While press releases are generally sent to members of the news media, they can also be useful ways to communicate company news to other stakeholders, including employees, customers and stockholders. What Is a Press Release? A press release is a form of written communication produced by a company announcing some piece of news.
Share on Facebook Compared to the CEO of a large corporation, a small business owner faces additional challenges when bringing a new product to the marketplace. One is brand recognition -- the smaller company not being as well known to potential customers as the large one.
Lack of financial resources to devote to the marketing effort is another challenge. Despite these limitations, small companies constantly introduce new products because they are constantly innovating. A sound marketing plan coupled with a superior product allows a small company to compete against much larger ones.
Creating a Cost Effective Marketing Plan The small business owner needs to conserve capital and spend money only on marketing strategies that have a high probability of securing significant numbers of customers.
One approach is to research which methods are working well for other companies like his. His plan should take advantage of marketing methods that are very low cost, such as sending out press releases about the new product which may result in free publicity.
Building Customer Awareness The marketing plan for the new product must include strategies for building customer awareness -- bringing the product to the attention of potential customers. Building awareness is difficult because consumers see and hear numerous marketing messages each day through many different media including print advertising, television advertising and the Internet.
Marketing professionals refer to this challenge as being heard above the "noise" in the marketplace. If the company is effective at building awareness, the target customers will become curious about the product and want to learn more about its uses and benefits.
Benefits are often expressed as solving a problem for the customer or meeting a customer need. Benefits can include saving the customer time or money. The product may also help the customer get more enjoyment out of life, such as sporting goods that help the user be more competitive in his favorite sport.
Positioning the Product vs.
Maintaining High Customer Satisfaction Excelling at customer service and maintaining high customer satisfaction provide immediate rewards through increasing the likelihood the current customer will purchase the product again.
Encouraging word-of-mouth recommendations of the product from extremely satisfied customers is one of the least expensive and most effective marketing strategies a small business owner can use.
Minimal cost is involved -- perhaps just rewarding customers for making these recommendations with discounts on future purchases. Consumers rely on the opinions of current users of the products -- associates, friends and family -- to determine whether they want to purchase them as well.
References Small Business Administration:Easy to follow press release format, templates, and press release examples. Want to know how to write a press release? You are in the right place. Easy to follow press release format, templates, and press release examples.
New Product Launch Press Release Example: The Biggest Loser Trainer, Pauline Nordin Launches a New Brand . Ready to learn tips on writing a press release sample? Our blog defines the press release, and gives you an actionable how-to guide. press releases can be used to announce new hires, partnerships, product launches, and more.
If you’ve never written a press release, don’t worry. Limit them for clearer and more efficient press. When a company launches of a new product, it's advantageous to spread the word to the media, customers, investors and other stakeholders.
One way to spread the news is to write a press release announcing the product's launch. Press releases can be distributed through a number of channels. Feb 02, · How to Write a Product Press Release. In this Article: Identifying the Product’s Unique Selling Point Writing the Key Elements of a Product Press Release Publishing and Promoting Your Product Press Release Community Q&A.
Use a product press release to inform both the press and any other potentially interested parties about a new product%(35). Setting goals for a new product launch. Different launch goals to set and how to define them. Example: We will identify prospects within two months of launch.
Product awareness goals. Example: Within the first week after launch, we will see 20 outlets pick up our press release, 50 retweets of our launch announcement and visits. Create press releases for the product launch.
Many companies use press releases to announce new products or upgrades to their existing ones. Press releases are most effective when the content is newsworthy (like a major product release) and they include a customer endorsement.