New Product Announcement: 9 ways to promote a new product or service
In this era, the intense and high competition prevailed in the markets, due to the large number of global markets and products. Each party seeks to compete with force by applying various new marketing methods and methods during the life of the product to collect the highest possible sales. If you have launched a new service or product before, you must know that promoting it is very difficult. You may offer the best product or service in the world, but if you don’t promote it properly, you may make losses instead of profits in the end. In this article, we will present to you some methods and ways to promote a new product that your small business may offer.
Ways to promote a new product
There seem to be endless possibilities when it comes to promoting a new product in your business. It can be difficult to know where to start, and what method of promotion will enable you to achieve the best results. The truth is that there are many ways to promote your business, and the success of any of them will depend on the type of business and the type of target market.
Here are 9 ways to advertise and promote a new product or service:
1. Offer an exclusive preview to your clients.
Your loyal customers are a pivotal part of how you promote your product because they are often the first to buy. Offer your customers an exclusive preview of your new product. This could take the form of a private pre-product launch party, an online preview, or a private invitation to test your latest service. These exclusive offers will keep loyal customers happy and keep them loyal to you and your business.
2. Content on social media platforms.
Contests, free giveaways, and sweepstakes are among the very popular tools among high-level marketers. Why? Because marketers know that contests on social media platforms are very successful.
Social media contests are a fun and easy way to connect with customers and get more fans for your social media platforms. A simple Facebook contest, for example, results in an average of 34% new fans per campaign. This is a huge number considering Facebook’s reach is low.
Instagram freebies give customers an exclusive opportunity to be the first person to try the new product for free. Freebies can be marketed on all of your social media platforms and via email. Use Instagram freebies to get more direct traffic, showcase your work to new clients, and it’s a fun way to connect with your fans.
3. Email promotion.
Did you know that 82% of customers open emails from businesses, and that 44% of email recipients buy at least one thing a year based on an email promotion? Email marketing with newsletters is an excellent way to advertise, and one of the best ways to promote new products and services.
Email newsletters allow you to share news, photos and information about your product with customers. Offering an exclusive promotion or discount afterwards is an excellent way to complete the process and drive customers to buy your product. You can find more ideas in the e-marketing category.
4. Facebook ads.
Facebook is a window into a massive market, containing 1.44 billion monthly active users. For this reason, Facebook ads are such a powerful new product promotion tool. Facebook is particularly useful for audience-specific targeting, because Facebook’s impressive dataset allows businesses to target customers based on their gender, age, geographic location, interests, and more. You’ll also have a range of options for the type of ad you want, and you can easily stick to your budget by setting a cap on how much you can spend per day or per month.
5. In-store promotion.
Businesses with physical stores on the ground have an additional opportunity to promote their new products or services in-store. If you want to know how to promote your product in your store, the first thing you should do is give people a reason to enter it.
Apart from putting up attractive banners and banners, you can promote your new product or service in the store by placing promotional materials and banners inside the store. Offer exclusive discounts, like buy one get one free, or take a percentage off the price of purchases. You can also promote your product as only available in your store. Whatever type of promotion you use, you must ensure that it does not last forever. Customers with limited purchasing power, whether due to time or inventory, will feel more tempted to buy your product in this way.
6. Promote a new product by hosting an event.
Another way to attract people to your physical location and promote your new product is to host an event or open event at your store. Hosting an event is a great way to get people to come into your store and see your business, which increases the likelihood that they will convert. The event doesn’t have to be fancy or highly structured, something as simple as an open event or an informational session would be more suitable for places like beauty salons, fitness centers, yoga studios, spas, retail stores, etc.
If your business is in a location with many other local businesses, you can team up to hold an open house event outside and sell at discounts on the sidewalk to attract larger crowds. This is a great way to promote a new product or service.
7. Offer to update or switch.
If your business is more about service than product, like a beauty salon, spa, fitness center, or consulting services, you can offer subscribers a free upgrade to try your new service. Are you offering a new skin care service or a new massage service at your spa? Offer a free upgrade to existing customers to try out. Do you want to expand your advisory services? Offer extended services to your loyal customers so they can see the difference.
If your new product is an upgrade of an older product, you can offer promotion by swapping the new for the old. Exchange promotions are proven to be effective because they motivate customers to buy a new product using credit they already have (i.e. the old product they own). You can resell old exchanged products as well, provided they are in good condition, or you can use them in future freebie campaigns.
8. Share consumer reviews.
One of the best ways to promote a new product or service is for your customers to promote you in their online reviews or for you to share those reviews on your different accounts. If you take advantage of some of the ideas we’ve mentioned here, and offer customers a free upgrade or preview, ask them to write a review of your new product or service online, or give you a testimonial you can share. People are more likely to try your products and services if they read a positive review from another customer.
9. Sharing on social networking sites.
Another way to announce a new product is to advertise it and share it on social media. If you use the aforementioned tactics, be sure to share them on social networks, including: exclusive customer events, open events, exchange or upgrade opportunities, freebies, customer reviews and photos. If you find that customers are posting on social sites like Facebook and Instagram, be sure to share these photos with your followers to get people to try your new products and services.
If you have a new service or product and are looking for a way to promote it, try one of these nine ideas. If you know another successful new product promotion method, share it with us in the comments.