A new product you receive in a retail store may not always need help to sell big numbers; however, some will. In many cases, how a new product is marketed will make or break it in terms of first-quarter and second-quarter sales numbers. The more you have riding on a product release, the more important it is to get it right. Figuring out how to market new products in your store can help you sell more and increase your overall profit.
Let's learn how to promote products in a new store:
Create a compelling product display. Make a new product hard to miss. Use bold colours, clear text, and visuals to capture interest. Use cardboard or design tactics to create a physical display highlighting your product and giving it its store centrepiece feature.
Digital signage software allows you to program your store's visuals to guide customers to your product display. Position signage strategically in high-traffic areas to maximize exposure and emphasize your new products alongside best-sellers to associate the new with your best.
If there's a way to provide take-home samples or let customers test out a product in-store, this will make your new product an experience. These samples should preferably be placed near an entrance where customers entering the store can see what's going on and be engaged.
A 'buy now, pay later' offer may be exactly what you need for high-priced items. This tactic promotes and sells products to customers who may be apprehensive about buying because they lack current funds.
Bundle like products together to showcase what new products can do. For people less likely to buy a new product over an old product, create a bundle that makes it hard to pass up. Even better, try a bundle-and-discount to maximize the number of units of your new product to your customer base.
'Buy one, get one' discounts can offer up free products or a product at 50% off. They are popular and create a sense of added value for customers. By advertising discounts on associated products in exchange for purchasing a new product, you further push your customer to a potential purchase.
Host customer loyalty program-exclusive weekend sales where your new products are on sale for 48 hours only. This taps into a sense of urgency and fear of missing out, increasing the likelihood of sales. Time-limited deals are a strong contender for one of the best ways to promote a new product.
Show new products on digital signage in an interactive display a customer can manually flip through. With eye-catching visuals, they can look at a product description, how-to guides, images, and customer reviews, furthering the likelihood of closing a sale.
An in-store event is a savvy way to catch people's attention and get them into your store. An event based around a new product is often a demonstration or how-to, or it may involve aspects of augmented reality to enhance the appeal of new merchandise. Be sure to publicize your event and your marketing campaign on social media.
If you can afford to, assign a staff member to be a point person on the new product. Have them nearby to answer questions, offer advice, and handle customers interested in purchasing. Ensure they can confidently communicate a new product's benefits.
Create an animation to be featured on digital signage in-store, highlighting a product's benefits and how to use it. This is a modern, engaging way to display your product. The animation can also be reused in digital marketing campaigns and featured on YouTube, social media, your website, and elsewhere.
Shelf talkers can help communicate essential product information. They can highlight a product's unique selling points, benefits, or instructions on how to use it. This is an alternative to your average digital signage and can help guide customers toward buying without requiring staff assistance.
If you have a loyalty program, use it! Offer customers double or triple their points to get them excited about buying a new product. This offer is especially effective if your new product has the potential to lead to repeat purchases.
Talk about your new products on social media. This will activate word-of-mouth and product review dynamics, with followers liking, sharing, and commenting on posts featuring your new product. This will strengthen a product's reputation for anyone searching on their smartphone for more info.
