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Is your business planning a new product launch? Sharing your exciting innovation with the world can be exciting and daunting. While you may believe in the product you have developed and think it has plenty to offer, convincing people to buy it can be challenging. 

Many entrepreneurs will be familiar with the scary statistics that state that 95% of new products fail. As around 30,000 new products are launched yearly, many of these innovations don’t live up to expectations. While this figure may appear shocking, it is worth noting that thorough product research and a clear understanding of the target market can vastly improve the chances of product success. However, it is the next stage, the promotion of the product, that may worry you the most. Here are some tips to help you successfully promote your new product so that it achieves the attention it deserves:

Explain its Purpose

Unless potential customers clearly understand your product and how it can help them, it is unlikely that they will engage with it. Therefore, it is essential to clearly state the purpose of your product and highlight the issues it solves for your target audience.

To clearly explain your product’s purpose, it is helpful for your customers to see it in action. This is where an explainer video that demonstrates the purpose of the product and its features is a valuable asset. Producing an explainer video does not need to be costly. Using remote video production is an excellent way to cut the costs of creating videos without compromising quality. 

Display it Prominently

After all your hard work in the product design process, your product needs to be seen. There is no time to be shy when trying to launch a new product successfully. This means that it is helpful to display your product prominently on each of your platforms. From the home page of your company website to a pinned post on your business’s Facebook page, spreading the word and making your product visible is essential to its success.

Use Introductory Offers

Enticing customers to take a chance on your new product and to make a purchase can be challenging. You may find that it takes a lot of perseverance to finally convert customers. One way to ensure that your product is appealing to potential customers is to use an introductory offer. 

Making it clear that this special price is for a limited period should help to drive demand for the product and convert customers that have been viewing it on your website but have not yet converted.

Ensuring that you share the news of this special introductory offer widely is vital. Communicating the special price to your email subscribers and encouraging them to click through and purchase it is a great place to start. In addition, you may want to pay to boost social media posts that feature the offer to increase your audience even further. Taking these steps will give your product the very best chance of success.