You can increase sales by marketing and promoting your product in the right ways.
Coming up with an idea for a new product is both exciting and challenges for small and large businesses alike. Once you have your product idea developed and ready to sell, you need a strategy for marketing and promoting your product. You can use many marketing tactics to promote your idea, but for a new product you can take a series of steps that can help set you up for future success.
Instructions
1. Develop a marketing plan, which is a written document that outlines your marketing and sales goals. First, write down the objectives of your marketing plan. Ensure your goals are specific and measurable, such as "improve profits with our healthcare clients by 12 percent within eight months." Next, describe your target market, which is the group of customers you think is most likely to purchase your product. Then, outline a list of marketing tactics you are going to use to promote your product to those customers, and specify a timeframe for each tactic.
2. Select your market channels, which are the places you want to distribute your product. You can choose to sell your products using a retail market channel, which means you have a physical store from which to distribute your products. You can also use wholesale market channels to sell your products, which means you sell your products to a middleman, who then distributes them to consumers.
3. Create a website. If you don't have a website for your product, hire an experienced copywriter and web designer to help you build one. Use your website to communicate key features and benefits about your product, background about your company, special deals and savings, where customers can find your product and your contact information.
4. Execute your marketing plan. Begin using the marketing tactics you outlined in your marketing plan to promote your product. Examples of tactics you can use to market and promote your product are direct mail; newspaper and magazine advertising; networking and public speaking; referrals; search engine marketing; social media marketing; email marketing; and word-of-mouth marketing. Use a variety of these tactics, and track and measure the performance of each of them. Keep using marketing tactics that produce the highest return on your investment, and ditch the ones that aren't bringing in sales.
5. Expand into new markets. Once you have established your product in the marketplace, you can begin to expand into larger markets, advises Entrepreneur Magazine. Contact buyers for large retailers like Target, Costco or WalMart or specialized stores that would be a good fit for your product.
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