5 Benefits of Using Pre-Order Marketing for Introducing New Products On Your Ecom Store
Launching a new product on your ecom store can be intimidating. Will the market accept this new product? Will the product perform as intended and stated? Will people buy it? All of these concerns can be addressed through the use of a pre-order marketing campaign.
Pre-orders are identical to regular orders, except their shipment is delayed. Pre-order marketing, on the other hand, is a critical approach that ecommerce store owners can apply when a new product is about to hit the market.
This method of marketing enables ecommerce entrepreneurs to ascertain a variety of critical details about the goods they are about to promote, as well as their target buyers. Let’s take a look at some of them!
1. Establishes the Level of Market Demand for Your Products
Testing the market before launching a new product can help determine whether the product you’re about to provide is something your target market truly wants. The performance of your pre-order marketing campaign will tell you which client demographics need or want the goods, and demand in the market, whether high or low, can assist in determining if you’ll run out of stock or have a surplus of inventory, allowing you to make data-driven decisions prior to the primary launch of your new product.
2. Expands Consumer Awareness of Your Brand
Pre-order marketing helps create a “buzz” for your company, giving you the opportunity to connect with potential customers who are now aware of your brand, which will ultimately help you grow beyond your current market share. Additionally, you’ll be able to explore various customer demographics in order to determine which ones are compatible with your new product.
While building brand recognition, you may want to look into partnering with influencer marketers to help you spread the word about your product. Given their established following, the likelihood of your new pre-order product reaching a large number of individuals is pretty high, as is the likelihood of receiving meaningful feedback.
3. Increases Lead Generation
Regardless of whether you’re merely increasing brand awareness through testing different client categories in your pre-order marketing, there is a good probability that some of the customers will eventually join your email lists, and you will have created new leads for future marketing efforts.
4. Generates Upfront Revenue
It’s possible to generate upfront revenue if you charge for pre-orders during your pre-order marketing campaign. You can then use that revenue to fund manufacturing or acquisition of additional inventory for the new product you’re launching. This can be extremely advantageous if you don’t have a huge amount of financing available. Not only that, but your pre-order marketing campaign can reveal if there will be a need for your product immediately following the end of the campaign.
5. Provides Excellent Testimonials and Consumer Research
Feedback from current and potential customers is a valuable asset to any business. It helps uncover potential issues with product functionality and also helps business owners understand their customers better so they can communicate in ways that best resonate with and appeal to their target audience.
Receiving feedback before a product launch allows ecommerce store owners to make applicable improvements to their product, and during the product’s official debut, they can announce that they considered the feedback and made adjustments accordingly. Seeing that you considered people’s thoughts and suggestions seriously and implemented changes based on their feedback can go a long way in creating trust and good faith with potential customers … which increases the likelihood that those people will purchase from you!
Bonus Tips for a Successful Product Launch
When presenting a new product to the market, think about how you can promote its distinctive qualities to buyers while also emphasizing the solutions or issues the product will solve for them.
Additional requirements include planning your marketing content far ahead of the anticipated launch date, optimizing it for Google to maximize your discoverability, and conducting significant research into the many techniques available for advertising your product.
Furthermore, it is recommended that a separate website be created for the pre-order campaign in order to maximize exposure. If you have a spike in traffic, this will help avoid a crash or prevent your normal business operations from being interrupted.
And lastly, as your pre-order campaign progresses, keep an eye on the numbers to see how things are shaping up. A product’s popularity is determined by the pace at which customers express interest in your product in relation to current inventory. This information is then utilized to prepare your team for any challenges that may arise during the product’s debut.
New product launches can be overwhelming and stressful. That’s a fact. But, luckily, now that you’re armed with the knowledge of how pre-order marketing campaigns can lead to highly successful launches (not only helping forecast a product’s success but also mitigating any potential threats that may arise), your own product launches can now be less intimidating, more successful … and more profitable!