5 Sure-Fire Ways On How To Create A Market For Your Product
Promoting a new product online in a market that seems to be brimming with a plethora of options may seem like an overwhelming task. To create a market for your product requires consistency and strategic planning.
Having said that, there are several effective methods you can adopt to create a market for your product and promote your new product in a way that will yield positive results.
We have listed 5 tried-and-tested methods that will help you to successfully create a market for your product:
1. List your business on Google My Business
You may be missing out on new business because Google doesn’t identify you as a business. Therefore, you should create a listing on Google My Business about your new product or service.
There are two ways in which you can post about your new product or service on Google My Business: first is to create a Google post and then opt for “promotion”. The second is to upload relevant photos of your new product or service to your Google My Business profile.
You may even want to add some FAQs regarding the new product on your profile which will guide new customers on what your new product is about. Using Google My Business is a great way to establish a strong online presence.
2. Offer Exclusive Preview
Offering an exclusive preview of your new product to your existing loyal customers is a great way to create a market for your product.
They will most likely be the first ones to purchase your new product owing to an already established trust with your business and might also be the ones most likely to recommend it.
You can choose to conduct this activity online in the form of an online preview or an invitation to test your new service, or you can promote it offline through a private pre-launch party inviting special guests which includes your existing database of loyal customers.
This allows customers to experience your new product first-hand and gives you a chance to gather feedback which can be used to tweak your future marketing strategy.
3. Giveaways On Social Media
Social media is a crucial avenue to promote any online business and the same holds for the launch of a new product.
Did you know, you could acquire up to 34% new fans through a social media campaign? Yes, that’s the power of social media in today’s age.
To create a market for your product, your main agenda should be to get people to try your product and indulging in giveaways and contests are a great way of doing this.
For an existing online business, a social media contest on the business page can be a great way of promoting a new product.
Alternately, you can also make use of influencer marketing to promote new products in the form of a product review or unboxing video.
4. Email marketing
Email marketing may be a contemporary marketing technique, but it is still effective, with up to 59% of consumers admitting that their purchases are influenced by email marketing.
Optimizing your email marketing strategy during the launch of your new product can help to create a market for your product and gain visibility among existing customers.
This technique is effective only if you have an existing database of customers, or if you are tying up with an e-magazine or e-newsletter for promotions, by sending emails to a verified database of customers who are receptive to email communication.
Otherwise, your efforts will land up in spam and that’s not a great place to be, especially when you are trying to establish a market for a new product.
5. Facebook Ads
With 2.3 billion monthly active users, Facebook remains the most popular social networking site on the internet. Facebook Ads are known to give an average conversion rate of 9.21% and you would want to make use of this platform to create a market for your product.
Facebook offers effective targeting owing to its impressive data collection methodology, and you can choose to target potential customers by gender, age, location, interest, and more.
It also offers multiple options for the type of ad you want to target which is suitable to the type of product, your preferred interface, and your budget.
Bonus Tip: Offer a Trade-In
If your new product is an upgrade over an older one (of yours or others’ products), you can consider offering a trade-in where customers can return the older – suggestively outdated product – and get a discount on the new one.
This establishes the fact that the older product that they own is, in fact, outdated and redundant and it is time for them to opt for the upgraded, new product in the market.
One of the best ways to create a market for your product is to let customers speak for you – either by way of sharing their reviews on social media or by incentivizing them through previews, offers and contests to speak about your product on your behalf.
For online businesses, social media serves as the most effective platform for promoting new products as it provides you with multiple ways and methods in which you can reach your target audience.
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