Editor's Note: Take a look at our featured best practice, Pricing Strategy (38-slide PowerPoint presentation). Pricing Strategy is a core pillar of Marketing and Product Strategy. It is 1 of the 4 Ps of Marketing (also known as the Marketing Mix - Product, Price, Placement, and Promotion). As such, knowing how to properly price your product is extremely important to the commercial success and viability of [read more]
How to Showcase Your New Products
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Marketing and advertising is an important part of any business. You need to get the word out about your new products and launches. Advertising can help to improve brand awareness and drive-up sales over time. You should be marketing your current and new products consistently to maximise coverage. There are many ways you can approach marketing a product, and some are more effective than others.
Here are a few ways to showcase your new products.
Link It to a Trend
If in doubt, link it to a current trend. You might have seen a few Tik Toks on a subject relating to your industry or an interesting story on the news last night. Find a trend that is resonating with your target market right now and utilise it. You could create a fantastic social media campaign that outs the trend front and centre. Just remember to hashtag it!
Or you could come up with more traditional ways to advertise your brand through print materials and TV ads. Get creative and ask your team for advice on which direction to go in with your new marketing campaign.
Organise a Launch Event
An in-person event can get clients and customers excited about your new launch. You can make the event ‘Instagrammable’ as well by splashing out on the venue and décor. Attendees can get up close and personal with the product and learn more about your brand. You can use an event app to arrange the event and send out tickets to your guest list. You will need to do a lot of planning and preparation to pull off an amazing event.
If you’re not comfortable with an in-person event, hold a virtual event to get the word out about your product. Virtual events are more affordable and don’t require as much planning as hiring venues, food, drink and décor.
Work with Influencers
Influencer marketing has exploded in popularity over the last few years. Influencers can promote your products and encourage their huge audience to invest in them. Influencer marketing needs to fit into your budget, and smaller organisations may not be able to afford the most popular influencers. However, there are plenty of influencers online, and you can get a feel for the cost by contacting a few agencies.
Trade Shows and Conventions
Conventions are a great place to launch a brand new product in the industry. You will have to pay for the convention, but you can get an idea of the initial response to your launch. Your business network can share feedback, and you can get a better idea of the competitor’s recent launches. You can also hire a brand ambassador agency that can help you amplify your brand and engage with consumers.
Use SEO
SEO utilisation is incredibly important in the digital age. You need to use keywords in the product descriptions and maximise your digital marketing potential.
Combine a few marketing strategies to get your brand new products out there.
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Product Lifecycle Analysis is an invaluable tool for developing a robust product marketing strategy. Marketers and strategists can use this analysis to predict sales growth, associated customer and competitor behaviors, and, in turn, devise the appropriate product marketing strategy.
The Product [read more]
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"Strategy without Tactics is the slowest route to victory. Tactics without Strategy is the noise before defeat." - Sun Tzu
For effective Strategy Development and Strategic Planning, we must master both Strategy and Tactics. Our frameworks cover all phases of Strategy, from Strategy Design and Formulation to Strategy Deployment and Execution; as well as all levels of Strategy, from Corporate Strategy to Business Strategy to "Tactical" Strategy. Many of these methodologies are authored by global strategy consulting firms and have been successfully implemented at their Fortune 100 client organizations.
These frameworks include Porter's Five Forces, BCG Growth-Share Matrix, Greiner's Growth Model, Capabilities-driven Strategy (CDS), Business Model Innovation (BMI), Value Chain Analysis (VCA), Endgame Niche Strategies, Value Patterns, Integrated Strategy Model for Value Creation, Scenario Planning, to name a few.
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About Shane Avron
Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.
