Marketing a New Product

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Marketing a new product can be difficult. There are press releases to write, Internet marketing strategies to research, and a host of other things to consider when marketing a new product. Collective buying is a great way to tell people about your product and generate sales. It’s no secret people love a good deal. In fact, people who love to shop sometimes buy things they don’t need, just to take advantage of a good deal.

Offer a Good Deal

Collective buying websites like Living Social and Groupon are becoming an increasingly popular option. These sites give customers special prices for products, services and even travel packages. Members of these sites can opt-in to email alerts or download a mobile application that will notify them of deals they may be interested in based on their preferences.

Marketing a new product using these sites may cost you, but it is also an opportunity to show customers what you’re worth at little risk to them. When your product is featured on a group-buying site, all of the site’s users in your specified area are notified. Customers who may not generally be interested in your product might come across it when checking their email online or scrolling through their smart phone.

Word of Mouth

Group deals have the added benefit of encouraging word of your product on the streets. A college student, for example, is scanning through her phone and sees an advert for your custom-made ties. She decides to try your product out, since Father’s Day is approaching and you’re offering $50 worth of ties for $25. When she receives the product, she is impressed and tells her friends about your website. If two of her friends purchase ties for $50, you’ve made a $75 profit. Your satisfied customer has taken some of the legwork out of your internet marketing campaign.

Deals typically have a timeline, which puts members under pressure to buy. These sites also offer clients the chance to get their deal free of charge, if a certain number of their friends purchase the product during the promotion. Advertisements are equipped with social buttons so individuals can share your deal via text message, social media and email. When marketing a new product, social media is vital. With collective buying, your customers have an incentive to do some of that social media promotion for you.

Product Placement

Product placement is also an important part of marketing a new product. Group selling allows you to customize your offer by market. In markets that tend to spend more, using the above example it might be better to run a Buy 3 Ties, Get Tie Free promotion. This way, customers still get a deal, but you get a higher profit. For example, if ties are $50 each, it only cost you $50 to make $150. This way you can earn more than the previous approach before the customer even shares your deal online.

Marketing a new product using group buying sites is a great option for growing your profits and customer base. Take this approach and save on pulling together a marketing team, writing a press release or manually promoting your product online. Try it out and be amazed by the outcomes.

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