Super Easy: How to Sell a New Product in the Market!

Well, this article isn’t about just reading something motivational blah blah or to waste another five minutes, rather in this brief how to I will be giving you guys a practical, well tested approach to selling new products in market.

And when I say practical, I mean it!

Remember this article isn’t about some really quick easy way to selling new products, I’ll be honest, you will get the desired results in at least after a month, so if you are looking for something quick, easy then you probably need to close this page right now.

Now when I mean desired results, by that I mean results that will definitely make you happy!

And yes it will take quite an effort (easy but prolong efforts though!) and time (at least a month in terms of time) and in the end you will absolutely agree with me, that it was worth all of the efforts, time!

So let’s get to it!

How to sell new products: A Strategy That’ll Give You Definite Results!

I am guessing that you are a newbie or a would-be entrepreneur because this is such a basic question and all experienced guys knows how to do it effectively, so I guess you are totally new to this business thingy and plus you are almost solo and you don’t have a lot of money to spend on advertising and all that to create healthy demand.

Well, don’t worry, I got your back! 😉

Now before getting to the main topic of this article, since you are totally new to this whole business thing so I thought to share with you something that will really help you in practically learning almost all of the important aspects of any business model, so check out this quite lengthy post How to Launch & Manage any Business (from A to Z) Successfully, once you read this post you will definitely have a clear idea about the whole business thing with rich insight into its crucial aspects, so do check it!

Now let’s get to the strategy!

The Strategy!:

First thing first, to sell something you need to make it appealing, what I mean is first impression is the last impression, so make sure what you are planning to sell is well packaged, well boxed,  well presented (if it’s a service), because that’s what matter the most, as your target customer will definitely take notice of that so make sure your first impression counts.

In fact over 60% percent of consumers buy a product simply because of product packaging, which gives it a feeling of quality, being different etc check that link for more.

Second thing is to give something healthy in return, obviously you are giving your end consumer, the one that will utilize the product, something that will fulfill his need in best possible manner at reasonable price, what I am talking about is not this end consumer rather the middleman, the retailer, wholesaler, distributor, salesman.

These middle guys don’t care about how super cool thing you are offering to your end consumer unless you offer them something cool too!

You won’t be able to sell anything unless you offer something cool to these guys and that cool thing is, money, markup or profit they will make from selling your new product.

Now since you are solo, inexperienced, this is probably your first product, don’t have budget to get super cool branding and advertising then the best approach or the only option you got is to offer them a little more than what they usually expects, for instance wholesalers usually expects around 6% in markup (profit) per one product unit, so you should go for 7-10%.

Likewise the distributors expects somewhere between 1-3% so you should go for something like 4-6% in profit per one single product of yours.

Now you will catch around 3-4 target clients (wholesalers, distributors) out of 10-15 in a given target area by using this strategy alone, to catch the rest you will need something else and that something else costs in time, also requires honesty, integrity.

Note: Don’t try to act like some smarta** by giving different markup percentage to different clients, although you may gain target clients by this approach quite quickly but in end you will lose almost half of them for good as those who agreed with lower markup will eventually find out about it because they are in the market and so they will obviously come to know about it sooner or later and these clients will then either demand better markups then the rest or will simply stop doing business with you for good because of losing all that trust in you.

Since you are new, that means you are nobody in the market, nobody knows you, you have no idea about anybody and that’s why majority of wholesalers, distributors hesitate to take your healthy offer because they don’t know if what you are offering is good enough in terms of quality, customer satisfaction, will have healthy demand.

Quality is really crucial not only to your business success but also for the reputation of those big wholesalers, distributors in whom your middlemen like retailers puts a lot of trust.

So What You Need to Do ?

The first thing you will need to do is, having a good smile on that tensed face (obviously tensed because new business, new products, being in business for the first time really gets on people nerves), second thing is to meet these clients once every week, discussing different things with them, making that relationship, showing them that you are a man of integrity plus reminding them that you have a quality product to offer.

Now you may also need to do credit in this phase, to earn their trust, to give them freehand to try your product.

You will get 4-5 more of your clients from the same market at end of the month (at maximum after one and half month), at this point you would have captured 60-70% market in that target region, to catch the rest, you will not only need to make relationships but also to show them by constantly supplying to the rest of already captured target clients that your product sells like hot cakes and by end of couple of months, you will have captured almost all of that market.

Now keep in mind, getting your product to your end consumer, to all of your end consumers in a given target region will take time, in other words to saturate a particular target region of your market requires time.

Word of mouth, end consumer awareness about product, product availability at each potential selling point all of this requires time, that means if you want to see sales growth for your new product don’t expect it to happen in couple of months, it will take anywhere from 6-14 months.

Perhaps that’s why one of the world wealthiest and most successful entrepreneur Warren Buffet said “No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant.”

Last thing!:

Repeat this strategy over and over in all of your target regions and you will see your desired results coming in, giving you that happiness you always dreamed about!

That’s it, now if you want more similar stuff, practical ideas, subscribes to this kick-ass website of mine and also share stuff from here on facebook, twitter, would really appreciate that! 😉