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Coming up with a new product or service is a lot of work, which unfortunately does not stop ⛔ once it is ready -launching and promoting it is the other half of the equation. You could be offering the best new product or service around, but if you do not promote it properly, you are likely to miss out on opportunities or even end up losing money 💸 down the line. With so many businesses pivoting their products and services due to COVID-19 and unable to afford opportunity losses, we thought it fitting to give you some guidance around this topic.

Take a look at these 8 methods below and see which ones make the most sense for your business 👇

1️⃣ Offer loyal customers an exclusive preview 🤩

Your loyal customers are a key 🔑 part of how to promote your product, because they are most likely to not only buy 🛍️ it, but also promote it to their networks 🌐. This can take the form of a private, in-person or virtual pre-launch party: an online tour, preview, or demo. Or, it could even be a special invitation to test it out and give feedback. These exclusive offerings to loyal customers reinforce how much you value them and also help to retain their loyalty.

2️⃣ Use a special introductory offer

Rather than just announcing your new product or service, you can make it available as a part of a special introductory deal. This deal can take many forms, including 👇
🏷️ Discounted pricing.
🏷️ Reduced-rate bundle or package.
🏷️ Joint promotion with a complementary business.
🏷️ Voucher or coupon with purchase.
🏷️ Buy one get one free deal.
🏷️ Double the points if you have a loyalty program.
🏷️ Free gift 🎁 for every referral.

Whatever your promotion, be sure to emphasise that it will not last forever. Customers whose purchase power is limited, either by time or inventory, will feel a more pressing sense of urgency to buy.

3️⃣ Run 🏃🏻‍♀️ a social media contest

Social media contests are a fun, easy way of connecting with customers and bringing in more fans / followers and prospects for your business. As far as positioning is concerned, the winner(s) of your Facebook or Instagram giveaway should gain the opportunity to be the first to get their hands 👐 on your new offering, and get it for free or at a discounted rate. 

Be sure to announce the content across all of your marketing channels, and not just the social platform you are using to run the main campaign. In addition to generating more excitement and buyers for your new offering, the increased engagement with your social media account will likely drive more traffic 🚦 to your website, put your business in front of new customers, and create a fun means of connecting with your audience.

4️⃣ Spread the word via email 📧

Did you know that 82% of consumers open emails from businesses, and that 76% of email subscribers have made purchases from an email marketing message? Email is a fantastic channel for getting the word out about your new product/service. Plus, it makes a great incentive to get subscriber signups in the first place.

You can run an email campaign specifically about this new offering - perhaps even as a series of emails building up to the day of launch. Or you may want to announce it as the focus piece of your next email newsletter.

A few tips for email marketing 👇
⭐ Focus more the benefit / ultimate value of the new product than its features
⭐ Highlight the offer in your subject line
⭐ Use preheader text to further increase open rates

5️⃣ Host an event

Events not only get customers excited about your new product or service, but can also get new prospects personally engaging with you or other employees of your business - a great way to win them over as customers.

Events do not have to be fancy and super organised; something as simple as an open house or an info session will work for locations like salons 💇, fitness 🏋️ centers, yoga 🧘 studios, spas ♨️, and retail stores.If your business is in a location with other local businesses, you can work together to have a sidewalk sale or outdoor open house to draw even larger crowds.

During the pandemic, virtual events still serve as an effective promotion tool. You might 👇
💡 Host a Facebook Live session demoing the product and highlighting its features.
💡 Run a live or recorded Q&A on the product itself.
💡 Center the event around an influencer who has expertise around your new product or service, with the promise to unveil the new offering at the end.

6️⃣ Allow trade-ins

If your new product is, in fact, an upgrade of an older one, consider a trade-in program. Trade-in promotions are effective because consumers are more likely to buy a new product using a token or credit they already have. You can also resell the old trade-in products (provided they are in good 👍 enough condition) or use them for future giveaways.

7️⃣ Post on social media

If you are using any of the tactics mentioned above to promote your new product or service, make sure to spread word of your deals and offerings via your social media accounts. This is an easy way to reach your audience, and your followers can easily share your post to their own profiles. Another benefit is that customers / prospects can ask questions about the product in the comments section. Their questions and your answers can serve as an organic FAQ. The post can link to a landing page or blog post with more information.

If you have a niche audience or loyal following, you may also want to use a custom hashtag #️⃣ in your promotion post. This will not only expand the reach of your campaigns, but may also inspire customers to share posts and pictures to their accounts, using the custom hashtag. User-generated content that can then be used to get even more people try out your new service or product!

8️⃣ Run Facebook ads

With 1 billion daily active users, Facebook advertising is a window to a large base of people who will be interested in your new product or service. Facebook ads are particularly useful because the personalised data voluntarily provided through users’ profiles makes for unbelievably specific audience targeting. You can factor in gender, age, location, interests, marital status, profession, and more - ensuring you will get the most bang for your buck. There are also several options for ad type, budget, and duration of campaign, so you can accommodate your goals 🥅 within your means.

AK47 understands that the best way to promote your new product or service will depend on what channels your audience frequents and what their online behaviors are. Regardless, you should use multiple channels and cross-promote. The more cohesive and consistent your messaging 💬 is, and the more your audience learns about it, the more engagement you can expect. Try out the strategies above to get the results you want from your next product launch, software upgrade, or new service offering.

References:
Bervin Cheong, 21 Apr 2021, The Star, 2021 Watch Novelties
Kristen McCormick, January 12, 2021, 12 Ways to Effectively Promote a New Product or Service