New Product Marketing: Need Help In Marketing A New Product? Publicity Can Be A Profitable New Product Marketing Strategy
5/23/2008 7:34:35 PM
Publicity is the most cost effective way to launch your company’s latest new product regardless of whether you plan to market your new product on a local, national or international scale.
With publicity, you can introduce a new product to thousands, even millions of people literally overnight and gain valuable new product marketing research in the process.
IMA defines publicity as mass communication with potential customers through the media. Publicity is the process by which your company’s new product marketing “sales pitch” is transformed into an editorial format or news.
Editorial coverage of new product marketing launches can take many forms, but the most profitable type usually occurs in print media such as newspapers and magazines.
Print publicity has a “shelf life,” - the printed word can reach and convert readers into buyers for weeks, months, and even years after publication. Conversely, two minutes of radio or television editorial coverage - once it has aired - disappears forever with its power to reach and convert the listening or viewing audience into buyers.
Print media can also be targeted to “vertical markets” or homogeneous audiences, which is a requisite for a new product marketing campaign to produce profitable results. Radio and television traditionally reach a “horizontal” consumer audience with broad unrelated interests which decreases the strength of your message and its probability for success.
Publicity and advertising are often confused with each other. You have to pay hefty prices for advertising space; whereas, the space publicity appears in is free. Publicity is perceived more favorably than advertising because the availability of advertising space is virtually unlimited and thus worth less - anybody can buy an ad and market their new product.
Publicity, on the other hand, always occupies an independent third party’s - the media - limited space for newsworthy topics. The catch? Getting publicity requires knowing how to convince the press your new product marketing launch is actually newsworthy.
Although publicity is free, there are much less quantities of it available. Publicity’s scarcity makes it considerably more valuable than advertising.
The result? An inch of publicity is worth a foot of paid advertising.
In advanced cases, publicity can be used to win public opinion and major economic victory for your company. At a minimum it can generate new interest in your company and sales of your new product.
IMA has generated over one thousand local, national and international placements -news stories - for our clients new product marketing campaigns over the last decade - reaching tens of millions of people and producing millions of dollars in sales.
Make publicity an integral part of your new product marketing processes and you too can generate buyers for your new product overnight.
To learn more about New Product Marketing, Product Marketing, or to get help with a New Product Launch visit the Marketing Strategies Catalog section of this site.