Launching a new product or service into the market is becoming challenging for all businesses in the current trend. But thorough research in where to promote and where to launch the product will give the businesses an idea on what they have to do in order to advertise the product or service. Nowadays, there are many ways to advertise a product both globally and locally.
RESEARCH ON THE PRODUCT AND SERVICE
Before launching a new product or service, a business or organization has to analyze and research on their own product and service. Through the research, the business has to note down why their product or service is different from the competitors and what benefits and advantages it has.
The research must also be done on where to launch the product as it must first reach the customers. For example, if a business needs to open an exquisite pastry shop in an area, they have to research on where to establish the shop, whether the established area will have more customers visiting the shop or not, have to research on the competitors in the same business in the surrounding area, the main pastry chef for the shop, the daily raw materials needed for the shop, etc.
Even though a product works the same and has same specifications as the competitor, the business can take necessary steps so that it can reach more customers through aggressive advertising in digital marketing channels and other advertisements through newspapers, flyers, brochures, etc.
ADVERTISING LOCALLY AND GLOBALLY
Local Advertising:A local advertising for a product and service can be done through:
flyers, brochures, small visiting cards, banners, canvasing, etc.
advertise through local cable and radio channels
through friend social networks
making videos about the product and sharing it
through social media like Facebook, Instagram, twitter groups, etc.
through mobile applications like WhatsApp, viper, hike, line app, etc.
donating the products for welfare like schools, colleges, etc.
through charity events for homages, orphanages, etc.
advertise brand through partnerships with other company products
sponsoring for events, charity, etc.
advertising the products in corporates, companies during special events
sales through adding your products in other shops, dealers, etc.
Global Advertising:The global advertising of a product or service includes the digital marketing channels:
Creating an ecommerce website for selling the products with online payments
Search Engine Optimization – making the ecommerce website rank top in google search
Pay per click advertising – promoting the products target social media users
Email marketing – sending regular updates for the subscribers through electronic mails
Advertising through other websites, blogs, forums, etc.
Social media marketing – marketing through social media like Facebook, Instagram, etc.
Content Marketing – creating brand awareness through the website content
Online public relations – creating promotional content to create traffic to the website
Mobile phone advertising – through mobile application ads, pop up ads, etc.
Television advertising
Radio advertising
BRAND AWARENESS
Brand awareness can be created through digital marketing:
Social media channels particular Twitter, Facebook and Google+.
Targeting audience through social channels.
Promote visual elements through Instagram and Pinterest channels.
Promote video materials through YouTube and Vimeo channels
Promotional campaigns with coupons, gifts, etc.
Joint venture marketing projects with other online businesses.
Participating in online events, offline events, charity and welfare events.
When a business establishes Digital Marketing Campaign, it cannot rely only on a single resource to generate all the results they wanted. While each of these digital marketing channels have their strengths, they also have their weakness such as being inappropriate for certain audiences and business niche. The best way would be to rely on combining, adapting and advertising through the channels at your disposal and making use of what the business can offer that will to reach their business goals and objectives.
ADVERTISING BASED ON BUDGET OF THE BUSINESS
A business allocates a budget for the marketing team for advertising and marketing their product or service based on the percentage of the revenue or flat spend. Some say the more the marketing budget, the more the product will get advertised around and the more capital will return soon as it reaches more customers. But it also depends on the type of marketing channels and the performance of the product. Before marketing is done, a business must determine on how to spend the allocated marketing budget.
Determining the business marketing goal
Building the advertising plan
Allocating which marketing channels for advertising
Tracking the results according to the market channels
The marketing plan and channels can be chosen based on the budget allocated. Some of them are mentioned below:
Marketing Plan within 10,000 rupees (144$ approximately)
Small websites, local newspapers, brochures, flyers, cards, canvasing, friend networks, mobile friend networks, etc.
Marketing Plan within 50,000 rupees (716$ approximately)
Radio advertisements, district level newspapers, dynamic/small ecommerce websites, social media marketing, etc.
Marketing Plan within 1,00,000 rupees (1,432$ approximately)
Promotion through charity & welfare events, national newspapers, radio advertisements, ecommerce websites, digital marketing channels, other website advertisements, etc.
Marketing Plan within 10,00,000 rupees (14,313$ approximately)
Billboards, promotional events, full page coverage national newspapers, television advertisements, sales through other brands, e-commerce websites, digital marketing continuous monitoring, partnerships, Google AdWords, etc.
Marketing Plan within 1,00,00,000 rupees (143,130$ approximately)
Highly paid ambassadors or models for television or video advertisements, International magazines, business partnerships, etc.
