Learning the different ways that you can promote your products is important, because there may be ways to do it that you haven’t thought about. Plus, different promotional strategies can be used depending on the product lifecycle and the buyer’s journey.
The Product Life Cycle
Before we can discuss the promotional mix, let’s look at the normal product lifecycle. Then we’ll look at the buyer’s typical journal, and finally the promotional mix.
- Introduction – This is when the product is brand new. At this point, you’ll need to inform your audience about its existence and educate them about the benefits of it. In this case, you can use paid advertising, content marketing, webinars, and other methods to draw people into your funnel so that you can educate the audience.
- Growth – Now, people know about and are aware of your offerings. It’s a great time to do more to bring awareness to your brand such as contests, challenges, and other giveaways. This is also a good time to speak directly to your customers so that they’ll recommend you, buy other products you offer that relate, and so forth.
- Maturity – Probably at this point there are copycats out there who are also making the same type of product you’re making. Your competition is higher. This is a great time to improve sales pages, make them more persuasive, create more persuasive copy, and be more aggressive in your email marketing.
- Decline – In this stage, you are noticing a loss of sales or slower sales. If the product is evergreen, you can boost sales by adapting it to new audiences, hosting an affiliate contest, and other methods to get more people to think about it.
The Buyer’s Journey
The buyer’s journey has various stages, but it’s easy to think of it in three stages in the beginning.
- Awareness – They know they have a problem that they need a solution for, but they are unaware currently about the different solutions that might help them solve their problem.
- Consideration – After becoming aware of the problem, they start researching the solutions. They find your solution and then compare it with others.
- Decision – Due to seeing your ads, attending your webinar, reading your eBook, going to your event or reading content on your blog, they have learned to trust your brand, like you as a person, or realize you have the best solution and make a choice.
There is more to this later, because you can nurture people past the decision point to become lifetime customers for every product you ever develop if you do it right.
The Promotional Mix
Essentially your promotional mix is the mix of types of promotion you choose to use to market your product. Let’s look at various types of promotions.
- Paid Ads – A great way to start any marketing campaign, especially if you’re new and don’t have a list yet, is through paid ads. You can run paid ads online and offline. But, the fastest way to make money from ads right now is by using Facebook Ads.
- PR – Public relations may not be something you have considered as an online marketer, but PR is simply the process of creating a positive relationship with the public and the media. You can do this by being an effective resource, while avoiding the impact of negativity such as issues on social media.
- Sales Promotions – Whenever sales slow down, coupons, discounts, flash sales, and other quick and short-term promotional methods work great. This also works for launching, but tread carefully if discounting a new product.
- Personal Selling – Going to live events, performing webinars, and asking for the sale yourself, can do wonders. If you’ve written a book, for example, having a book signing can be a great way to sell even more. Going to and speaking at events is another way to sell more.
- Mail – Both email and snail mail are considered direct mail marketing, and both work very well. This is why they say, “the money is in the list” all the time. Build your email list, and keep on marketing to them.
- Content Marketing – Pretty much every type of marketing encompasses some type of content marketing. Create content for every type of marketing. You’ll need blog posts, articles, email series, sales pages, thank you pages, social media content and more.
- Influencer Marketing – A really great way to get more eyes on your product is to hire an influencer within your niche to help you get the word out fast.
- Sponsorships – Want to get your brand’s name recognized? Start offering sponsorships for events that you attend, and even events you cannot attend that your audience attends.
- Affiliate Marketing – You only pay salespeople after they make a sale, so it is a great way to get the word out about your product with a low budget.
Developing an understanding of the product lifecycle, the buyer’s journey, and the various ways you can promote your products and services based on the product lifecycle and the buyer’s journey, will make all the difference to how many products you sell and how long you’re able to keep selling them.