Five steps to effectively promoting brand new products and services in the 2020s
According to Forbes, Harvard Business School professor Clayton Christensen reports that there are 30,000 new products introduced to the market every year. Of these, 95% fail.
Though this does not necessarily mean that they do not fail due to other issues, such as design flaws, the sheer amount of new products flooding the market is definitely a primary contributing factor.
Therefore, it is very important to make sure that brand new products and services are being effectively promoted, especially in the innovative digital age of the 2020s. Here are some ways that you can achieve this.
- Make use of the customers that you already have for existing products and services
Provided that this isn’t the first product or service that you are launching, for example if you have only just set up your company, you might already have a wealth of waiting customers already within your grasp.
Make use of the customers that you already have, letting them know about your exclusive new product or service as a reward for being a loyal customer.
- Hold webinars which highlights the purpose and function of your product or service
One way in which you can promote your brand-new product and service is by demonstrating how it might help your customer or client’s daily life. However, with the threat of COVID-19 expected to linger even after the pandemic has ended, holding a large demonstration might not pass a risk assessment.
Instead, why not hold a webinar or digital experience with ON24, in which you can impart practical transferrable knowledge related to your new product or service, in addition to demonstrating how your product or service makes a difference and makes the situation easier.
- Tell a story, and create a relationship with your audience
It is not just about selling the product or service it is about selling the experience that it creates. Talk about the real-life benefits and implications of the product, allowing the customers to relate it to their ever day lives.
Not only will this allow the customers to relate to the product, this will engage the customer with your story, allowing you to create a relationship between company and consumer.
- Allow customers to interact with you during the webinar
Participants of the webinar can interact with you, the host, and ask as many questions as they like pertaining to the topic at hand and the usability of the product itself. This allows potential customers to get a taste of what they could expect when they purchase your product.
- Pre-order promotions
Why wait until launch day to build up an audience when you could be building a customer base before your product even hits the shelves?
By allowing people to pre-order your product, or pre-book your services, along with a perk for their early custom, this allows you to promote your product and create a buzz around the impending launch.
And there you have it – 5 steps to effectively promoting brand new products and services in the 2020s, which allow you to succeed digitally without letting go of traditional human interaction.