New products warrant changes to marketing systems. Technology today helps businesses to interact with customers, scale customer relationships and provide better solutions. The brokerage industry has been completely transformed by online trading, The unique characteristics of newer products provide opportunities and challenges. Hence, customer comprehension should be enhanced using the following ways.
1) Product comparison blogs- A blog which compares and contrasts two similar products or businesses can be very impactful. The blog does not have to point out flaws outr-ight but it could hint at how a product or a business makes up for any flaws. This strategy could encourage potential customers to consider the possibility of making a change.
2) Increase the appeal of the product or the business – A business can create innovative strategies through focus or diversification.Calvin Klein, for instance, expresses strong emotions through its products. If we consider its fragrances, they have Obsession which stands for passionate emotion, CK One which is androgynous and Eternity which stands for eternal love. This brand will not be pigeonholed.
3) Reduce fear of change- A customer might have doubts about switching loyalty when it comes to products and services. It is the job of the business to alleviate such concerns.To create a competitive advantage requires effective marketing strategies. Offer lower prices for a limited period or a trial period of free service.
4) Improve products- To increase adoption, it would be helpful to improve the product. Find out ways in which a product can be improved or add new features. Find out the root causes of a customer’s reluctance to adopt a product.
5) Email marketing – Emails can help not only in product discovery, but also in onboarding and increasing conversions at each stage. Emails increase the likelihood that a customer will take action. For example, Yotpo sent emails to customers which made them experience a seamless flow through the product.
6) Use webinars- Webinars are an interactive experience for customers. They allow a business to use video content where customers can participate and ask questions and answers. This visual medium makes it very easy to explain products and lead to great conversion rates. Webinars improve learning retention.
7) Focus on new features- Each new feature in a product can impact product adoption. Brand new functionality of new products should be focused on. Customers should be made to feel excited about new features and they should be made aware that the features are evolving to meet their needs. When Google added the Reminders feature to their Calendar app, they had an opt-in feature walkthrough.
8) Onboarding as a continual process- Chances are that users who successfully onboard for the first time may not retain their feeling of loyalty to the product forever. They have to be assisted repeatedly to find new value in the product.Users who use products without experiencing errors will come back for more. You can also try to sell more than the product that the customer has already purchased.