There are still ways in which you can generate sales after the item is released, but we’ll talk about those later. New customers are great, and they are always welcome to buy. Run a contest Another way to generate sales for your new product is by giving it away. Start talking about the product in your posts before it gets released. If they need it for the 4th, releasing it on the 3rd won’t get you sales either. You’ll want to release your products when consumers are ready and willing to spend money. This can be done before and after your product is released. Furthermore, 90% of consumers say videos about products help them make buying decisions. Customers are 64% more likely to buy a product online if they’ve seen a video about it. Showcase the item on your website, and consider the timing of your release.
So you’re ready to launch a new product.
Regardless of your business type or industry, it’s important for brands, both new and old, to be innovative to stay relevant. I know how much hard work you’ve put into this new release, so I want to commend you on that.
Whether you’re releasing a new product or an extension of an existing product line, you’ve got to make sure your marketing efforts lead to sales.
Think about all the blood, sweat, and tears you put into this creation. Okay, maybe not blood, but you get what I mean.
This goes all the way back to your early brainstorming sessions as well as your research and development phases. You may have even had some failed attempts.
Oh yeah, and what about all the money you invested in this new product? Can’t forget about that.
If you can’t get consumers to buy your product, you won’t get an adequate return on that investment.
But those of you who are able to effectively promote your new product will enjoy the high sales. I’ll give you some tips and advice that will help you out.
Build hype early
If you wait until your product launches to start marketing it, you’ve waited too long. Those of you who failed to start early are already behind.
But don’t worry. I’m not here to reprimand you. There are still ways in which you can generate sales after the item is released, but we’ll talk about those later.
A great way to build hype in the early stages is by turning the announcement into a big deal. Apple is famous for this with its keynote presentations.
Since the company has been using this strategy for years, consumers now anticipate the announcement itself. By the time Apple announces a new product, people have already decided to buy it.
Announcing new products at a particular event will get your audience ready. They’ll want the latest and greatest product or technology.
The anticipation of the release makes the product that much more desirable. Now you’ve got them hooked before it’s even released.
Consumers will be lined up around the block to buy your new product because they’ve been thinking about it for months. They already know the features and benefits of it because they’ve done the research.
Building hype before the release will help you generate sales on the release date as well as the subsequent days and weeks.
Start taking pre-orders
Again, this strategy relates to the idea of starting early.
You don’t need to wait for your product to be in stock to start generating sales. Let your customers pre-order the product so you can secure profits right away.
Offering pre-orders has tons of benefits. One is collecting money early. But pre-ordering an item also gives your customers a sense of exclusivity.
It will give customers the illusion that they have something before anyone else does. They’ll be one of the first people to have the product in their hands.
Furthermore, if you take pre-orders, people may think there is a chance the product may sell out. If they don’t order it now, they may not have the chance to buy it on the official release date.
Pre-orders ensure your new product gets off to a strong start, which is better than it would do through the average product life cycle.
In addition to wanting to be exclusive or have the product before anyone else, think of other reasons why a consumer may be interested in a pre-order.
Everyone loves getting a deal. Depending on your brand image and pricing strategy, you could potentially offer a discount to customers who pre-order the product to help drive sales.
Taking orders before release can also help you gauge your inventory. You’ll have a better idea of how much of the product you’ll need to have on hand for the initial release.
This is important information in terms of your production costs, and it will help you maximize your ROI.
Target your most loyal customers
Just because you’re releasing a new product doesn’t mean you need to find new customers.
Don’t get me wrong. New customers are great, and they are always welcome to buy. But you already have an existing clientele of people familiar with your brand and existing products. Those are the customers whom you should contact first.
Your email marketing list is a great place to start.
These are the customers who are so interested in your brand and products that they signed up to hear from you on a regular basis. So send emails before and after the product launches.
Here’s an example of an email sent out by Lululemon:
This email is promoting new colors of an existing product. So it makes sense the company is starting with its existing customers, who may already be familiar with this product.
Even if it was a new product, telling your email subscribers about it first is still a viable strategy.
It’s also worth noting that you have a 60-70% chance of selling to a current customer. But you only have a 5-20% chance of a new customer purchasing a product.
If sales are your goal, focusing on new customers won’t be as effective.
Research shows that it’s six or seven times more expensive to acquire a new customer than it is to market to an existing one.
When it comes to your ROI, marketing to your most loyal customers is the best bang for your buck.
Run a contest
Another way to generate sales for your new product is by giving it away.
I know what you’re thinking. This sounds counterproductive. How can you make money by giving…