Seven Powerful Ways To Market Your New And Existing Products

April 10, 2021

Producing goods requires a lot of planning. From the conception stage down to factory production and product registration involve time and resources. But the big question is the marketing angle? How do you market your product, either existing or new? What type of marketing strategy will you apply to increase your existing product market share? What approach will help your new product penetrate the market among existing market players?

A good product without proper marketing planning will end up as a failed project. If you have been looking for the ideal marketing strategies for your new and existing products, then this piece is the right nugget for you.

market new products

1.   Understand Your Target Audience

Understanding your target market is key to your product’s success. You can’t produce a product that does not have any market demand, e.g., making alcoholic drinks in a conservative society against alcoholic drink consumption will fail because of the cultural and religious laws prohibiting people from consuming such products. In this case, as a producer, you need to understand the age bracket you are targeting by using tips from Bundle Digital, the demography of your target consumer, and the most appropriate channel you can use to pass across information about your product.

 

2.   Go Beyond Your Competitors

None of your competitors are willing to give up any percentage of their market share. Some are even planning to take over your stake if you are not careful enough. As a producer, you must always think ahead of your competitors. Your strategy must always go beyond what they have in mind. A good example is Nike. In the 1970s, Nike released their first casual shoes set. The project failed because they lagged behind other brands like Britain Rebook and America athletic sneaker leaders. However, by 1973, Nike decided to change their marketing strategy by adopting celebrities like Michael Jordan and Ilie Nastase to endorse their products. The extraordinary move changed Nike’s entire face as a brand, pushing the company’s value to $270,000,000.

Thinking outside the box gives you an upper hand over your competitors and increases your market share.

 

3.   Use contest and giveaways

Everyone loves gifts! This marketing strategy applies to both new and existing products. By giving your current and potential customers gifts such as ebooks and airtime vouchers, you draw them closer to your products. This strategy will help you attract customers closer to your brand.

 

4.   Offer your customers an exclusive interview

As a producer, meeting your customer needs should be the basis of your product. Giving your customer the exclusive privilege of seeing what a product looks like before the main launching date is a crucial strategy to capture your customer support base. It can take the form of a pre-launch party or virtual interview. This exclusive privilege of offering consultation will help you transform your customers into ambassadors for your new and existing products.

 

5.   Make use of Email marketing

Based on statistics, 82% of consumers open their Email daily, and 76% of email subscribers have purchased goods using e-mail services. Email marketing helps you get across to your client in real-time over different geography without stress. Through email service, you can share a recent update about your products and also enable you to showcase your new products.

 

6.   Promotion of your product on social media

market new products

The best way to retain your market share is to promote your product continuously. Either new or existing products, you need to upgrade your product consciously. The 21st century offers businesses the opportunity to market their product beyond the traditional media. You can embrace the use of social media platforms such as LinkedIn, Facebook, Twitter to push your product to frontiers beyond the traditional marketing channel such as radio jingles, Billboards, TV advert, or Newspaper outlets.

 

7.   Make an exciting promise you can keep

The best way to get your customer’s attention is to offer them something they can’t resist. For instance, if your company specializes in pharmaceutical products and you recently released a new anti-malaria drug that is efficient against malaria fever. Assuring them that the drug is 100% efficient will influence existing potential to patronize your product. However, you must ensure that the drug can fulfill all the promises you made during your publicity. If not, this strategy will be counterproductive because negative reviews from users will bring down market demand.

The business world is getting competitive daily. The best way to ensure your new or existing product continues to extend its market share is by adopting different marketing strategies to keep up with the pace of the ever-changing business world.

Good product! Good. However, a Good product with better marketing is far better.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Is Your Business Being Found Online?

Laptop Metrics Colorado

Free Digital Marketing Report ($150 Value)

marketing module lineWant to know how your business stacks up against the competition?

Read more articles about Marketing.

Guide to Create Effective SEO Strategies for your Business from Scratch

Building a strong SEO for your website in many ways strengthens the chances of your website succeeding. In the times that we are living in, you cannot do away with SEO. It in many ways runs parallel to the core of your website. Reforming an SEO strategy for your...

How To Make Sure Your Business Is Safe No Matter The Branch

A successful business might be considered the most valuable asset one can possess. Not only because a business can have a lot of capital invested in it, such as machines or offices, but because it has a developed product or service, and a secured place on the market....

Finding The Right Web Developer For Your Project: Pros And Cons

As much as we might all like to believe that we can get almost anything done on our own, this cannot be said for many projects in the tech space. One of such projects in web development. According to Wikipedia, web development is the work involved in developing a Web...

How to Make Your Office Space the Perfect Productive Environment

You might wonder “how can I make my office space more productive?” Many factors impact how much work the average small business owner completes in a day. Eliminating distractions and adding motivation helps you get the most from the hours you put into your job....

Software company vs. digital product studio. What’s the difference?

Choosing between a software company and a digital product studio can be confusing. Both the software company and digital product studio develop digital products and software. Is there even much of a difference between the two? The answer is yes, and the answer is in...

4 ways to improve your SEO in 2021

Search engine optimization (SEO) is the process of making your website more visible to internet users. You can have the most amazing blog, the greatest e-commerce store, or the best ever app, but it will all go down the drain if users (some of which will turn into...

6 Tips on How to Keep Your Office Clean

Any and all spaces where people spend a lot of their time should be clean. Period. Public spaces, homes, vehicles, but also working quarters such as offices. Cleanliness has a lot to do not only with maintaining our health but also with how we feel mentally and...

A Quick Guide to Search Engine Optimization

One of the roadblocks that get in the way of true digital inclusivity is the density of industry jargon. Terms like Search Engine Optimization are bandied about by marketing firms and web designers - often with very little clear explanation as to what they mean....

Read more articles about business.

How To Make Sure Your Business Is Safe No Matter The Branch

How To Make Sure Your Business Is Safe No Matter The Branch

A successful business might be considered the most valuable asset one can possess. Not only because a business can have a lot of capital invested in it, such as machines or offices, but because it has a developed product or service, and a secured place on the market....

How to Make Your Office Space the Perfect Productive Environment

How to Make Your Office Space the Perfect Productive Environment

You might wonder “how can I make my office space more productive?” Many factors impact how much work the average small business owner completes in a day. Eliminating distractions and adding motivation helps you get the most from the hours you put into your job....

6 Tips on How to Keep Your Office Clean

6 Tips on How to Keep Your Office Clean

Any and all spaces where people spend a lot of their time should be clean. Period. Public spaces, homes, vehicles, but also working quarters such as offices. Cleanliness has a lot to do not only with maintaining our health but also with how we feel mentally and...

4 Solid Onboarding Tips Every Manager Should Know

4 Solid Onboarding Tips Every Manager Should Know

One of the greatest resources of any company is its workforce. For this reason, companies must hire and retain the best talent. Hiring new talent is a considerable investment for any company. The hiring cost can go up to $100k due to training and mentorship....

Share This