to promote your new product or service, make sure you spread your offers and deals through your social media accounts, as many of the companies have done in the examples above. It’s an easy way to reach your audience, and your followers can easily share your post on their own profiles. Another advantage is that customers/prospective customers can ask questions about the product in the comments. Your questions and answers can serve as an organic FAQ. The post can link to a blog post or landing page with more information.
If you have a niche audience or loyal following, you may also want to include a custom hashtag in your promotional post. Not only does this extend the reach of your campaigns, but it can also inspire customers to share posts and images on their accounts using the custom hashtag. And you know what that means: custom content that can then be used to get even more people to try out your new service or product!
10. Place Facebook Ads
With one billion daily active users, Facebook advertising is a window for many people interested in your new product or service. Facebook’s ads are especially useful because the personalized data that is voluntarily provided through users “profiles caters to incredibly specific audiences. You can consider gender, age, location, interests, marital status, occupation, and more to ensure that you get the best for your wallet. There are also multiple options for ad type, budget, and duration of the campaign so that you can customize your goals within your means.
What is The Best Way To Promote Your New Product or Service?
The best way to promote your new product or service depends on which channels your target audience frequents and how they behave online. Regardless of this, you should use multiple channels and cross-promote. The more coherent and consistent your message is, and the more your target audience learns about it, the more engagement you can expect. Try the above strategies to achieve the desired results in your next product launch, software upgrade, or new service offering.