From the course: Create a Go-to-Market Plan

Assess the best product launch promotions and offers

From the course: Create a Go-to-Market Plan

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Assess the best product launch promotions and offers

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- [Instructor] Everyone loves a good deal, especially when the deal comes with a product of value. Here are three ways to package your offer or promotion at launch and get your buyer interested from the start. First is the invitation to sample the product, which says, "Come to our store," or, "We'll deliver your free sample to your house," or, "Here's a 30-day free trial online." Once you get the consumer to try your product, they're hooked. Now think about your product and ask these questions. Is there a small sample for your customer to try? Can you mail the sample to your customer for free? Should the product be in store or is it easier to ship? If an in-store sample is a good experience, it can lead to a quicker sale. Can customers experience the trial on their own? Your product needs to be quick and easy to try at home and self-explanatory with a good product insert. Second is the coupon offer. Giving the customer a percentage discount helps solve their problems more cost effectively. Rather than solely focusing on product discount, you focus on the benefit of what the product will do to help the customer. The great discount just comes with the solution to make their lives easier. If you're considering a coupon, here are initial questions to ask. What's the value of the coupon? Know if a 20% or 30% discount would move them to purchase. Does solving larger problems call for less discount? The larger the problem, the more the customer wants it solved. What's the goal of your offer? Customer sign up, product purchase, download for use, a review, and how will you measure coupon usage? Coupons can be tracked online with a code or in in-store purchase with a retailer. Third is a promotional offer bundled into a package of products they already know and like. You lessen the risk because you're coupling with other products that are tested and approved. For example, when you go to a spa for a facial, you may be offered a 10% discount on a new Swedish massage service if you sign up on the spot. You can ask these questions about your product. What product or services can best be paired with your offer? Knowing your customer purchasing behavior helps think about your complimentary products and how they fit together in the customer's mind. Does the value of the products affect the bundling discount? Higher valued products may command a higher bundled price, yet still offer the bundle discount. How will you track the bundled package promotion? Tracking can be online with a code or in-store wherever the purchase takes place. For all introductory offers, be specific and include the following: location, prerequisites, such as minimum spend, subscription or membership, as well as expiration information. Now review different promos and ask the questions to see which offer is best for your product launch.

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