Launching a product can be an exciting yet uncertain time. Perhaps you’ve spent years developing the product you always dreamed of creating, and now it is time to take it to market and see if it flies.
You need to explore product launch ideas before launching to see which fits your product. In most of the product launch guides you read, you’ll see people recommending discounting your product. Penetration pricing is definitely a way to get your product some recognition and boost sales in the short term, but it comes with its downsides.
If your product is the sort of thing people only need to buy once, selling it for a reduced price doesn’t have the same benefits as it might for a recurring purchase.
💡 Think of it this way: When you see a new range of cookies discounted at the store, it is because they want you to enjoy it and buy it again. If you’re selling power tools, the incentivized first purchase strategy isn’t necessarily going to help.
So, what are some other strategies for launching a product that do not involve cutting the price?
Anyone who has tried launching a new product without the help of some positive reviews will tell you how hard this can be.
It’s worth sending an early release of your product to reviewers online. You can even make use of your network of friends so that you can get some reviews on a product early. Just make sure you aren’t overstepping the terms of service on Amazon or other e-commerce Platforms.
It is much easier to “convince” people to buy your product if it has a track record of strong reviews.
Rebates are a creative way to keep control over your discounting and have other benefits such as encouraging reviews. With a system like Rebaid, you can limit the daily discounted orders. This way, you don’t run the risk of dropping your price and shifting thousands of units at a price that you can’t really afford to sell at.
A system involving rebates is often a good way to boost sales and increase the traffic to your product on selling platforms like Amazon, or emerging platforms such as Etsy. In turn, encouraging them to reward your product with more visibility in the algorithms.
One of the very best ways to get some effective exposure early is to get some coverage in the media. Press releases and free samples can be a small price to pay if you are able to get featured in websites, magazines, and newspapers.
Finding the right journalists and editors is made easier by using platforms like LinkedIn, and reaching out to let them know about a product launch could be doing them a favor, too. People are always on the lookout for interesting stories, so try and provide an angle that is worthy of media coverage.
Influencer marketing works better in some niches than others. People are more used to this kind of marketing for products such as fashion accessories.
If your product is the sort of thing people may see their favorite YouTubers and Instagram users with and want to buy it themselves, it is worth considering whether reaching out to influencers could be a way to promote and launch your product. You can get creative and provide exclusive promotions for their followers, such as free extras or exclusive designs.
Influencer marketing can be done on both a huge scale and a relatively small scale. Even if your product launch is likely to be relatively modest, influencers can help to boost sales.
It sounds vague, but in truth, this could be the most vital tip out of all of them. As you are developing your product and choosing the best products to sell, you should be taking the time to work out exactly who your target audience is. How do they behave? Where can you find them?
Once you’ve reached the stage where your product is fully-developed and ready to go, it is likely that you’ll have a better knowledge of where to target people. If you have an advertising budget, even if it is small, try to use this with a sharp focus on those for whom your product was developed.
Scattergun approaches to product marketing are not smart. With such sophisticated ways to target people in the modern age, being scattergun is not necessary. Utilize the research you have done and think carefully about the corners of the internet where you can find your audience.
The launch phase is always crucial. It usually makes the difference between “sink or swim” for your product.
Offering discounts just doesn’t make sense for a lot of products. However, there are plenty of other ways that you can market a product before and during a launch, retaining the perceived value of your product in the process.
About the Author:
Dirk Llorens is an Amazon Marketing specialist with 9+ years of experience working with Amazon and an extensive background in digital marketing campaigns, specifically Amazon PPC optimization.