Image courtesy of Pixabay.com
Often when we talk about marketing, we discuss creating effective websites, building our brand, digital marketing… all those things that attract customers and prospects to us. Yet, it is also important to focus on product marketing. Product marketing is about bringing a product or service, typically something new, to market.
Launching new products or services can often be newsworthy and a great opportunity to generate press. Maybe consider attending trade shows (either as an exhibitor or attendee) to showcase your offers. New product launches are also a great opportunity to get in front of your existing customers to share both your new offering and the rest of your products/services. Cross selling and upselling have always been favorites of mine.
How do you this? It starts with innovation, which is a key component to enabling your business to thrive. In the fast-paced business world we live in, you must constantly be innovating in order to stay fresh, to keep attracting prospecting customers (new market segments, new demographics like millennials) and to attract new employees (and to keep existing ones).
When presenting a new product or service, it is important to understand your customer base’s wants and needs – and how your innovation will address those needs. Many business owners fall into the trap of thinking they know what their customers want, but ultimately find out that they weren’t even close – which can equate to a massive loss of money and time. How can you overcome this? Give a good hard listen to what your customers and prospects have to say.
If you can, get in front of your friendly and visionary customers personally. If that is not possible, then setup video conferencing calls.
Send out a survey with options for the type of products, features, services, etc. You believe your customers seek or need.
Create a “Customer Advisory Board” who provide ongoing counsel as to the direction of your offerings.
Build a prototype, if applicable, and take it out to customers for their input (I did this and traveled internationally and was blown away by the positive, creative and innovative ideas that I received. It was so much fun).
These are just a few ideas. The important message is to continue innovating. Bring something new to marketing at least once a year, depending on your sector. Even if you are in the trades you should be coming up with new offers for your existing customers and to attract new ones.
Budget time, money and other resources (e.g. people) to focus on ensuring new product development and effective roll-outs. Let us know what you are doing to innovate and bring new products and services to market.
By Blair Koch
