5 Strategies to Generate Product or Service Demand
October 28, 2016
Maybe you have created a new product or service and are ready to release it to the market. Or maybe, you are looking to create something new to provide to your customers. Whatever the case may be, you cannot simply put a new product or service on the market and expect for it to immediately be successful without doing any work. So, here are 5 strategies to help you generate a demand for your new product or service and get more sales.
Find and conduct market research.
One of the most important things that you and your company should be doing is learning what it is your customers want and need. There are a few ways that you can go about getting this information. First, you can conduct surveys and test groups with your customers, asking them specific questions on any given product area. You can also do some market research by seeing what customers are saying on social media, and what sort of problems they need to be solved.
Highlight real customer reviews.
Seeing real honest reviews is something that usually encourages consumers to buy a product or service by creating a new level of trust. In fact, according to a survey by Ipsos Open Thinking Exchange, over 78 percent of Americans who shop online consulted with reviews before making their purchase. Meaning, the more positive reviews you have—and feature on your website—the more likely consumers will buy from you rather than your competition.
Create winning content.
Any business, new or old, needs to be able to promote themselves and their products or services through the content they put out. This content needs to be both educational and informative, but also interesting to your customer base. You can create blog posts relating to your niche or amusing videos featuring the product or service that you are selling. Regularly providing your customers with quality content will keep them interested and can help to increase overall sales.
Create a loyalty program.
When companies offer loyal customers special deals or perks, they are more likely to not just stick with the company, but also recommend them to friends and family. Some companies offer tiered rewards programs, while others use a points system; customers collect points with every purchase and can trade in those points for free items or discounts on future purchases.
Offer new customers their own deal.
When you offer potential customers a discount or special rate on your products or services, it helps to draw them in. Especially if the deal makes you a better option than your competition. If they have a positive experience with your company and it is something they need to order regularly, then they will likely become repeat customers. But, it is important that you make it clear that the special deal is a one-time offer.
Businesses are always creating new products or services that they hope will succeed. But, unless you work are generating demand, it may not take off as quickly, or at all. So, keep these 5 strategies in mind when it comes to introducing new products to your customers. That way, you will be able to find more success.