Making a new product successful requires teaching people why they should want your product more than their money. Harvard Business Review has estimated that 75% of new products fail. Inc.com puts that percentage closer to 95%. After 35 years specializing in product marketing, Media Relations Agency has strong insights into why some products succeed while others never gain a decent momentum.
For your product to become famous, most people must have heard of it. Climbing that proverbial ladder of fame requires a sound strategy and plenty of tenacity. If you’re introducing a new product, we have a wonderful video that I strongly encourage you to watch. It’s not quite 6-½ minutes long, and the advice is worth every second of your time.
I’d also like to share three more pieces of advice that we give to every client.
1. Take the time to clearly define and understand your key marketing variables. Products fail when companies skip the prep work. For example, build out profiles for your target markets (the people most likely to buy); clearly define how your product is differentiated from your competition, and prioritize your top value points.
Capturing such variables, which we do routinely as part of our Strategically Aimed Marketing system, will help keep your campaign on point and on budget. (Strategically Aimed Marketing is the high octane fuel that powers our integrated marketing engine.)
2. Use the media as your voice. You can reach more people through the media than any other promotional channel. Publicity is also persuasive because people depend on the media to supply them with purchase information. And publicity builds and reinforces your reputation. When people see your story told (and repeated) by multiple outlets, their trust in your product will rise.
Businesses launching new products often prefer to have as much control as possible over how their PR budget is spent. We pioneered Pay Per Interview® publicity, guaranteeing media coverage, in response to this need.
3. Don’t be afraid to ask for help. Recognize your strengths and skills. Delegating all or portions of your product marketing to a highly experienced team can free you up to focus on other areas of your business. It also helps ensure that opportunities are not missed, and that you can react quickly and appropriately as the market begins responding to your product.
The value of working with professional product marketers is that we can easily identify ways to improve your campaign’s effectiveness and advise you when to shift your attention to other angles or channels if something is not working. Media Relations Agency can collaborate with you on every aspect, from publicity to digital marketing, advertising and video production to your Amazon storefront.
We sincerely want to earn your business and help you move your product up higher on the ladder of fame in 2022. Call us at 952-697-5269, or use this form, to get started.
