Your distribution and footprint are growing and you’re ready to introduce your product to a new market. So...how to do that?
We’ve boiled this down into three steps:
Step 1: Build awareness
Step 2: Engage your audience
Step 3: Create and nurture new customers
Ok, ok. It’s not as straightforward as that. Let’s get into the details.
You’ve done your research and established pricing, promotion, and sales channels. You’re ready to introduce your product to a new market. How do you drive awareness, customer engagement, and ultimately, conversions? It’s important to bring all of your marketing resources together in a cohesive way to make the biggest splash when entering a new market. Awareness lives at the top of the marketing funnel - how can you drive enough impressions and frequency of impressions to get consumers to engage with your product? In other words, how do you get in front of a lot of new potential customers AND do so multiple times? Repetition = Recognition. Earned (media relations), paid (advertising and influencer marketing) and owned (social media, web content, and email marketing) media all play an important role here.
Remember: When entering a new market, make sure you’re acting local with your marketing messaging to better resonate with the local target demographic.
Engage your audience
Once you have their attention, how do you engage them? Many product brands do this through experiential marketing, giveaways, events, sampling, and content marketing. By providing something of value that is aligned with your brand (ex: recipes, tutorials, etc.), you can better connect and engage with your potential customers.
Create and nurture new customers
Think through how you can leverage localized efforts to drive conversions in this new market. Conversions, depending on your goal, can be as simple as email sign-ups vs. actual sales. Think about developing partnerships with other local brands that align with your brand values to offer special incentives in celebration of the market launch. Don’t forget to capture all of your newly found friends in your digital marketing and re-marketing efforts.
Word to the wise: budget appropriately when entering a new market. In order to build awareness and get in front of new potential customers, there will be advertising and promotional expenses. Costs for these will vary market-to-market. Budget for your product's debut and for ongoing expenses.