6 Ways to Effectively Promote a New Product or Service

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All the major Fortune 500 companies we know today have an outstanding product that represents their brand’s philosophy. Ultimately, each one, working towards solving a problem. However, the market is saturated with brands. For every Apple, there’s a BlackBerry to remind you of the failed opportunities.

Effective product promotion

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Having an innovative product is one thing, but unless you pivot to keep up with the challenging times, you’ll lose money in the long-run. SmartMetrics Analytics team deems marketing to be the most effective tool when wanting to capitalize on untapped opportunities. While business owners are witnessing their products and service crumble due to ongoing pandemic, shifting the marketing focus can indeed help in finding new opportunities.

How? Today, more than ever, the world is glued to their laptops and their mobile phones as they are managing work from home. Ideally, there can be no better time and opportunity than the one you have today. No one’s in a hurry or too caught up to not check something exciting. And if your product or service is exciting, with proper marketing and promotion, you can grab many eyeballs.

In this guide, we’re looking at 6 different ways to promote a new product or service:

  1. Special introductory offer for a great start
  2. Contests and giveaways to build legitimacy
  3. Social media contest to build a connection
  4. Email marketing
  5. Blog posts
  6. Events (virtual and in-person)

How to promote a new product or service

There are endless options when it comes to promoting a service or product. The task of choosing the right mix can often be overwhelming. Here’s why we have handpicked six tailor-made options that are most likely to fit with any brand’s ideology. It doesn’t matter if it’s beauty or SaaS product; you’ll be able to use these strategies for your brand.

1. Special introductory offer for a great start

While you’re starting a new journey, it’s only fair if you take your target audience with you. The best way to engage your audience in the initial stages is by offering them an introductory deal. So basically, provide an offer they can’t refuse!

Introductory marketing offer

Image Credit: Mueller Chiropractic

This can be in the form of discount, reduced bundle price, voucher, Buy1 – Get1, referral deals, or even loyalty programs. This introductory phase requires grabbing the target audience’s attention, so offer the best you can to strengthen the relationship.

2. Contest & Giveaways help to build legitimacy

When you’re holding contest and giveaways via famous influencer, your brand gains credibility. That’s the reason why brands such as OnePlus, Huawei, and other tech companies lure A-list celebs. Apple doesn’t need it, but any new brand, trying to build an image, does. Now, you might not have the budget to get A-listers on-board right away, so start small.

Instagram & Facebook Giveaways

Seek out YouTubers, Instagram pages, and bloggers in your niche to spread the word. Provide them a sample and hold the giveaway. Similar to the introductory phase, the goal of this marketing effort is to create awareness while legitimizing your brand.

3. Run custom social media contests to build connections

Once you have enough eyeballs on your social media channels, try running a contest on your own. For every campaign you launch on Facebook, you can gather 34% of new customers to your brand. In a time where the market is saturated with organic pages, social media contests can help you stand apart.

Duck Dog Goose Caption Contest

Upon running a successful social media contest, make sure to document the winning experience. Announce winners, clarify the process, get them to do a video bit, and provide consolation offers to the participants. This, in many ways, will help build trust.

4. Grab attention and build an audience via email

Email marketing is alive and is still amongst the best marketing strategies. There’s a reason why the email list is considered so crucial when evaluating a brand’s digital value. 82% of the consumers tend to open an email from business brands, and about 76% of email subscribers make a purchase instantly or in the near future. There are dozens of email blasters that help to get the word out within a few minutes.

Email Newsletter campaign

Image Credit: Hubspot

Launching an email marketing campaign can be a great way of announcing new products/services, loyalty program launch, referral program, or even the latest festive discount.

Email marketing sample

You can even categorize your audience based on their significance in the marketing funnel. For instance, a subscriber list and a customer-exclusive list.

5. Write a blog post for organic and paid reach

Creating a landing page is perhaps the first thing that you’d do. In many cases, you might not even opt for social media if you want to use the paid marketing funnel. Regardless of what you’re offering, a mere landing page is not enough to get the point across. Describe your services, approach, and USPs. Let the audience know that your brand means business.

Blog post for organic reach

Image Credit: OnBlast Blog

Blog posts allow you to cover your products/services in-depth and provide detailed analysis regarding the features and benefits. You can then use this link to promote your social media channels. However, by far, the most crucial reason why you need a blog post is for organic reach. It’s much better if you explain your products/services before anyone else does.

6. Host a virtual event

While it’s more likely you’d hold an in-person event, in these trying times, you can do with a virtual event. Companies are pushing the ceilings in regards to virtual presentations. They are taking innovative routes in their bid to land new prospects. And that is why the SmartMetrics team believes that a virtual event can be as significant as any in-person event. Thanks to a plethora of excellent webinar platforms, you can organize captivating events.

Virtual Event

Image Credit: Capitol Communicator

You can even outsource your outreach and marketing efforts if you want to focus on your product. However, if you are interested in hosting events, Facebook Live Session is an excellent place to test the water. Later on, you can get influencers on board and get them to speak about your product or service, which can attract wider attention.

Conclusion

There’s no right or wrong when it comes to the marketing mix; it’s all about trial and error. Some techniques work, and others help you learn. However, if you have the knack of gauging online behavior, you’re in a much better spot to attract the right audience and turn prospective buyers into loyal customers.