How to Leverage Market Segments
Taking advantage of each market segment is a matter of, you guessed it, segmentation. You need to be able to segment your audience by their buying habits so that you can present your offer in different ways as you go.
You might be able to hand pick a group of Early Adopters to sell to via social media or your email marketing list. Just remember that your Early Adopters are probably brand evangelists, but not every brand evangelist is an Early Adopter. Many brand evangelists are not customers at all but simply people who buy into your vision and want to see your business or ideas succeed. Early Adopters are the ones who actually buy.
So when you’re picking that initial group, concentrate on people who have purchased something from you recently. Look to your last launch and target those who bought in the first wave. You can also identify Early Adopters in your industry or niche and invite them to try your product or service.
Remember to focus the value around what’s “new” or “innovative” about your product and why those features benefit your Early Adopters specifically. You’ll want to make sure all your messaging is focused on “invitation” instead of sales pitches, too.
Your Early Majority is found in the heart of your list. These are the people who already know, like, and trust your business; they just don’t place as high a value on buying right away. Focus the next stage of launching a new product on your internal network. Use the themes you’ve been discussing in email marketing, social media, or your company blog to springboard this part of your launch.
Affiliate marketing and most media relations aren’t very effective here so don’t spend a lot of time with this. Make a splash but keep it inside the pool, so to speak.
Your Late Majority is found outside your internal network. Here is where joint venture and affiliate marketing, as well as media relations, really work. This is when an explosive launch strategy can create big returns. With everyone talking about your “new” (ahem) thing, the Late Majority will realize your product has become standard (safe) and ready for them to give it a go.
How to Improve Your Next Product Launch
The summer is the time when many businesses are putting the final touches on new products or programs to launch in the Fall. If you’re wanting to make a big splash later in the year, this might be the perfect time to get your Early Adopters involved.
Don’t keep the lid on your big project, devise a way to sell an early prototype of your product, program, or service to Early Adopters and invite them to start working with your ideas pronto.
Use their feedback to make the jump to your Early Majority in the Fall. Plan a product launch that relies on internal communication and word of mouth referrals among your own community. Then, consider relaunching in the Winter, casting a wider net to catch your Late Majority.
If you’re in a different part of the sales cycle, adjust accordingly.
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