The decision to create new products and services that will compete in new markets where you currently do not do so is undoubtedly one of the most challenging and scary growth strategies. If your company is in the diversification process, it is necessary that you plan a digital marketing strategy that allows you to: investigate the current situation of the market in which you want to enter and plan the following actions according to the results.
The success of a new product undoubtedly depends on many factors, but in the 1st stage of launch it is essential that:
- Have an innovative value proposition
- Advertise to amplify product launch
- There is a website where people can learn more about the product
- An effective and two-way communication with the audience is created
- Prospects are nurtured to drive them to purchase
We share 5 digital marketing strategies that you should consider in a diversification strategy.
Marketing Strategy 1: Social Listening + An innovative value proposition
One of the digital marketing strategies that delivers the greatest market intelligence is social listenin g . Social listening, also called social intelligence , consists of collecting and analyzing public conversations on the Internet and on social networks. As you know, all day we are talking on social networks, so there is a large amount of data that can be of great value.
If, before launching into an unfamiliar market with a new product, you collect and analyze conversations about competition, need, and people’s experiences, the likelihood of failure is reduced because you gain a better understanding of the new market.
Specifically, social listening will help you with 5 benefits:
- Collect ideas, suggestions from consumers.
- Understand the current situation of the new market
- Identify the competition and their reputation
- Launch products for very specific audiences
- Measure the noise generated by the launch of your product.
One of the most successful companies using this strategy is Rappi. The founders of Rappi listened to the audience and identified the main problems of e-commerce in Latin America: technology, which is not easily accessible to everyone; the deficiency in logistics; and the low banking, reason why Rappi accepts payments in cash.
To provide a solution to these problems and offer users a fast e-commerce service, the founders created a mobile platform that, in thirty minutes, will take anything – from food, medicine and pantry, to products from a sex shop – anywhere for a shipping fee of 30 to 40 pesos.
The interesting thing is that Rappi is NOT promoted as an ecommerce, their value proposition is that they are your personal assistant where you can buy whatever comes to mind with the help of your rappitendero. The value proposition is the difference between the success and failure of a new product
Marketing strategy 2: Website with Google positioning
The second point that you cannot forget is the development of a site where there is all the information about your product, it is practically unthinkable to launch a product and that there is no information about it on the Internet.
We suggest that you plan a positioning strategy in Google that gives your site visibility in searches that are relevant to your business.
We suggest you listen to our podcasts “Key Elements to have a successful website on Spotify” and “How to achieve positioning in Google”
Marketing Strategy 3: Advertising to Amplify the Product Launch
The third key factor to be successful in your product launch is to make it known, for this, advertising on digital platforms is the best option considering two aspects:
- It is cheaper than outdoor advertising
- You can punctually segment the people who are your target.
While a TV spot can cost you thousands of pesos, advertising in digital media is much cheaper because technology has been developed that allows us to connect with the audience.
Marketing Strategy 4: Marketing Content Plan
An essential action in the launch of a product to have a marketing content plan that considers: social networks, blog and press releases. The objective is to plan an effective and two-way communication with the audience. It is not enough to have a presence on social networks, it is important that you are prepared to answer all the questions of your consumers and to start conversations.
To do this you can hire a community manager who will be responsible for creating and managing communities and / or hiring the development of a chatbot .
A chatbot can be your right arm to receive people’s comments and respond to their concerns. There are many myths regarding the chatbot, among them, they highlight that it is expensive and that it is not natural. This is completely false, a chatbot can be as natural as you want, it just takes a little creativity to give it the human touch.
If you want to know more about how a chatbot works, we invite you to listen to our podcast on Spotify or you can watch the video on YouTube.
Marketing Strategy 5: Nurture Your Prospects Through Content (Inbound Marketing)
On average, 95% to 98% of the people who contact a company are not yet ready to buy, therefore, it is important that you help them to better understand your product, your value proposition so that you drive them to make the decision. This strategy is known as “Inbound Marketing or Marketing Automation “. This strategy is essential so that the previous 4 actions DO generate sales.
These are the 5 digital marketing strategies that are essential in the diversification of a product. Implement them and measure their result so that you can identify improvement actions.
