Strategies for Marketing a New Product

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Strategies for Marketing a New Product

Studies show that new products have a lower success rate than existing products after a marketing campaign. Only one in five products survive more than a year and are more expensive to market compared to existing launches. The cost of launching a new product and the reduced rate of success compel marketers to develop incredibly great products and use effective marketing strategies. A successful product launch is only possible by developing a competitive product that meets the need of the user. The launch also succeeds when the product provides a solution of value and owns a position in the market.

Questions such as what role the product plays in the market, why it is important to the consumer and the target market for the product should help marketers develop an effective product launch strategy. Parans lighting system, for example, is a product that has been designed to allow sunlit indoors for close to 30 floors in a building. Being a new product in the market, the company needs to use an effective marketing strategy that will create awareness and woo potential customers into adopting the technology. Here are some marketing strategies that the company can use.

Organise a Pre-launch

If the product is not scheduled for release soon, you can organise a pre-launch a month or week to before the official launch of the product. This way, you create a feeling of expectation from potential users. You can offer pre-launch giveaways in the form of guides on how sunlight indoors works or how to use it. You can also arrange contests where the lucky participants are tasked with creating awareness of the product in exchange for a reward. It helps create awareness about the new product before the official launch.

Ask for Help from Influencers

Another effective marketing strategy involves asking influencers within your niche to talk about the product. You can offer free access to the product before other people use it to whet their appetite in the right direction.

Use Promotional Advertisement

In this case, you can use special promotional codes for a short period to lead people to act on the promotion fast. Once you have created the deal, share it on various platforms to expand reach.