The central function of branding a new product is to create demand for that product…and therefore demand for your brand. It can be tempting to "just launch something" with the hopes that it will make an impression on the right people.
However, "hope" won't pay the bills.
You need a strategic plan for creating real demand for a product you've created—one that is foolproof in the sense that you know you'll be saying all the right things to all the right people at the right times.
Today, I'm going to show you the 7 steps to creating that demand, with advice for implementing each one.
When you're finished, there will be no doubt about what's next. Your intentions will be plain, and your path will be clear.
Let's get started.
Create Demand by Branding a New Product
Before we get started, it's important to understand that we're talking about creating demand for a product. This product will be aimed at a particular segment of your audience, and the goals that go along with it will differ from those of your overall brand. Maybe you want to use it to reach those potential customers who are just starting out; or, maybe it's for those people who have completed your programme and are now looking to take the next step.
No matter the specific purpose of this product, know that it cannot be the same as your brand; and therefore, every one of the following tips applies to the new product, not your complete brand.
Here are the steps for creating demand by branding a new product, in order:
- Vision: This is something you must get clear on before you even create your new product. What type of product will drum up the most demand? That's the product you're about to create, and it should meet a need that is prevalent in your brand community (even if it's only for a segment of your audience).
- Values: The values of your product are not the same as your personal values or your brand values. Think about the person who will be using this product. Where are they at in their journey? What's most prevalent in their mind at this moment? You may have a tendency to think too far into the future; when what you need to do is give this segment of your audience exactly what they need, right now: these are the values you will express with this product and its marketing.
- Value: Before a consumer makes a purchase, he or she will perform a calculation: Will the value of what I'm receiving outweigh the investment I'm making? The equation is most likely to result in a positive answer if you're offering something of great relevance to the life of your target customer (again, at this specific point in their journey). Give just one ideal customer precisely the thing they've been searching for, and the ripple effect will be undeniable.
- Verification: You have mastered your trade, and the new product you've created is the fruit of that labour. You are an expert, and that shows. So now, who can vouch for that? Who has used this product with great success and would be willing to offer social proof in the form of testimonials, referrals, recommendations, case studies, etc.? After you have that social proof, reach out to those who have lists with high concentrations of customers who need this product now. Offer to collaborate for mutual benefit. The advertising sections of magazines and newspapers are great places to find people who are looking for new opportunities. When you gain access to lists of your ideal customers, pare those lists down to only those people who most urgently need your new product. In this case, smaller, more concentrated subdivisions are better. You'll be aiming at more impactful targets (increasing the likelihood that you will create demand).
- Vault: Contained within your vault are all the unparalleled treasures you have to offer. Use what's in that vault to deliver this new product and all its supporting services. You've already decided what value you will deliver; this is the part where you transfer those treasures from your hands to theirs.
- Mission: This is where you will articulate, in writing and spoken word, how this product will be delivered. Use only the language that is already running through the minds of your product's ideal customers. If they are moving toward pleasure, don't talk about the pain. If they're stuck in the pain, and that's all they can see, talk about that so they know you understand what they're going through.
- Pitch: This is your love language, or the words you will use to express your concern for your product's ideal customer and your belief in your product's ability to deliver tremendous value. By now, you should know that person inside and out. You know their problems, their thoughts, their doubts and what they're wishing for. So really, how could you get the pitch wrong?
If you're a Brand Builders Club member, there's a PDF to assist you with branding a new product. Simply go to the BBC page, click on the Files section, and look for the Lifetime Order Value Escalator. Not a Brand Builders Club member? Contact me at [email protected] and we'll see if the club's right for you.