What is the best way to market a new product? That question can be answered in one word: Publicity. And why does publicity work so well when launching a new product? Three words: reach and teach. And two other words: it’s cheap.
Let’s back that up with marketing logic. Consider the first two stages of the product lifecycle. During the introductory and growth stages, people have no idea what the product is or what it can do for them. They need to be taught. In addition, revenue lags behind expenses. During the introductory and growth stages, money is tight. That means reaching lots of people and teaching them about the product has to be done inexpensively.
Consider the other promotional mix options: ads, website, social media and personal selling. Ads are expensive and brief. Not good. Websites are great for teaching but their reach is limited. Social media is inexpensive but it’s also brief and has low reach (good luck winning the viral-post lottery). Last is personal selling. Wonderful for teaching but very expensive and people are only reached one at a time.
What is the best way to market a new product?
Most marketers will use a combination of all five promotional mix channels throughout the product’s lifecycle but it’s smart to get all the publicity possible when introducing a new product. Publicity reaches the masses; it explains what the product is and what it does. And compared to the other promotional mix channels, it’s inexpensive.
Not every product or service is worthy of media coverage. But most are. Our team of publicists have arranged tens of thousands of product news stories so we have a good idea what the media is interested in. Call us and we’ll tell you how inclined we think the media would be to do stories about your product. You can reach our office manager Becky Quesnel online or at 952-697-5269 and she will put you through to the right person.
