One of the most common problems that almost every company faces while launching a product is the lack of preparation. The question is, what can you do to change the odds in your favour? There are never any guarantees of success, but a solid product marketing strategy can help you to mitigate the risk factors and plan for the tough times. According to the best digital marketing company in Perth, here are the best product marketing strategies you must follow before launching a new product.
- Add Robust Content Marketing
According to the best digital marketing company in Perth, a lot of companies think that their product is “too boring” for content marketing. This is where you should rethink! With a little bit of creative thinking, you can make your boring product an exciting one. Content marketing doesn’t have to be outlandish. You can create blog posts, videos, infographics, podcasts, downloadable guides, and white papers. Just make sure your content marketing is compelling.
- Create a Product Launch Plan
A product launch doesn’t always go as planned. Did you know? 45% of the product launches face a delay of at least one month. This leads to a domino effect of poor results. It is a bitter pill to swallow; it should also motivate you to invest more time in a clear and detailed product marketing strategy. The product launch plan must be effective and on time. A product launch is all about getting the message to the right audience. Thus, you must choose the right channels to reach your target market.
- Piggyback on Other People’s Platforms
As per the best digital marketing company in Perth, the success of a business often depends on its timing. If you can catch a wave, you will be on your way to serving a niche and get keen consumers lining up. If you move too slowly and don’t act up when something is hot, it will kill new companies. What happens if:
- No one knows you.
- No one trusts you.
- Shoppers don’t search with your name.
None of these matters! Why? Let’s say you are a software company. A lot of software companies often help each other to run cross-promotions or partnerships when it is mutually beneficial. Or you can also incentivize a bigger partner by offering them a cut of the revenue you generate through the partnership.
- Finding an Influencer
Influencers have a wide array of pre-built audiences that you can access. The best part is they are easy to find. As per the best digital marketing agencies in Perth, you can search for influencers on Instagram or use other influencer marketplaces.
- Retarget the Existing Customers
A lot of companies think that why would they market to the existing customer base while launching a new product. The objective is to grow your business, right? Choosing new customers is an approach that many companies take. However, you shall find that the existing customers are your greatest source of revenue. With a proven product marketing strategy, you can retarget your existing consumer. How? Market directly to them to address their needs and generate the feeling of brand loyalty. Here is how retargeting looks like:
- Create custom ad campaigns for existing and previous customers. Focus on brand loyalty and ensure customer satisfaction. Think about what will keep the customer to come back.
- Create a retargeting email campaign. Use segmentation and create different campaigns for customers that didn’t purchase through different periods.
- Bid aggressively on the retargeting campaigns. Remember that the customers who previously converted are likely to convert than the new ones. Thus, you can afford to have a higher CPC for the retargeting campaigns.