Effectively promoting one’s products and services is incredibly important to remain competitive and relevant within an industry. Harvard Business School reports that although over 30,000 new products are released annually, as many as 95% of those products fail to generate significant sales.
Simply put, a perfect product could fail due to poor product promotion. Getting a product in front of customers may be easy but getting it in front of the RIGHT ones can be a challenge. So how do you ensure that you are not just selling a product but also marketing it?
Here are 8 proven tactics to market a product:
1. Email Marketing - Email marketing is one of the most affordable ways to promote a product with rapid returns. This only works, however, when you are communicating with the right customers. Use your data to target the right consumers and segment your email list to reach those who are most likely interested in your promotion. You can segment by previous purchase behavior, list engagement, interests and demographics.
2. Create a Featured Video - Any product promotion should include a video within their content marketing strategy. Value is key for these videos and the goal is to advertise what your product can do for them. Does your product benefit them? Does it solve an existing problem? Prove that there is a potential need for the product and not just a want.
3. Custom Audiences with Facebook Ads - This is a cost effective method and it allows you to tighten your target audience. There are many ways within Facebook to create custom audiences to ensure your ads have the most impact. For example, you can use a Facebook pixel to create custom audiences to market campaigns based on customer behavior such as specific pages they visit, time spent on your page, products they have viewed and search queries.
4. Tell Your Product Story - The truth is customers don’t care about the product itself, they care about the value it provides them. When telling a product story, focus on the benefits of the product, the values of the audience, problems they have and how they relate to the product.
5. Source User Generated Content - One of the best ways to promote a product is by letting customers speak for you. People are more inclined to purchase a product if they see great reviews or a high demand for the product. Nearly 88% of customers trust online reviews as much as personal recommendations.
6. Use Eye-Catching Visual Media - Visual media does better than any other kind of content across social media which makes it the number one type of content you should use to help advertise a product. Get creative with images for eye-catching countdown timers, product updates and user-generated images featuring your product.
7. Use Social Posts to Generate Engagement - The goal of every social post is to get followers to take actions. This can be by clicking a link to engage with the post, making comments and sharing content. This will ultimately lead to new page likes and greater exposure.
8. Promote and Sell in Multiple Marketplaces - The more places you list and sell your products the more likely it is to be found by your target audience. By having a multi-channel strategy, you are more visible and have far more options.
In short, use all the channels and tactics available to you. Using any combination of these tips will ensure your product gets the maximum amount of exposure without the need for a massive marketing budget.