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Innovation is key to success in business. While it can be easy to stick to a comfortable lane, the business world is constantly developing, with a number of competitors entering the fray every year – all of whom will be offering something different to entice the market at that time.
Innovation isn’t about updating or developing pre-existing products and services, however. It means, quite simply, creating something new that can be implemented into the brand and used to build on new and existing customer revenue.
But it is easier said than done. In fact, the step that companies usually trip up on is typically one they do not expect. Whilst innovating and developing a new product can be difficult, it is in the promotion of that product where businesses typically fail.
With this in mind, how can you promote a new product as an existing business to make sure your innovation strategies are a resounding success?
How Strong Promotion Will Drive Success?
Firstly, Focus On Your Existing Revenue
If you are in a B2B market, you’re likely to be all too aware of the importance of existing customers. On average, existing customers are responsible for 60% to 70% of a B2B company’s revenue – with new customers amounting to 5% to 20%. While a B2B incentive programme is the most effective in retaining loyal customers, it is also essential to utilising your marketing techniques to keep them in the loop.
Loyal customers play a key role in the success of your new product. They are, of course, the most likely to buy it and then promote it themselves, so take advantage of this by giving them an exclusive preview, either through an in-person, private or virtual launch party. Not only will this give the product the promotion it needs, but it will also tell your existing customers how much you value them, increasing their engagement and loyalty further down the line.
Take Advantage Of Introductory Offers
Innovation is undertaken to build a company and take it to another level. It does this by drawing in new customers and engaging loyal ones, so this should be remembered when it comes to announcing the product that you are releasing.
When you release a new product, make sure to release it as part of an introductory deal. Whether it’s a discounted price, a reduced-rate bundle, a voucher or even double points in a loyalty program, it’s important to guide the customers in getting them interested in the company rather than just the product itself. This will also work to create a sense of urgency. Your customers need this product, and if the introductory offer is time-limited, then this will drive sales and gain traction.
Utilise Your Social Media Channels
Social media, of course, is one of the most important marketing channels for B2C and B2B organisations. This is the place where you can not only market your new product, but customers will market it for you. This, in turn, will help to build a community, especially if you know how to use hashtags to promote the product and keep track of customer interest.
You can also create unique social media competitions, which will sell the product in a unique, fun way that can drive engagement and bring in more followers. Facebook contests, in particular, can garner as much as 34% of new customers during one campaign. When utilising social media, make sure to pay attention to the metrics to ascertain exactly how successful the new product is and what kind of customers it is attracting. In 2023, a large portion of a company’s existence resides on social media platforms, so make sure you take advantage and connect directly with your audience.