So you’re ready to launch a new product.
Congratulations.
Regardless of your business type or industry, it’s important for brands, both new and old, to be innovative to stay relevant. I know how much hard work you’ve put into this new release, so I want to commend you on that. Whether you’re releasing a new product or an extension of an existing product line, you’ve got to make sure your marketing efforts lead to sales.
Think about all the blood, sweat, and tears you put into this creation. Okay, maybe not blood, but you get what I mean. This goes all the way back to your early brainstorming sessions as well as your research and development phases. You may have even had some failed attempts. Oh yeah, and what about all the money you invested in this new product? Can’t forget about that.
If you can’t get consumers to buy your product, you won’t get an adequate return on that investment. But those of you who are able to effectively promote your new product will enjoy the high sales. I’ll give you some tips and advice that will help you out.
Build hype early
If you wait until your product launches to start marketing it, you’ve waited too long. Those of you who failed to start early are already behind. But don’t worry. I’m not here to reprimand you. There are still ways in which you can generate sales after the item is released, but we’ll talk about those later.
Start taking pre-orders
Again, this strategy relates to the idea of starting early. You don’t need to wait for your product to be in stock to start generating sales. Let your customers pre-order the product so you can secure profits right away.
Offering pre-orders has tons of benefits. One is collecting money early. But pre-ordering an item also gives your customers a sense of exclusivity. It will give customers the illusion that they have something before anyone else does. They’ll be one of the first people to have the product in their hands. Furthermore, if you take pre-orders, people may think there is a chance the product may sell out. If they don’t order it now, they may not have the chance to buy it on the official release date.
There’s no reason to have a slow introduction phase if you can avoid it. In addition to wanting to be exclusive or have the product before anyone else, think of other reasons why a consumer may be interested in a pre-order.
Discounts. Everyone loves getting a deal. Depending on your brand image and pricing strategy, you could potentially offer a discount to customers who pre-order the product to help drive sales. Taking orders before release can also help you gauge your inventory. You’ll have a better idea of how much of the product you’ll need to have on hand for the initial release.
This is important information in terms of your production costs, and it will help you maximize your ROI.
Run a contest
Another way to generate sales for your new product is by giving it away. I know what you’re thinking. This sounds counterproductive. How can you make money by giving something away?
You need to learn how to run a profitable giveaway. Contests will get people interested in what you’re selling. Rather than promoting it by saying “here is our new product,” put a unique spin on it by running a contest. The cost to run a contest is relatively inexpensive as well. The only major expense is the cost of the item you’re giving away, plus maybe some additional shipping charges. Running your contests on social media will expose your new product to a larger audience. As a result, it will help you generate more sales.
Here’s a hypothetical example to show you what I’m talking about. Let’s say you run a contest on Instagram. To enter, people need to post a picture to their personal Instagram profiles and include a relevant hashtag.
Let’s say 1,000 people enter your contest. That’s 1,000 photos of your brand just from one contest. Tons of people will see these pictures.
Offer a discount
Typically, most brands don’t offer discounts for new items. When a new product gets released, they discount older items. While I can understand the thinking behind this concept, it doesn’t necessarily mean it’s correct. People love to get a deal. Put your pride aside for a moment, and recognize that consumers are price sensitive. They’re also more intelligent than you think. If they realize your new product will eventually go on sale, they have no reason to buy it right now. But by the time it goes on sale, they may have forgotten about it and lost interest. While the product is fresh in the minds of the consumers, close the deal.
Blog about it
Use your blog to your advantage. Start talking about the product in your posts before it gets released. Continue talking about it after the release as well.
Be innovative
If your new product is boring, is the same as your other items, or is already available from other retailers, people won’t be thrilled to buy it. But if it’s unique, improves their lives, and enhances their customer service experience, they’ll be much more willing to spend their hard-earned cash. Be creative. Start by conducting the right market research. What do your customers want? Give it to them.
Timing is everything
Your new product might be great. However, if you release it at the wrong time, you won’t get lots of sales.
For example, let’s say you’re planning to release a product on a Thursday, which just happens to be July 3rd that year. You can’t just do that without taking things like that into consideration. July 4th is obviously a national holiday celebrated by Americans. Lots of people will take July 3rd off work and enjoy a nice long weekend with family and friends. They could be having a barbeque, traveling, or spending the day on the beach. They probably won’t have tons of time or incentive to buy something online. Your opening weekend is going to be a dud. This won’t build much buzz around your product release.
Conclusion
Releasing a new product can be intimidating. You put so much effort into the release that you need to make sure everything goes smoothly. If you don’t generate sales, your new product won’t turn a profit.
That’s why it’s important for you to start building hype for your product before it gets released. Take pre-orders, and start collecting money right away.