Introducing New Products to Your Business
Are your clients ready for something new? Introducing a new product may sound fairly simple, but there are important key steps you need to take before putting the spotlight on the newest and latest products.
This month, we spoke with FIT Bodywrap Senior Marketing Coordinator Skylar Burnworth and Support and Training Manager Kara Willingham on how to successfully bring new products to the market and generate sales for your business.
Q: How should you go about choosing a new product to introduce?
A: The products that you choose for your business should always be in alignment with the services you offer and the vision you have for your business. For instance, if your mission is to offer the most effective organic treatments to your clients, you should select a product line that offers high quality organic ingredients.
Q: How much market research should you conduct?
A: Do your homework. Conducting research on the product lines you are interested in carrying is extremely important. Today’s market is littered with an abundance of topical treatments, so make sure you are looking at customer reviews, ingredients, potency and popularity. If a product line has strong branding in the market, it might not only be easier to sell but can also attract new clients.
Q: When should you introduce a new product?
A: A product line can be introduced at any time. The important thing is to ensure it makes sense for your business. You don’t want to introduce a new product just for the sake of having something new. If a product in your line-up isn’t selling, then maybe it is time to switch it out for something more well-known. Also, launching a new product around a timely event often works well. For instance, introduce your new sunless line in the summer and your new body butter moisturizer in the fall when clients’ skin tends to become dry.
Q: What is an effective strategy for pricing a new product?
A: Keep your financial goals in mind and price your products accordingly. Take a look at what your competition is selling the product for as well as what the market can bare. Do make sure you leave a buffer in the price so you have the opportunity to run promotions.
Q: Is it a good idea to offer promotions for a new product?
A: Yes and no. Discounting a product right off the bat can devalue the product and set a new low price before you’ve built value. That being said, offering a small discount when purchasing the product as part of a service package will allow the customer to get accustomed to using the product and hopefully make it part of their routine!
Q: How can you make sure your current and prospective customers are aware of your new product offering?
A: There are endless ways to promote a new product. Some of the most common and effective strategies include social media, front desk displays, and most importantly your staff! Making sure your staff is excited and knowledgeable about the new product, its benefits and service pairings will make the product fly off the shelves!
Before making an introduction between a new product and your customers, make sure you’ve thoroughly conducted market research that will help determine whether that product is right for your business and customers. Don’t be afraid to take the plunge and offer something new and exciting your customers will enjoy!