How To Market A Product In 7 Easy Steps

February 9, 2022

You have a brand-new product that you are confident will be a success. That’s fantastic news! But how can you promote your new product?

If you think you can sit back and watch the buzz about your new product spread like wildfire, you’re mistaken.

Your new product may be significant to you. It doesn’t, however, carry the same weight for everyone else–especially if you don’t already have a robust customer base that is avidly watching your company’s every move.

With that in mind, having a successful product launch and getting your creative offering into the hands of eager consumers requires some savvy product creation and product marketing.

So, what do you need to know to pull off this new product launch? Here are the specifics on how to sell a product and pique people’s interest in it.

The difficulties of introducing a new product to the market

Digital Marketing, Technology, Notebook, Stats

Let’s start with some terrible news first. According to Harvard Business School professor Clayton Christensen, around 30,000 new consumer products are introduced each year.

Unfortunately, 95 percent of them fail.

Why is this the case?

There are numerous factors at work here. It may be due to a lack of customer demand. It could also be related to an inappropriate pricing structure.

However, many experts blame the failure of new products on a lack of marketing.

“There are a variety of reasons why new product introductions fail; nevertheless, the one we see most frequently is a lack of rigor behind sales and marketing planning and execution,” writes Kurt Schroeder in a piece for The Business Journals.

After all, product development isn’t a case of “make it and they will come”–even huge corporations like Apple aggressively promote their new items in order to generate hype and get buyers in the door.

Needless to say, marketing will play a significant role in your product launch.

But how do you go about doing this well?

To successfully sell a product, follow these seven crucial stages.

What is the best way to sell a product?

1. Recognize your target audience

Understanding who you’re marketing to is the first step in any successful marketing endeavor. Ask anyone—trying to sell bacon to vegetarians is a recipe for disaster.

As a result, you must delve deeper and define your target market.

  • Who is your ideal customer?
  • What demographic information should you be aware of?
  • What outlets do they use to get their information?

While knowing the guts and bolts of your consumer is vital, you need also go a step further by addressing one key question: What problem does your solution solve for them?

To be successful, your product must have some demand–which also means that it must fill a need.

If you can’t think of a single problem that your product solves?

That could be an indication that you’re attempting to solve a problem that doesn’t exist for your clients.

“Many firms must improve their ability to ask the proper questions in order to tackle the correct problems,” writes Dwayne Spradlin in a piece for Harvard Business Review.

“Your solutions must actually solve your customers’ problems in compelling ways, and most product firms spend much too little time immersing themselves in the customer’s reality,” Spradlin (now CEO of Buzz Points) wrote in an email.

One approach to truly obtain the customer understanding you require? Begin by selling straight to them at first.

Start by selling directly to end consumers to understand how to get a product to market, recommends entrepreneur Tamara Monosoff in an essay for Entrepreneur.

“This will offer you confidence that there is a market for your goods, as well as produce referenceable clients that you can contact for product and packaging feedback before you enter the big leagues.”

By having those early conversations with your target market, you will not only have a better understanding of their goals and challenges, but you will also have the opportunity to make any necessary changes–to your product, pricing structure, or anything else–before you go too far down the rabbit hole.

2. Understand your product

You must not only understand your audience, but you must also be intimately familiar with your product.

This is especially important while your product is still in its early stages. You must imagine yourself as the all-knowing expert on your product:

  • What is it?
  • How does it work?
  • How much does it cost?
  • What challenges does it address?
  • How is it better than your competitors?
  • What advantages does it offer to your consumers?

All of those questions (and more!) must be answered in order to identify your product’s value proposition, which will be the common thread that runs through all of your marketing materials and message.

While it is definitely crucial to grasp the intricacies of your product, you must also understand how it fits into the wider picture for your target market.

Which quick sales pitch, for example, do you believe is more effective?

Option A: We developed this widget using cutting-edge technologies that we spent months perfecting.

Option B: This widget will assist you in keeping better track of your client contact information, allowing you to nurture those relationships, increase sales, and enhance your bottom line.

Option B, if you’re like most people, resonated with you significantly more than Option A.

Why is this the case? Rather than becoming bogged down in product features, it concentrated solely on outcomes. Finally, your customers don’t care about the behind-the-scenes details; they just want to know what’s in it for them.

3. Make a plan

After you’ve built the groundwork, it’s time to devise a strategy.

It may appear obvious. However, without this segmentation, your product marketing efforts would seem a lot like a road trip without a map or GPS.

Fortunately, you have a lot of leeway here to come up with a strategy that works best for you and your one-of-a-kind product. When deciding on your future actions, make sure to answer the following questions:

  • What are your revenue goals? Over what amount of time?
  • What price will your product be launched at?
  • With that in mind, how many products do you need to sell in order to meet your goal?
  • Is this the type of product that customers will buy multiples of?
  • Do you have existing customers that will be interested in this product offering?
  • What are your biggest challenges in getting customers to purchase this product?
  • What steps will you take to overcome those challenges?

With it in place, you can start hammering out potential techniques and plans for getting your product to market.

However, keep in mind that you must remain adaptable. Launching a new product is a learning process, and your plan may need to be tweaked (or even completely changed!) along the road.

4. Get ready to educate

Assume your doorbell has just rung. When you open the front door, a salesman stands there with a vacuum cleaner. “This is a fantastic vacuum,” he says, “and you should get it.”

So, what are your plans? You’re going to slam the door in his face.

You see, as a company, you are well aware of all of the perks and advantages that your own product provides.

Your clients, on the other hand, do not have the same level of understanding simply because you have placed your new product in front of their eyes.

To be successful, any new product introduction necessitates a high level of client education. You must assist your clients in understanding not only what your product is, but also why they require it in their life. So, how do you go about doing this?

By developing a variety of educational products that your clients can use. These may include the following:

A brief demo video that resides on your website or is posted on social media, such as this Toggl Track explanation video.

An educational blog article (like ours) that explains how your product works.

A FAQ website that answers frequently asked questions from prospective consumers.

  • A free trial that gives them access to your product (if applicable) so that they can learn by doing.
  • A designated customer support person who is willing to answer questions and provide tutorials.

There are plenty additional options available to you. However, keep in mind that you must absolutely educate your clients.

When organizations assume that their prospects already know all of the information they require and are merely choose between brands, they transition from a learning-focused attitude to a competitive one, writes Mark Quinn in a Business Insider piece.

“A wise buyer will choose to buy from a company that has educated him on the issue and given him with many answers.” That company’s altruism has earned his trust, and its capacity to teach him has earned his future allegiance.”

5. Continue to promote, promote, and promote some more

All of this preparation is necessary.

But you’re probably wondering when you’ll get around to promoting your product. When do you plan to start attracting more people?

Promotion is an important aspect of launching a new product.

However, if you don’t initially gain an understanding, your promotional efforts will fall on deaf ears.

So, now that you’ve done that, it’s time to start spreading the word about your new product to your target market. There are numerous ways to accomplish this, including (but not limited to!):

  • Targeted social media ads
  • Guest posting on industry-related sites
  • Utilizing industry influencers
  • Attending conferences or speaking engagements

How do you ensure that your marketing messages are effective? Try some of these strategies:

  • Make use of testimonials from your present satisfied clients. Social proof is extremely important, and 88 percent of buyers trust internet evaluations just as much as personal recommendations.
  • Make use of statistics and figures. That one used above most certainly increased credibility in your opinion, so why not use that same power in your own marketing efforts?

6. Figure out what works

Regrettably, not everything you try will be effective. Some of your marketing efforts will pay off handsomely, while others appear to be a total flop with your target audience.

That’s to be expected, especially when you’re just getting your product off the ground.

However, you don’t want to continue devoting time, energy, and money to initiatives that aren’t moving you forward.

Make it a habit to review your outcomes and statistics on a frequent basis to determine how well your efforts are working.

  • What’s working really well?
  • What isn’t working so well?
  • What adjustments need to be made in order to keep making forward progress?

By applying a magnifying glass to what you’re already doing, you’ll continue to learn what works for your product and target market, bringing you one step closer to developing a strong product management approach.

7. Press the repeat button

Would you go on a diet for one day and expect to see results the next day?

Most likely not. The same is true for your product marketing.

You’re unlikely to see results with only one attempt. A single social media update will not result in an increase in sales. A single blog article will not flood your inbox with enquiries from eager buyers.

The key to successful marketing is consistency and, as previously stated, repetition of what works.

“When you dabble in marketing, you’re correct! It’s not going to work. “Not because that marketing channel isn’t right for your company, but usually because you didn’t stick with it long enough,” suggests Ashley Davis in a Skyline Social post.

According to Davis, “the firms that create the highest results (in terms of producing both leads AND sales) are those that are consistent in their marketing.” “They’ve been sending clear, consistent messaging to potential clients on a regular basis.” Not only for a few weeks or months, but for several years.”

So, while you’re obviously excited to get your new product off the ground, keep in mind that it’s not a one-and-done plan.

A successful product will necessitate a large amount of patience as well as a significant investment of your time and efforts.

Now it’s your turn

You’re ecstatic to show the world your brand-new product. A successful product launch, on the other hand, involves far more than simply making a statement and waiting for the orders to pour in.

Product marketing needs a great deal of thought, strategy, and forethought.

That may appear to be overpowering. However, don’t get too worked up just yet–far it’s more achievable than you think, and it will ultimately lead to a stronger, more impactful product presentation.

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