You may have greatest breakthrough product on your hands, but it won't sell until your market knows about its advantages. Promoting your product effectively requires a clear compelling message and an appropriate mix of promotional tools, such as advertising and public relations.
Instructions
1. Identify your target market and understand the goals of your promotion. For example, you may be re-branding the product line, launching a product, or expanding sales. Narrow your objective to the specific action you want your market to take, such as joining an e-mail list or inquiring about your product. There are usually several steps before a customer buys.
2. Study your promotional options and their pros and cons.
- Advertising can reach a targeted audience; however, it is generally expensive.
- Marketing collateral, such as fliers and brochures, are cheaper and can be posted on appropriate bulletin boards for free.
- Public relations, such as articles in a newspaper, is inexpensive; however, you lose control over the content and impact of the message.
- Promotions might include offering discounts and freebies; it is possible to spend money on these without gaining any sales
- Direct sales, which can include networking, is time-intensive but offers the opportunity to build a relationship.
- Social media is free, but be sure it will reach your market and position your product as credible.
3. Research the buying behavior of your market through discussions with prospects, customers and formal market research. Check out:
- who makes the buying decision.
- who influences them.
- how they find out who supplies your product.
- where they hang out.
4. Finalize the appropriate promotional mix. This includes the frequency and timing of each promotional tool. Be sure the promotion will put your product's message in front of the right people in a credible yet compelling fashion.
5. Implement the promotional plan. Buy the advertising. Create the Facebook page. Reduce your risk by keeping your commitments low until you see the results of the promotion. Ensure it is possible to track traffic generated by each promotion.
6. Monitor the results from the promotion. If your goal was to increase your email list of prospects, check to see if they are signing up. If not, poll prospects to understand the reasons. Then modify your approach. You will learn what is most effective over time.
7. Keep an eye on changes in the buying environment, particularly technology. The effect of social media on your customers' buying behavior is an example. Make appropriate changes to your promotional plan.
