When launching a new product, the hard work needs to start in the weeks and months before your actual launch date to guarantee early sales. While not all products are instant hits – some being slow burners that take a while to catch the public’s attention – the vast majority rely on their launch to create a place for them in the market. A failure to build demand for your new product can result in the worst possible outcome – low sales on launch day. When this happens, your business is up against it from the first moment.
Rather than keeping your eyes on an exciting and increasingly large profit figure, you’ll have to play catch-up. Starting on the back foot is never good for business.
With this in mind, we’ve created a guide to building demand for your new product before launch day. Aimed at SMEs that don’t have the budget or marketing resources to run enormous launch campaigns, it features actionable tips that will help you make your launch a success.
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Create an Email Waiting List
If you don’t have one already, the very first thing you should do after reading this guide is launch an email waiting list for your product to build demand.
Email addresses are worth their weight in gold. You need to think of your email subscribers as hot leads. These people are essentially telling you “I’m interested in your product and I want you to keep me informed.”
By adding waiting list signup forms across your website, you can build a literal database of people who are interested in your product, that you can contact at any time for free. It’s a no-brainer.
You can guarantee sales on launch day simply by contacting your list and telling them your product is now on sale. But to get the best results and generate the most demand, you need to be working your list before that.
Start by regularly updating your subscribers on:
- Product updates and development features you’re working on
- Behind the scenes insights into the team and how they operate
- Product benefits and what they’ll help customers achieve
- Promotions and countdown to the launch day
To drive signups for your waiting list, you might want to consider offering incentives for your subscribers. It could be a money-off voucher, a lead magnet, early access to the product, or the ability to purchase a special version of the product. This makes your product and brand feel more exclusive and generates a buzz for launch day.
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Give Industry Influencers Early Access
While traditional advertising methods can still be effective, the digital revolution has changed the face of modern marketing and introduced new channels and techniques that businesses must take advantage of. One of the most important new resources at your disposal is influencers.
Giving your product to industry influencers to promote it on their channels raises awareness and encourages sales. This is effective for two reasons. First, the influencer has direct access to an established customer base.
Second, the influencer is a trusted “third party.” They’re often perceived as neutral and unbiased. Having them endorse your product can dramatically elevate your credibility and brand prestige.
However, to get this technique right, you need to choose an influencer with a subscriber base that matches your target demographic (in other words: the people most likely to buy your product.
Do your homework, look at listener figures, and research the community each potential collaborator has built. Otherwise, you might limit your campaign’s efficacy by spending time talking to an uninterested audience.
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Create a Product Explainer Video
Internet users are fickle and impatient creatures, it’s often a challenge to communicate complex product information without them switching off. The solution to this problem is video. More specifically, animated product explainer videos.
The idea behind product explainer videos is pretty straightforward – you create an engaging video to build demand that thoroughly explains what the product is, how it benefits customers, and why they need to buy it.
Whereas this information might be challenging to communicate in text form, videos are much more likely to have an impact.
A recent study by Insivia found that people retain 95% of a message when communicated via video, compared to just 10% of the message when reading it in text. Research by Unbounce also suggests that product explainer videos increase conversion rates by 20%. These two stats alone demonstrate just how effective video can be.
To ensure potential customers see your explainer videos, create one for each product page and embed them in the above the fold section so that visitors don’t have to scroll to find your video. This will have the biggest impact on your website’s conversion rate.
In addition, promote your explainer videos to cold leads via Pay-Per-Click (PPC) advertising campaigns. Explainer videos are quite literally the perfect entry point for potential new customers.
You may also include them in your email newsletter and post it on social media channels. You can improve launch day sales significantly by using explainer videos to make customers aware of the problems your product solves.
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Promote Your Product on Podcasts
Podcasts are another excellent way of publicizing your new product. As the format has evolved, increasingly niche podcasts have emerged. These often cover fairly specialist subject matters but still reach a large audience.
Podcasts are a fantastic medium because they provide direct access to potential customers and allow you to discuss your product and brand in greater detail.
As with choosing an influencer, you should carefully select your target podcasts. Look for those with a listener base that resembles your ideal customer and approach the host via LinkedIn or the contact details they provide on the show.
Appearing on a podcast doesn’t usually cost you anything (despite the advertising it provides), so it can be a great way to promote your product if you’re on a smaller budget. It also helps you develop your reputation for thought leadership and enhances both your personal brand and the company’s.
Finally, we recommend appearing on as many podcasts as possible – as long as you target relevant audiences. If podcast promotion proves successful, keep reaching out and offering your services as a guest. It’s a brilliant way of generating interest in your new product launch.
Summary
Promoting your new product doesn’t have to be ridiculously expensive or involve a large marketing team. Instead, follow our four easy tips to build demand, and you can generate interest quickly and effectively.
Set up your email waiting list, give influencers early product access, create your explainer video, and promote your product on podcasts and you’ll find you’re in a great position when launch day rolls around.
