Did you know that about 30,000 new products are launched annually in the United States? Expanding your product range is key to accelerating the growth of your small business, but there’s no guarantee that a new product will be successful. In fact, 95 percent of new products fail.
How do you ensure your product is one of the handful that becomes successful? Certainly, after investing money in product research and development, the last thing you want is a failed product.
A big part of your new product’s performance depends on how effectively you introduce it to your customers or target market. In this article, we’re giving you tips for a successful product introduction.
1. Hype Up the Upcoming Product
With so many new products hitting the shelves at any given time, it can be difficult to make yours stand out, especially if you’re selling it in a supermarket. To give your new product the best chance of getting maximum visibility after it’s launched, it helps to create some buzz around it before launch.
There are several strategies you can use to hype up the product. For example, you can partner with influencers in your industry to promote the upcoming product on their social media pages.
Even creating a new product page on your e-commerce website and fleshing out some details about the product can work wonders. Your customers will be intrigued and keep an eye out.
2. Set a Launch Date
You can only sustain buzz around a new product for so long. If nothing is forthcoming within a few days, customers will forget about it and move on.
This is why setting a product launch date is essential. Your customers will know exactly when the product will be available for purchase.
One important thing about setting a launch date: don’t choose it randomly.
Obviously, your product shouldn’t launch on the day your competitor is also holding a launch. You also want to settle on a date when your target customers are most likely to make a purchase.
3. Create a Product Brochure
Before a consumer purchases a new product, they want to gather as much information about it as possible. How does it work? What’s its selling point? How is it different from alternative products in the market?
This is where a product brochure or booklet comes in handy. It contains all the details about the new product.
If you’re running a walk-in store, you can hand out the brochure to the customers or place it somewhere in the store where they can pick it up by themselves. Check out this local booklet printing once you’re ready to get started.
If you’re an online store, you can still create a digital brochure or booklet. Customers can freely download it from your website, or you can send it to them in an email.
Introducing a New Product With a Bang!
Your new product is ready to hit the shelves, but it’s not going to fly off those shelves on its own. There’s a lot that goes into pushing new product sales, including how effectively you introduce it to the market. With these tips, you now know how to launch the product properly.
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