By Estela Viñarás, on 05 April 2021
Launching a new product into the market can be the beginning of a wonderful journey or a total fiasco. It is a key moment that requires all your care and attention.
The term “growth hacking” has become quite a buzzword over the past few years, referring to non-traditional digital marketing strategies to ensure rapid growth. Many startups use these types of techniques to guarantee a quick penetration in the market but growth hacking can be just as useful to companies of any size.
Today we are sharing 10 marketing strategies for new products that use growth hacking.
- 10 marketing strategies to launch your product
- 1. Organize a pre-launch giveaway
- 2. Increase your organic visibility
- 3. Create shareable content
- 4. Take a chance with remarketing
- 5. Create a recommendation system
- 6. Optimize your website speed
- 7. Establish relationships with influencers
- 8. Take care of your customer service
- 9. Prepare your FAQ before launching your product
- 10. Don't forget about email marketing
Why Is a Marketing Strategy for a New Product Important?
As with any new endeavor, it is important to have specific goals for what you want to achieve and a plan for how you will achieve them. For a new product, it's crucial to do market research, define who your potential buyers or clients are, and then create a strategy for how you will reach those groups. Having these things clearly thought out will greatly increase your chances of success so without further ado, lets look at some marketing strategies for new products.
10 Marketing Strategies to Launch Your Product
1. Organize a Pre-Launch Giveaway
For a product to take off quickly, you need to create a feeling of expectation and excitement for its release starting weeks or even months in advance.
One of the most popular techniques to do this is through pre-launch giveaways and contests. Give your product away to an exclusive group of lucky participants, in exchange for them helping to get the word out. There are a variety of options: Instagram contests, awards for the most creative ideas, giveaways, etc.
Whatever option you choose, try to come up with content or ideas that can help your product go viral. For example, make users share their participation on their social media, or come up with a good TikTok challenge. Be creative in your messages to make sure people don’t see it as spam and offer extra points for bringing in friends.
2. Increase Your Organic Visibility
In other words, your SEO needs to be on point. Having a well positioned website on search engines gives you a steady “base” of traffic to show off your new product which is much easier than starting from square one.
For your search engine optimization to work, you need to give users information that will truly be useful to them. Focus on optimizing three areas:
Keywords. Don’t think about what you would call your product or how you would describe it, but rather how a new user would search for it.
Meta Descriptions. Meta descriptions are the summary of your web page on search engines so they need to be short and attractive. But beware! Google sometimes ignores this description and shows the first lines of text on your page, so make sure they are up to scratch too.
The first paragraph of text. The goal is to make sure readers know and understand what your product is in the least amount of reading time possible.
3. Create Shareable Content
Consistently creating content is one of the most reliable digital marketing strategies, especially in the medium to long run.
Invest time in creating a high quality blog that talks about your business or related topics that consumers will be interested in reading about. The goal is to get the users themselves to share your content, bringing traffic to your website on a regular basis.
4. Take a Chance with Remarketing
A well-rounded marketing strategy guides users through the conversion funnel.
Consumers are in different moments of the purchasing process and they might not be ready to purchase from you the first time they hear about your product. But, this doesn't mean they're not still potential customers! You can nurture them overtime using different remarketing tactics, like remarketing ads.
Remarketing can also be used on your regular brand followers. Keep in touch with your more dedicated customers (through a newsletter, for example) and of course, don’t forget to tell them about your launch.
5. Create a Recommendation System
Word of mouth continues to be an incredibly effective way to spread the news about new products or services. Users naturally talk to their friends about the products they use and recommend. You can also give them a little push to get the wheels turning. How? By creating an incentive system for recommendations.
Everyone likes getting “freebies” so all you have to do is offer a discount coupon or free shipping in exchange for telling their friends. This is a popular tactics used on many apps like Uber and AirBnb.
6. Optimize Your Website Speed
This is a trick that is as simple as it is effective: make sure your website is running at top speed.
There is nothing more frustrating than a website that takes ages to load. A quick and fluid website improves user experience and brand perception.
There are several things you can do to improve your website's loading times, many involve code and behind the scenes processes, so we recommend talking to an expert. In the meantime, a quick fix could be ensuring your images are of a high enough quality to look clear, but not massive files. The bigger the file size of the image, the slower your website will run.
7. Establish Relationships with Influencers
Influencers are the kings and queens of social media marketing. As experts in a given area or industry, they tend to have a loyal audiences waiting and willing to follow their recommendations. Think of influencer marketing as the digital version of word of mouth marketing.
In order to get bloggers and influencers talking about your brand, the most common strategies are to organize events and to send free samples. Be sure to keep in mind however that you can’t “buy” their opinion or recommendation as they have to be loyal to their audience as well and be honest about what they think. In order to avoid any disasters, take time to investigate which influencers would be most interesting for your product and mostly willing to collaborate with you.
8. Take Care of Your Customer Service
Over the past few years, customers have gotten used to getting answers from companies 24/7 so set up a system to help them whenever they need it.
Customer service is most likely one of the areas in which careful employee selection is most important. Your company’s ambassadors should be patient and empathetic in order to offer your client the experience they deserve.
9. Prepare your FAQ Before Launching Your Product
When you launch a new product or service, users usually have a bunch of questions about how it works and what they can do with it. The more innovative it is, the more you will have to explain it. Our recommendation is to get as much as possible done and prepared ahead of time by creating a complete and easy to find “Frequently Asked Questions” section. Ideally, encourage users to visit it before reaching out to you with their questions and make it as easy as possible to access.
You can even include FAQs in your social content as a way to get ahead of new user questions and share how your product works.
10. Don’t Forget About Email Marketing
Email marketing often gets a bad rep for being out of fashion, but the truth is it continues to be as effective as ever. Don't overlook this marketing strategy!
In order to effectively implement an email marketing strategy, the first step is to create a database with your clients. The more information you have on each one of them the better. Think about things such as age, residence, children and of course, previous purchases or products they have shown interest in.
Use this information to create a highly personalized messaging strategy. Try to make the user feel like the emails have been written especially for them. Marketing automation can be a big help in efficiently managing all this information.
Below, we've outlined a quick guide on how you can get started with email marketing automation on HubSpot.
The Best Selling Products on Social Networks
If you're not promoting your new product or service on social media, you're missing out on a huge marketing tactic. The idea that "social doesn't sell" is an excuse of the past. In fact, some products thrive in online sales from social media. To prove our point, we're sharing key findings from IAB Spain's latest annual social media study including the best selling products on social media and how social media marketing contributes to sales.
The first thing that stands out from IAB’s data is that social networks play a very important role in purchasing decisions:
- Two in every three users declared that social networks had influenced them when deciding whether or not to purchase a product or service. Among them, Facebook proved to be the most influential.
- Social networks influence decisions especially in clothing, footwear and/or accessory purchases (49% of users), influencing women in particular (61%).
- As for purchase drivers, offer or special pricing (36%) and interest in the product (25%) are the biggest motivators.
Although it is clear that having a presence on social networks can help you sell more, only 14% of people surveyed said that they had ever actually made a purchase directly from a social network. This percentage rises to 19% among younger users, between 16 and 30 years of age. This number is most likely due to the still limited amount of brands who offer the ability to purchases their products or services directly form a social network and, as such, purchasing habits have not yet adapted to this new phenomenon.
As for evaluating the connection between different advertising channels, IAB offers extremely valuable data. About 27% of global users and 34% of the younger generation of users have visited a brand’s social networks after having seen one of their products advertised on TV or in press like magazines. As such, we can see that there are definitely very good possibilities of cross advertising between the online and the offline world. This percentage varies with the type of product:
32% (44% for women) for clothing, footwear and accessories.
31% (36% for men) for plane, train and boat tickets, or car rentals.
29% for hotel stays and rural houses.
26% on movies.
25% on music.
21% (31& for men) for electronic devices.
And lastly, 20% (33% for women) in cosmetics, beauty and body-related products.
There's no doubt that social networks do sell and can be a great opportunity for showcasing your brand's newest offering. In order to be one of the bestselling products yourself, focus on attracting quality leads, and take great care of your content schedule. Hopefully with these new tips your new product will launch with great success!