Here are some more tips to help spread the buzz about your product.
Use scarcity to create excitement and demand . . . and watch your prospects clamor to get their hands on your limited supply of your product. Here's an auto industry example. After the prospect gets a quick preview of next year's new car model, he or she goes into the showroom for more information. Of course, the salesperson can only put the prospect's name on a waiting list. The new, still-unveiled model is in such demand that it'll be months before the dealer can promise delivery. This is exactly what happened with the revived Volkswagen Beetle. Tickle Me Elmo and Beanie Babies? Just more proof that scarcity--even when the product is a small stuffed animal--can turn a normally composed shopper into a crazed buyer willing to go to absurd lengths to get the product.
Homework assignment: Both start-up and seasoned businesses that are introducing new products often think they need to have warehouses full of the product and spend exorbitant amounts of money on advertising. Why not produce a limited amount and forget about spending big advertising dollars? Invite an exclusive group of existing customers to a "sneak preview" of your new product and offer discounted introductory prices. Starting a buzz with your satisfied customers often means you don't have to invest a fortune, and the cash flow you generate allows you to manufacture more and hire the help you need to keep up with the new demand.
See our tips on Tuesday, December 12, Thursday, December 14 and Friday, December 15 for parts 1, 3 and 4 of this article.
