Releasing a new product or service is often a risky proposition. You never know how customers will react to them, and you’ll have to invest in marketing to get the word out. Of course, new releases are essential to keep a business moving forward, and without them comes stagnation and eventual failure.
When businesses are in the middle of releasing a new item or product line, they will often look for ways to bring consumers’ attention to their new offerings. This guide is going to cover three easy techniques that businesses can use to bring their new products to light. We’ll go over the importance of marketing on social media, using online marketplaces, and more.
Social media marketing still works
If a business isn’t using social media to push their products in the current year, then they’ve already made a crucial blunder. Social media offers some of the best results in advertising, and it’s approachable enough to be used by businesses of all sizes, so sites like Facebook, Instagram, and Twitter should be priorities.
Upon releasing new product lines, many companies use Facebook carousel ads to draw attention to the entire lineup. These simple ads are integrated into users’ news feeds organically, and they’ll allow someone to scroll through the whole product lineup with minimal effort, spreading the word and drawing attention.
Make the fullest use of online marketplaces
Whether a business has its own e-commerce site or if it uses something like Amazon or eBay to sell its goods on the web, these avenues need to be utilized to the fullest extent. While listing fees can get pricey, having a product available in more places means that more potential customers are going to see it.
As consumers embrace online shopping more and more by the day, you’ll find that your online presence will become as crucial (if not more) than your physical presence. Of course, for businesses that operate exclusively online, this point goes without saying.
Phase out older products
Instead of offering a new product line alongside an old one, a business should try to phase out old products at the same time. We understand that this may seem counterintuitive, but if you’re trying to spread the word about a new product, you can’t have an old one stealing its spotlight. Discontinuing the previous model will push buyers to invest in the new iteration.
Of course, before phasing out the old product, you have to make sure that the new one is better than it in every way. Replacing a product with one that is less effective will be likely to cause consumer backlash, so you may wish to keep the two options available concurrently until you know how the new product is received.
Marketing new products and services is a risk that needs to be taken. We hope that this short guide has given you a glimpse behind the scenes of how a business works and how decisions are made.