03 November 2020 | Channel Business
When a new product is launched, partners have the opportunity to present interesting new offers to their customers. However, as many new products are launched by various vendors on a monthly basis, your new product launch may go by unnoticed. Therefore, it is crucial to avoid being overlooked. This article provides some practical advice on how you can successfully and visibly launch new products in distribution via the channel.
The three essential contributors to the success of your product launch are marketing, training and incentivization.
It’s a given that marketing is crucial to promoting any newly launched product. However, you don’t necessarily need to break the bank to do so. It’s important to have marketing assets that are well prepared, addressing your partners directly and in a very targeted manner. You should also use the channels where you usually communicate with them and not experiment with new channels for the launch. Don’t overcomplicate the message and keep the information to the point and easily understandable. For example, sales representatives of partners need to see the benefits for them at first glance and immediately understand why a specific product is better than former models. If the product is completely new, the problem that is solved by the product is a good focus, highlighting why it is beneficial to have. Another important point is to also create marketing assets that partners can use – so not only marketing assets aimed at them, but also ones they can use for their customers. This can be offered to partners as a marketing package when the product launches, so they can use predefined email templates for mailings to their customers, as well as banners for their website. This will expand the coverage of your product launch and save costs on, for example, advertising.
Products are easier to sell, if the person selling them knows all features and benefits really well. It is, therefore, important to provide product trainings and information material with the launch of the product – or even before. These types of online trainings and material can be distributed more easily if you are using a partner program, where partners can log in and have access to everything they need in a central place. A bonus of this approach is that you are also able to track the material that has been accessed and trainings that have been completed, in order to measure your success. In addition, online events can have a great effect. Personal invitations for partners, where a new product or several new products are presented and celebrated at a virtual launch, will motivate sales representatives to be more engaged with the products. Also, remember to use non-related company events to share new product information. Webinars, where partners can learn more and also have discussions, help sales representatives to get more familiar with products. If you find that partners are not participating in these kinds of activities, try to make it more attractive for them to take part. You could, for example, provide them with official certificates at the end of the webinar, naming the participant as an expert of the specific product or product segment. Another option is to award them with points on an incentive portal for participating.
Finally, in addition to marketing and training activities, the incentivization of newly launched products is also important. This provides sales representatives within partner companies with a very personal reason to benefit from selling your products, because they will profit personally. There are several options for incentivization, such as simply awarding points for selling a certain product and having add-ons, such as additional points for selling a specific product within a specific timeframe. There are also many options for the actual rewards, such as taking the sales team of the best-selling partner to a special event or monetary rewards and prizes.
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