Launching a new product is an extremely exciting and stressful time in the life of a company. The new product can rejuvenate consumer interest in the company. Or it can signal a depressing loss of interest by the public. That said, the launching and promoting of the new product is of utmost importance.
Every aspect of the launch matters and must be keenly analyzed to have the greatest effect. From product design to packaging design, every step must be refined to have the maximum positive impact it can on the customer. Consider trying promotional marketing tactics such as sending notable influencers free samples in poly mailer bags. This will make it feel like a surprise gift. It will heighten the interest when they unpack it and share it with their followers.
When so many companies are still reeling from the effects of the global pandemic, it is necessary to consider all marketing tactics. Assess and pick the ones that are most true to the business brand and most effective for the type of product.
Exclusive Previews
An exclusive preview is a way to heighten interest among your existing customers. Arrange for a launch party in your flagship store and invite your most loyal consumers to attend. Impress upon all your customers the exclusivity of the event.
If you do this well enough, regular customers will also show interest in attending the exclusive preview. Have purchase limits in place that they have to meet in order to score an invitation.
Special Offers
A party where people are in proximity might not work out so well during this time. If that is the case with your area, consider giving special introductory offer packages instead. Partner with another business and offer a bundle package with the new product as the centerpiece.
Offer this bundle package at a special price and only allow customers who are membership holders to buy it. This will encourage other customers to sign up for the membership just to have the special bundle.
Free Gift Promotions
This is a popular tactic with customers but should only be used if you intend the product to become part of your regular lineup of products. If you want it to be a premium product that generates a high revenue, giving it as a gift may not present the right image. There are multiple ways to offer a free gift promotion. You can offer a purchase limit, which when the customer meets it, guarantees them one package of the new product. If they want more, they will have to keep meeting the purchase limit.
If you have a points program for your members, you can offer them double or triple the points if they purchase the new product. This way, the free gift is the increased number of points they receive from making the special purchase. If your loyalty program is very popular this could be a great way to drive new product sales and inspire more people to join your membership program as well.
Combine Free Gifts and Social Media
One of the most popular methods these days is to offer the product as part of a bundle of gifts via a social media contest. Highlight the new product as much as you can and use a special hashtag to drive interest in the contest. Make a big deal about rewarding the person who wins. This will generate a lot of interest in your social media pages and drive many new people towards your products that have previously not been interested.
People love contests and social media contests make it feel like anyone could win. Try to choose more than one winner as this can help people feel like there is a greater chance of winning. Perhaps three winners at the end of a high-energy week-long contest. Or run a month-long contest where you choose a winner every week.
Offer an Upgrade
This is especially effective if you plan for the new product to belong to your premium line of products. When a customer purchases a similar product in the range, offer them the new product at a very affordable additional price. The additional amount should be something that is much lower than the regular retail price of the product will be so that people see the value in trying it out.
If enough people are tempted by the upgrade and try out the product, they could easily be converted into full-time users of the new product. Often, people buy regularly priced products in a bid to be thrifty and save money. If the new product is of a higher quality due to being a premium product, then having the opportunity to try it out can help nudge customers towards being willing to pay more.
Launching a new product is always going to feel stressful. But with social media and so many types of reward programs you can try, it can be an opportunity to have some fun with your customers. Customers are more dedicated to companies that make them feel valued. Take this opportunity to connect with your customers on a human level and show that the new product is designed to give them a great experience. This will make them more likely to consider purchasing it.