Startup Junction

How to Market A New Product

A lot of entreprenuers get so consumed by the coolness and market potential of their new product that they forget to come up with a great marketing strategy.  I have come across several startups where entrepreneuers have dedicated a great deal of time and money to design and manufacture their product just to collect dust in a warehouse.   One of the biggest mistakes which startups make is that they overestimate the market potential of their new product and do not allocate enough money for marketing it.  Sure, their product would have enough potential but how exactly would their customers know about it?   Another mistake which is made by most of the startups is that they use traditional marketing channels such as newspaper and television and do not exploit the new marketing channels such as internet.  Below are some tips on who to market a new product:

• Start Early - Even before your product is actually ready for sale, you should start getting endorsement and testimonials.  For example, if you are going to sell a new backpack, an endorsement from a local hiking club and testimonials from hikers may be a good idea.  Students may also be willing to give you testimonials.
• Start Product Website - Start a product website.   On this site you should have product description, images, features, user guide and a shopping cart enabling you to buy it.
• Start Product Blog - Start a product blog of your own.   On
  this blog, you can discuss the new and upcoming features and how to use
  the product.  You can set up an email where customers and potential
  customers can ask questions or email feedback.  Any questions they ask,
  you should post answers to them online.
• Use Online Communities - Social networking sites such as Facebook and MySpace are a great place to start marketing your product.  You can start a product page and product users group.  This is not only a good way to spread the word but also a great way to get feedback on your product.
• Review Sites - Work with review sites to get reviews posted for your new product.
• Bloggers - Work with bloggers to have them write editorial on their blogs.  Some bloggers may be willing to do it simply if they like the product.
• Don't Forget Traditional Channels - Don't forget your traditional channels such as magazines, newspapers, radio and televisions.  An article in a local daily or mentioning on a TV channel by a news anchor can bring you lot of business.  You should work with them way ahead of time since they have to plan their editorials.  For example, if you would like to get your technology product mentioned in the Wired magazine, you should contact them six months before the launch.