Blog
product-promotion-strategies
April 28, 2023
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10
min read
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Written by: 
NIkolaus HIlgenfeldt
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Category:
Ecommerce Growth

5 Product Promotion Strategies to Grow Your Business

Poor product promotion is one of the many factors that can lead to the downfall of an online retailer.

If you don't put in the time and energy to build up excitement for your launch, it won't matter how great your products are or how much faith you have in them.

This article will discuss various strategies to promote your products that businesses of all sizes and stages can benefit from.

Using them, you can boost marketing and sales of your offerings, allowing them to keep seeing steady growth in their online sales.

Let's start!

Why You Need Product Promotion

Even if you have the best products in the world, you may not see the sales success your store deserves.

That happens when you don't prioritize product promotion in your business plan.

While this is undoubtedly true for startups in the ecommerce space, it is also true for established businesses of any size or age.

We shouldn't gloss over that your rivals also spend heavily on marketing in the same sector.

This is how now we have well-known brand giants in every industry.

Thus, product promotion allows you to stand out and showcase your unique selling proposition.

And that's not all.

A solid product promotion strategy can contribute to:

👍 Brand awareness

👍 Loyalty

👍 Credibility

👍 Great sales results

The longer you remain in business, the more effective your long-term product promotion will be.

You can learn information such as:

🎯 Who is your target audience?

🎯 How do they spend their time online?

🎯 When are they most likely to make purchases?

🎯 Where are they located by holding promotions in this medium?

You can use this data to improve future advertising and marketing campaigns.

Now that you understand the importance of product promotion, we'll go over some of the most effective strategies for boosting your brand's visibility and driving up online sales.

5 Strategies for Product Promotion

1. Social Selling

Ecommerce businesses can increase their product awareness and revenue through social selling. In this strategy, vendors rely on the credibility they've established through personal relationships to sell products.

Similar to more conventional forms of advertising, social selling emphasizes a product's advantages and usefulness to persuade consumers to buy.

social-selling-and-social-media-marketing-strategies-homepage

With the ability to build genuine connections with your target market in the digital age, social media has become an integral part of modern social selling.

Influencer marketing, in which a person with a large online following is enlisted to spread the word about your goods and services, is a natural outgrowth of this trend.

To get started using social selling, you will need to do the following: 

✔️ Be present and active on social media sites

✔️ Leverage the use of digital tools to target consumers

✔️ Balance value and promotional interactions with potential customers

Building relationships and mutual trust with your target market is essential for social selling to be successful when promoting your products.

Potential buyers will have more faith in purchasing once they see evidence that you care about them, value them, and are committed to solve their pain points.

Furthermore, by maintaining relationships with your customers, they may eventually become loyal customers who bring in revenue regularly.

2. Upselling

Upselling is a strategy online retailers use to increase revenue by presenting customers with a more expensive but similar product to the one they are considering purchasing. 

This is done to redirect shoppers' attention to a more expensive but more lucrative alternative to the item they considered buying.

uselling-second-strategie

Customers are often upsold to a "better," more expensive product at checkout, with the justification that it will improve their shopping experience overall.

And although "upselling" sometimes carries a negative connotation, it can be a highly effective tool for online retailers when used correctly.

Here are some tips on how to upsell properly:

✔️ Introduce upselling before or after the sale to upgrade the customer's purchase.

✔️ With upselling, you should offer customers something of greater value or quality than they were planning to purchase to make a more significant profit and increase sales.

✔️ Use upselling to boost sales of higher-priced items that typically see less foot traffic than more affordable alternatives. 

Upselling, like other forms of product promotion, is designed to help businesses in the short and long term by increasing ecommerce sales growth, AOV (average order value), and CLV (customer lifetime value).

3. Cross-Selling

Cross-selling is a product promotion tactic that, similarly to upselling, involves presenting customers with related products that can be purchased in addition to the original item they intend to buy.

Imagine doing some last-minute fast-food online shopping and deciding to add a burger to your list.

Cross-selling occurs, for instance, when a store asks if you want a meal instead of a burger only. 

Online stores can learn a lot about their customer's preferences and shopping habits by tracking which items customers add to their carts and related items.

cross-selling-third-strategie

To maximize the effectiveness of cross-selling as a product promotion tool, you should be aware of the following:

✔️ Using cross-selling techniques, retailers can increase sales of related products, bringing in more money.

✔️ A customer not planning on buying more, might change their mind after seeing a suitable recommendation during checkout.

✔️ When utilizing cross-selling, avoid coming off as greedy. Instead, implement a solid strategy for each product you want to upsell or cross-sell. 

✔️ Before making a recommendation, it's important to inform customers of the reasoning behind your choice — the new product's advantages and any relevant comparisons between similar options.

4. Discounts & Incentives

If you want to increase sales of a specific product, you can promote it by offering buyers special discounts or other incentives.

The first time a new customer visits your online shop is a prime opportunity to make a sale by applying these strategies.

For instance, you can use their email address to send them future product promotions in exchange for information like:

🎀 Free Shipping

🎀 X% off on the first order

🎀 Weekly newsletter 

discounts-and-incentives-fourth-strategie

Online merchants frequently employ customer loyalty programs.

Statistics show that customers who participate in a loyalty program spend more money with a brand throughout their lifetime as a customer. 

In fact, 87% of consumers say they want loyalty programs from the brands they patronize.

Likewise, incentives such as free shipping after every fifth purchase, a percentage discount after they reach a specific point total, etc., can also be built into the program. 

A customer loyalty program's primary benefit is the increase in revenue it can bring to your business.

How to implement loyalty programs?

If you use these methods to market your wares, ensure that:

✔️ Your discounts and other incentives are straightforward to use at checkout. 

✔️ Your potential customers don't feel manipulated or misled because they never received the promised reward or discount.

5. SEO

SEO, or search engine optimization, raises a site's profile and attracts more visitors. 

It aims to improve your website's visibility in organic search results in response to customer queries for the goods or services you provide. 

Plus, when you use SEO as a type of strategy to increase traffic, you engage in a free form of product promotion.

seo-fifth-strategie

Today, when competition in the ecommerce world is fierce, you need every advantage to stand out. 

As a result, if you want more people to visit your site and buy your products, you need a higher search engine ranking.

And while blogs are a common form of SEO content, they can be a fantastic platform to: 

👍 Introduce new products

👍 Offer helpful information to customers

👍 Share industry insights about your products 

In addition, you can also advertise your products and highlight their best features to encourage further engagement with your brand and help move prospective customers in the sales funnel.

If you want to include SEO as a product promotion strategy, besides blogs, you should also include the following:

✔️ Researching and incorporating relevant keywords into your site.

✔️ Optimizing your site for search engines.

✔️ Publishing quality content on your page.

✔️ Garnering quality backlinks from other high ranking sites.

Fuel Your Ecommerce Growth with Myos

Aside from the tips listed above, there are plenty of other ways that you can promote your products and boost sales for your ecommerce store. 

These other strategies include email marketing, SMS marketing, hosting virtual events, and many more. 

Whichever methods you choose to implement as you grow your business, it’s important to weigh the pros and cons of each to figure out which ones would be the right for your market and audience. 

Even still, investing in your business’s growth strategies typically isn’t free. 

So, if you're trying to boost sales in the early stages of your business, you may need to look for money from outside sources.

There are many financing options available to ecommerce store owners, though few offer as many benefits and little downsides like asset-based financing. 

Many online sellers are turning towards this breakthrough financing method, preferred for its: 

🎯 Flexible repayment terms

🎯 Generous qualification requirements

🎯 No personal guarantee from business owners

Asset-based lenders, such as Myos, will make lending decisions based on your future business prospects given the products you sell, not on your historical business performance. 

Here is what you need to start growing your business with us:

  • Your business was established in Germany, Austria, Cyprus, or the UK (UK).
  • Your business is at least 6 months old.
  • Your company is selling goods for at least 50 days.

What does Myos offer?

👍 No minimum turn or fixed rates. 

👍 Your %-fee depends only on your product sourcing.

👍 No need to provide personal guarantees or credit history.

👍 Flexible repayment terms, up to 24 months.

👍 Easy 3 step application process.

👍 Borrow between £100,000 to £2,500,00.

👍 Personalized customer support.

Get your first free, no-obligation offer from Myos to start accelerating the growth of your store with a dependable and trustworthy partner right away.

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