You’ve just learned that a new product launch is coming down your pipeline in the next few weeks! Maybe it’s an exciting update or refresh of a popular item that you sell, or perhaps it’s something completely brand new, created in response to customer requests. No matter the origin or purpose behind it, a new product launch is an amazing opportunity to promote your business.
Here are 5 steps to take to leverage a new product launch and supercharge your business in the process!
It’s so critical to stay current on what’s happening in your business organization. If you’re a one-person shop, then you’ll always know what’s coming -- but if you’re working for a larger entity, sometimes in the midst of running your business and managing your life, you can miss out on announcements, events, or updates. Whatever your process -- subscribing to email alerts (and actually reading them!), following your leaders on social media, checking in on your team’s resources and communications -- be sure you’re staying in the loop!
Make It A Party
A new product is the perfect reason to hold an event -- whether it’s live or virtual, you can use the new product announcement to anchor the celebration. Live events do have a little leg up here, particularly if the new product is something you can offer samples of so your prospects can give it a try first-hand. People always love the chance to see, smell, touch, and feel something firsthand.
However, a virtual event can also be a major win - it lets you share your enthusiasm for the new product, and you can generate excitement by holding a giveaway or offering a special discount. Feeling uncertain about hosting a virtual event? We’ve got you.
Create a New Partner
If you’ve been talking with customers or prospects about joining you in business, a new product launch is a great opportunity to revisit the discussion, and offer your potential business partner a fantastic starting bonus to build some immediate momentum. Coach them through holding a business launch event, featuring not only their new business, but this exciting new product. It’s a win-win!
Connect with Reluctant Prospects
Maybe you’ve been chatting about your products with someone who has been on the fence. A new product can give them an infusion of encouragement and a new reason to make that first investment. Maybe it’s exactly the product they’ve been looking for; or maybe it’s a great bonus buy that helps them fit the new purchase into their budget.
Be sure you take this opportunity to reach out to reluctant prospects -- to invite them to your event, but also to let them know about the new product directly. Taking the time to connect personally can often be the deciding factor with someone who’s on the fence, and with a new product, you won’t be just repeating the same conversation you’ve had before - you’ve got something new and exciting to share!
Ramp Up Referrals
Don’t forget about your existing customers, of course! You’ll invite them to your event, for sure, and let them know about the new product so they can be among the first to give it a try. But, don’t stop there! A new product offers you a new chance to ask your customers who else might love this in their life. By asking your customers for referrals, you’ll be leveraging the power of your existing community and their trust in you.
- Bonus Tip #1: If any of your customers brings you more than two referrals -- that’s a good sign they’d be a stellar business partner. Have you talked to them about joining you in business?
- Bonus Tip #2: If you really want to supercharge your referral potential, consider offering a referral reward. Maybe the customer who brings you the most referrals gets a FREE new product? (Check back on Friday, when we’ll be sharing the top tips on how to make rewards and promotions make sense for your bottom line!)