What is the best way to market a new product?

What is the best way to market a new product? That question can be answered in one word: Publicity. And why does publicity work so well when launching a new product? Three words: reach and teach. And two other words: it’s cheap.

Let’s back that up with marketing logic. Consider the first two stages of the product lifecycle. During the introductory and growth stages, people have no idea what the product is or what it can do for them. They need to be taught. In addition, revenue lags behind expenses. During the introductory and growth stages, money is tight. That means reaching lots of people and teaching them about the product has to be done inexpensively.

Consider the other promotional mix options: ads, website, social media and personal selling. Ads are expensive and brief. Not good. Websites are great for teaching but their reach is limited. Social media is inexpensive but it’s also brief and has low reach (good luck winning the viral-post lottery). Last is personal selling. Wonderful for teaching but very expensive and people are only reached one at a time.

What is the best way to market a new product?

Most marketers will use a combination of all five promotional mix channels throughout the product’s lifecycle but it’s smart to get all the publicity possible when introducing a new product. Publicity reaches the masses; it explains what the product is and what it does. And compared to the other promotional mix channels, it’s inexpensive.  

Not every product or service is worthy of media coverage. But most are. Our team of publicists have arranged tens of thousands of product news stories so we have a good idea what the media is interested in. Call us and we’ll tell you how inclined we think the media would be to do stories about your product. You can reach our office manager Becky Quesnel online or at 952-697-5269 and she will put you through to the right person.

Written by Lonny Kocina

Lonny Kocina is the CEO and Founder of Media Relations Agency which has been in business for nearly 35 years. During that time, Kocina also founded and sold two other businesses: Mid America Events and Expos, and Checkerboard Internet Services. Prior to that, Lonny worked as a marketing director for Investment Rarities Inc., a company with sales over 4 billion dollars. Kocina has also been a long time member of Vistage International which is a CEO peer mentoring organization. He was also a volunteer marketing mentor for Junior Achievement and the Carlson School of Business. For fun he has taught Principles of Marketing at the college level, and his recent book, the “CEO’s Guide to Marketing” is an Axiom Business Book silver medal winner as well as an Amazon bestseller. Lonny likes to kid that his third grade teacher may have summed him up best with a note sent home on his report card. “Lonny is a daydreamer and he’s getting worse each day. He complains of a stomach ache a lot and I don’t think he likes school much either.”

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