It's not easy to come up with a new product or service. It requires a unique idea and perfect execution for you to launch a solution that befits the needs and preferences of your target audience.
However, launching a new product or service is just the beginning. No matter how amazing your solution is, if you don't promote it properly, you won't get the attention of the intended audience.
And when that happens, not only will you lose a lot of money, but all the effort you've put in thus far will be in vain.
This can rob you of the motivation to keep the needle moving. Plus, losing an opportunity in the current economic climate can have a devastating impact on the growth of your business.
So, if you are planning to launch a new product or service, here are six ways that can help you generate traction and attract a relevant audience.
1. Introductory Offers
Announcing introductory offers can have a huge impact on your launch. People don't want to miss out on special offers or discounts. So, coming up with introductory offers at the time of your launch can be a great way to maximize traction.
There are a variety of ideas you can come up with for introductory announcements, such as price discounts, bundle deals, free shipping, buy-one-get-one offers, royalty points, free gifts, and so on.
You can also use it as an opportunity to bring your other products or services into the limelight by pairing them with newly launched solutions. The possibilities are literally endless.
Did you know that FOMO, also known as the fear of missing out, influences the purchase decisions of around 60% of people?
We often see people wait in line for hours to try new things or be in a hurry to claim limited-time offers. They don't want to miss out on certain experiences they perceive as important, and it's this behavior that often affects their buying decisions.
Hence, you can consider leveraging the fear of missing out when launching new products or services to get the desired traction.
You can announce limited-time offers, create hype around new products or services in the market, offer products for free to the first few customers, or cash in on the element of scarcity. There are a variety of things you can try to see what works for you.
Hosting contests is an excellent marketing strategy to attract more visitors when launching new products or services and capture quality leads.
Running contests for new solutions helps maximize the efficiency of your launch campaign and increase your reach exponentially. Not only does it create hype around newly launched solutions but it also helps boost your engagement.
You can host contests on your site, attract participants through email, or use social media to entice more prospects. However, it's highly recommended that you leverage all the aforesaid marketing channels to get more traction.
Running contests can get people excited about your newly launched solutions and stimulate word of mouth. It helps you drive more traffic to your site and enable you to connect with your audience in a fun way.
4. Email Newsletters
Did you know that an email campaign is capable of driving an ROI of up to 4400%?
Announcing new products or services via email is one of the classic and most effective ways to generate traction. Not to mention, promoting new solutions via newsletters is the most cost-effective way to convey your message.
But for that, you need to have an email list first. So, the first thing you need to do is gather the necessary information to reach out to your audience.
Once you've gotten consent from your audience and the required data, all that's left is for you to reach out to them through carefully designed email drips building up to the day of launch.
5. Social Media
Announcing new products or services through the social media platforms of your choice may help you get the desired traction.
Around 4.74 billion people worldwide use social media to access content or research their preferred solutions.
So, leveraging the platforms that best align with your niche would be an excellent strategy to market your newly launched products or services.
Social media helps boost your reach and enables you to reach millions around the globe, conveying your marketing messages.
Promoting your solutions via social media increases the shareability of your content and makes it easier for you to engage the intended audience.
Plus, if you have a decent following on your social media pages, you can even initiate trends and create hype around new products or services before their launch.
6. Influencer Partnerships
Recommendations from friends or family have a really strong influence on our buying decisions. We are often on the fence when it comes to trying new products or services, so we often ask our friends or family for their opinion.
Around 55% of people look for reviews about products or services before making a purchase decision.
That said, influencer endorsements often outweigh the recommendations you get from the general public.
It's reported that 49% of people trust influencer endorsements and consider brands that have been recommended by them.
So, it goes without saying that partnering with the right influencers can be an excellent strategy to not only promote newly launched products or services but also to grow your business.
It's a Wrap
There you have it. The six ways to get traction when launching a new product or service. Getting people to try your new products or services may not be easy, but there are plenty of ways to generate traffic and attract the intended audience.
This article lists some of the efficient methods you can consider when launching new solutions. Try them out and see if they work for you.