How To Market A New Product Or Service

Let me first say that marketing a new product or service is NOT an easy task. With new product marketing you're fighting against two things.

1. A business that has no customers or clients and no past history
2. Worse still, people's reluctance to buy in the early days

Research tells us that 2% of the population instantly embraces innovations. Another 12% accept them after a year. After 2 years 22% join the band. This means that pioneers have to have the patience and the money. Even after 2 years 64% of people are still waiting and seeing. THIS IS A SCARY REALITY!

Just look at what has happened with compact discs and satellite dishes. It takes time. No matter how good your new product or service is, you're competing against human instinct. (Mind you Viagra seems to be having a different effect - few and far between though!)

So how can we help overcome this problem? Here are some proven guidelines for new product marketing.

Give It Away

Give your product or service away to half a dozen people on the guarantee that they'll provide you with a testimonial. If this is not easy to do due to the cost of the product or service, then offer a free sample or free trial etc.

Use Testimonials

Testimonials should be used in all your marketing material. If you don't have any apply step 1 above!

Give Customer Stats

Tell how many people have already bought your product/service and how many have made repeat purchases.

Information Overload

Offer as much information as possible in the form of brochures, videos, audiotapes, seminars, sales calls, free demonstrations etc.

Money-Back Guarantee

Provide a powerful money-back guarantee and warranty. This is an absolute MUST.

New Isn't New

Make the point to the prospect that at one stage everything was new: TV, computers, cars etc. Tell them how many people delayed their purchase because they weren't sure these breakthroughs were here to stay.

Play The innovation Down (in some cases)

Depending on your target market, you may want to avoid using the words - breakthrough, evolutionary, revolutionary and advanced. Let your benefits speak for themselves. The word "proven" adds power to new products or services.

These new product marketing guidelines will have an immediate impact on the success of your new product or service. But remember the ultimate rule:

Your new product or service could be the best innovation in the world. it could enrich the lives of all its buyers. it could be affordable for its intended market. But if you fail to use proven new product marketing techniques it will fail. Nothing is more certain than this!

So don't fall in love with your new product or service. Get your new product marketing right, and your clients or customers will do the falling in love, and simultaneously take care of your bank account!