Branding Strategy for New Products
For small businesses or startups having a solid branding strategy is a requirement for growth. No amount of marketing, SEO, or social media management will produce tangible results if you don’t have a direction to begin with.
In this article, we’ll be sharing insight on how to craft a branding strategy for new products in your business.
Know your Business’ Branding Strategy
This may seem like a no-brainer, but what we mean here is identifying how your business differs from your competition. Your business will have its own concept that makes it uniquely different than the rest. You want to maximize that quality and leverage it so you can gain a distinct advantage from your competitors.
Know Your Target Market
Part of brainstorming for your strategy involves asking the right questions. You don’t necessarily have to have the answer right away, but asking the proper questions will at least set you in the right direction. Things to consider asking include:
- Demographic of your audience, in general, and specified area
- How people search for your product (or service) in your industry
- The attention span of your audience
- Which social media networks your audience are active in
Keep these questions in mind as you work on growing your business and add to this growing list as you see fit.
Nurture Long-Term Relationships with Customers
Notable brands like Starbucks, Nike, Apple or Microsoft are excellent examples of this. Not only are they continually drawing in new customers, but they are also maintaining their relationship with existing customers by creating innovations, improvements over older products, and more. This loyalty is an indicator that your business can be trusted.
So how can you build long-term relationships with new products?
There are several options here. First, is to provide the best customer service experience you can give to your customers. If they complain about your product or have an issue with it, make sure you provide them a quick solution or offer them a replacement. Customers will see this effort and will remember it as part of their overall buying experience. Another way to build loyalty is to create a loyalty program for your existing customers. For example, if you are selling printer toners, you can have a program where if the customers return their used cartridges, they can get a special discount.
On a closing note, it may seem challenging to market a product or service that you just introduced in your business. However, with the tips that we’ve listed above, you’ll be a step in the right direction.
Want to learn more about branding strategy for your new product?
Consult with our specialists at Island Media Management, our team consists of experts from different fields and backgrounds to help tailor the strategy and execution to fit your business needs.