Launching a new product or service can be a daunting task for entrepreneurs. To help navigate this process, we’ve gathered thirteen effective marketing strategies from CEOs, founders, and other industry professionals. From leveraging search engine marketing to running a social media contest, these insights offer a comprehensive guide for your next launch.
- Leverage Search Engine Marketing
- Engage Customers via Live Selling
- Craft a Compelling Narrative
- Create Viral Content
- Invest in Search Engine Optimization
- Generate Buzz Across Channels
- Execute a Pre-Launch Hype Campaign
- Build a Strong Email List
- Partner with Shared-Audience Entities
- Cross-Sell to Existing Clients
- Initiate a Warm Outreach Campaign
- Forge Strategic Influencer Partnerships
- Run a Social Media Contest
Leverage Search Engine Marketing
As a project manager at a marketing firm, numerous new products and services for clients have been promoted. In this experience, SEM (Search Engine Marketing) is believed to be the way to go. Google Ads and SEO are incredibly effective when launching something new. They blend paid and organic traffic to boost website visits.
Google Ads offers diverse ad types, like search and GDN ads, increasing page exposure. Combining search and GDN ads gathers valuable customer data, optimizing conversions. Then, a PMax campaign can be used to enhance conversions.
Integrating an SEO strategy is also wise. Valuable blog posts improve Google rankings, leading to organic traffic growth over time, even without active ads.
This combined search engine marketing approach has consistently boosted sales for new offerings in a short span.
Engage Customers via Live Selling
Customers nowadays often consider how a product, especially a wearable one, would look on them or how it will match with what they currently have. Product shots don’t work as well as having an influencer or models wear the product in a short video. This is why reviews from bloggers are useful to people because everyone researches before buying and always tries to find what is best for them.
If there were a way to pack all this together in one presentation, it would be a great idea for a product launch. A platform that can help through live selling is Sprii.
Imagine this: on the day of your product launch, you get to go live on your social media platforms and engage your customers by answering their questions live, showing them ways on how to use your product. It can be a tutorial; the possibilities are endless!
This also shows your customers that you are human and that you are not a scam company.
Craft a Compelling Narrative
As a startup, it’s challenging to chart your course in the world of marketing. From experience, a highly effective marketing strategy is to prioritize strategic storytelling during the launch of a new venture.
Here’s the trick: create a compelling narrative that lays out your journey, mission, and how your creation solves real-world problems. You’re not just promoting your stuff; you’re also crafting your brand identity. This helps you stand out and build connections with people who resonate with your mission.
Right now, focus on angling your product or service with an impactful story that sparks an emotional trigger.
You’d be surprised by how many people relate to your story!
So, while you’re excited about launching your latest venture, remember that sharing your unique story plays a pivotal role in leaving a brand impression.
It’s always a tale that invites your audience to join you on an exciting journey.
Nicholas Robb, Founder, Design Hero
Create Viral Content
Virality or attention marketing is recommended. This strategy involves creating content intended to go viral, such as a meme, a video, or an article. Using social media and creative thinking, an obscure brand can use virality to launch a new product or service.
Consider Tom Dickson, the CEO of Blendtec. This blender-making company realized that YouTube could be a great marketing tool. With the algorithm’s focus on short and witty videos, they created a series called “Will it Blend?” In this series, they put everything from Amazon Echos and golf balls to Thanksgiving dinner into their blender.
Surprisingly, it did blend. After gaining billions of views and huge interest in their Blendtec blender, the company grew into becoming one of the most reputable brands in the industry. A best practice for virality is to create content for each social media platform that connects with that platform’s audience. A YouTube shorts style won’t work for Instagram reels, so create and optimize accordingly.
Invest in Search Engine Optimization
Search Engine Optimization (SEO) is often overlooked by startups, but it’s crucial for long-term success. I’ve consulted for various startups that had fantastic products but lacked visibility.
By implementing a robust SEO strategy that included keyword research, on-page optimization, and quality backlinking, we saw a significant increase in organic traffic (+500%) and customer conversions (12x). SEO isn’t a quick fix; it’s a long-term investment.
However, the ROI is often higher than that of paid advertising channels in the long run. Paid search is like taking an Uber; SEO is like owning a car. So, if you’re launching a new product or service, make SEO a cornerstone of your marketing strategy.
Generate Buzz Across Channels
A great way for entrepreneurs to promote their new products or services is by creating a buzz around them. This can be achieved through various channels like social media, email marketing, influencer marketing, and other forms of advertising.
By generating excitement and interest in the product or service before its launch, entrepreneurs can build a loyal customer base and increase their chances of success. Moreover, offering early-bird discounts or exclusive access can incentivize customers to make a purchase and spread the word to their network.
Execute a Pre-Launch Hype Campaign
One effective marketing strategy for entrepreneurs launching a new product or service is to employ a “pre-launch hype” campaign using social media and email marketing. The idea is to build anticipation and excitement around the product before it becomes available. By teasing features, offering sneak peeks, and even providing early-bird specials to those who sign up or follow the brand, entrepreneurs can create a sense of urgency and exclusivity.
This pre-launch effort serves multiple purposes: it creates buzz, helps gauge interest in the product, and provides an initial customer base that can turn into advocates. Utilizing platforms like Instagram, Facebook, and Twitter for social proof, along with an email list for more direct and personalized messages, can make the actual launch much more successful. The data collected during this pre-launch phase can also be invaluable for fine-tuning both the product and the larger marketing strategy.
Build a Strong Email List
One effective marketing strategy for entrepreneurs is to build a strong email list, offering valuable content or running contests for sign-ups. Utilize email marketing to send updates, offers, and segment your audience.
Additionally, create a robust social media presence, run targeted paid ads, engage in online communities, and attend industry events to raise awareness and generate interest in your new product or service.
Partner with Shared-Audience Entities
The best way to efficiently launch a new solution is to partner with people who share your target audience.This approach is beneficial for a number of reasons.
First, prospective partners may have experience with similar solutions. Their constructive feedback will be valuable, regardless of whether you work together.
Second, they’ve already earned the trust of their audience. Their endorsement of your solution creates a “halo effect,” making sales easier.
Finally, they’ve already successfully captured your target audience. So, they’re ideal mentors to guide you to the next stage of your business.
Cross-Sell to Existing Clients
The most effective marketing strategy I’ve used as the director of a digital marketing agency is to cross-sell the service to existing clients. This not only strengthens my relationship with them, but it also helps me generate feedback and positive reviews. These can be used to sell the service when I look to scale the sales process.
Initiate a Warm Outreach Campaign
A holistic, value-driven warm outreach campaign can provide you with your first customers at no cost to you while providing you with invaluable feedback about your product-market fit before you spend a dime on advertising with a lead generation company.
The best part: it’s super easy to execute. Simply export all your contacts from your database (email accounts, phone contacts, CRM, etc.), identify who is a great fit for your product/service, and establish a personalized-yet-templated message to either get your prospect onto a call to discuss (or sell 😉 ) your product or service. You could even offer your service to the first five people for free in exchange for testimonials (social proof) for future marketing campaigns to generate new leads and new customers.
This is still done today inside businesses, and it’s beneficial even well beyond a startup. However, engaging your warm audience is the most profitable activity you can do.
Forge Strategic Influencer Partnerships
Entrepreneurs can expedite market penetration through strategic partnerships with influencers within the industry’s ecosystem.
A comprehensive audit of influencers who operate within your sector or cater to a target audience with overlapping interests should be undertaken. Key performance indicators (KPIs), such as engagement rate, follower count, and content relevance, can be used to refine the list.
A formal proposal can then be crafted to be presented to potential influencer partners. The proposal should include the symbiotic benefits of the collaboration, including, but not limited to, financial compensation or complimentary products.
After a partnership has been forged, a collaborative framework for content creation can be developed. It’s important to ensure that the content aligns with both the brand’s and the influencer’s aesthetic and message to improve conversion likelihood.
Eleanor B, Marketing Specialist
Run a Social Media Contest
Running a digital marketing agency for 15 years has provided many opportunities to help clients successfully market their new services or products. One of the most effective ways to do this is by running a social media contest. The winners of your Instagram, Facebook, or other platform’s giveaway should get early access to your brand-new product or service, preferably at a discount (or even for free).
An important point is that using all of your marketing channels to announce the contest is paramount—your email newsletters, website, other social media channels, and even paid ads. Not just the social media account through which you intend to execute the primary campaign. This will result in greater engagement with your Facebook or Instagram account, which, in turn, will culminate in higher traffic to your website.
Leslie Gilmour, CEO, BeFound