Strategic Product Management - Strategies for Promoting a New Product or Service

1. Strategic
Product
Management
Promoting a New Product Or
Service
/PGDM/KIAMS/2021
A publication of
Dr. Rajesh K Satpathy

2. Strategies for Promoting New Products Or Services

3. 1. Drip Feed Information Before Launch
Day
During the lead up to launch day, it’s
important you get people interested
enough to check your product out.
Without that buzz and excitement, there’s
little chance you’ll get any sales.
You can create excitement for a product
launch by slowly releasing snippets of
information to your audience on social
media.
Strategies…

4. 2. Send Notifications
Another way to build excitement is to send
existing customers notifications about a
new feature or release.
This is really useful for businesses offering
digital products like apps and downloads.
You can make use of push notifications to
highlight new promotions within your app
or website.
Strategies…

5. 3. 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.
Strategies…

6. 4. 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.
Strategies…

7. 5. Make use of Google My
Business
There are several ways you can
promote your new product or service
using your Google Business Profile,
provided you have a Google My
Business account.
Strategies…

8. 6. Tell a True Story
One of the things that gets a lot of
people interested in new products is
the story attached to them.
The way you talk about your product
or service has the power to create
an emotional connection.
Strategies…
Vicks - Generations of Care #TouchOfCare
VICKS Long Way Home TouchOfCare
LG Innovation Story - Brand Film 21 Years
Celebrations

9. 7. Make a Promise (and Deliver)
You can also tap into human desire by
making a promise. If you can genuinely
promise that your product will solve a
problem, it’s easier to market it.
But this only works if you can deliver. If
you can’t follow through with your
promise it will have the opposite /side
effect.
Strategies…

10. 8. Launch a Giveaway
A great way to promote your business
and new product at the same time is to
host and run a giveaway.
Creating a contest can quickly help
spread the news to a wide and varied
audience.
Strategies…

11. 9. Market to Your Email List
When you introduce something new to
your audience, letting existing
customers know about it first can yield
great results.
And this is where you can unleash the
power of email marketing tools.
Strategies…

12. 10. Set Up an Affiliate Program
To take some of the groundwork out of
your new promotion, you can consider
adding an affiliate program.
Affiliate marketing programs use other
people to promote your product in
return for a small commission.
Strategies…

13. 11. Reach Out to Bloggers
Smart marketers know that the
best way to promote something
with minimal effort is to get
popular bloggers involved.
Bloggers, especially those
aligned with your niche, have
their own audience interested in
your product category.
Strategies…

14. 12. Work with Influencers
It’s not just bloggers you can
work with either. Influencer
marketing is all the rage these
days and working with an
influencer to promote your
product can dramatically raise
awareness.
Strategies…

15. 13. Let Customers Pre-Order
But what if you’re not ready to
release your product and only
want to build up some hype?
An easy solution for this is to let
customers sign up to pre-order
their goods. And you can reward
early-bird customers with a
discount, free shipping, or even
an exclusive gift.
Strategies…

16. 14. Release Your Product in
Batches
Many businesses use this tactic,
which is known as scarcity
marketing (FOMO).
Scarcity is a psychological tool
that makes a product appear to be
limited to make it more attractive
to buyers. This drives up the
demand because there are only so
many of them.
Strategies…

17. 15. Use Product
Recommendations
eCommerce stores can use the
entire shopping experience to
promote new products.
All it takes is to identify areas
of your site that get the most
visibility.
Strategies…

18. 16. Write Guest Articles
By writing valuable content
for sites, Magazines and
Newspapers in your niche,
you can gain more exposure
to a targeted audience.
Strategies…

19. 17. Create an Infographic
And speaking of useful content,
infographics are a super-popular
way to pitch content to a new
website.
They’re highly shareable due to
their visual nature and are easy
for people to consume.
Strategies…

20. 18. Write a Press Release
Journalists are often bombarded
with hundreds of press releases a
day, so it’s easy for you to get
overlooked.
Your job is to reach out to those
journalists or publications, with your
own release and a personalized
pitch, referencing their similar
coverage.
Strategies…

21. 19. Offer a complimentary upgrade
If your business is more service-based
than product-based, like a hotel, salon,
spa, fitness centre, or consulting business,
you can offer an upgrade for customers
to try out your new service.
Promoting a new facial or massage type
at your spa? Provide a complimentary
(but perhaps temporary) upgrade for
existing customers to try it out.
Strategies…

22. 20. 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.
Strategies…

23. Thank You !!