Around 80% of new businesses survive their first year. Within five years, though, that number drops to 50%. For companies looking to invest capital for long-term profits, that’s a scary number.
If your product is already in the market, and you’re pretty settled in, how do you prevent losses that force you to close in the next few years? Of course, you probably want to turn to a marketing strategy or brand strategy to find new customers and maintain those you already have.
Sometimes, though, those implementations aren’t enough. You might want to turn to a product sampling program. There are plenty of benefits that come with this approach, so read ahead to find them out.
What Is a Product Sampling Program?
What are sampling programs? They are, essentially, a method of setting aside a certain amount of products to give away. It’s not that simple, of course, and involves organization from top to bottom.
You can’t just remove a few products from shelves and hand them out. If you reach out to a product sampling agency, for example, they’ll first and foremost recommend creating another line of items entirely.
This means changing the packaging for easier transportation. While this is an additional expenditure, your business saves because there’s less product handed out. Primarily, though, this is to create scarcity and push customers into buying your full product.
Hotels are renowned for supplying tiny bottles of shampoo, conditioner, and tiny soap bars. While they’re usually labeled with the name of the establishment, some companies use this as an opportunity to slap their brand on the product.
Reaching Potential Customers
Techniques, like branding hotel shampoo bottles with your hygiene company name, put your relevant products in the hands of a potential customer. This removes a plethora of common barriers between a buyer and your company’s items.
First, it creates low expectations. If it’s free, people will accept it out of pure curiosity. Next, they’ll try it out. If they like it, they’ll search for your brand and make a purchase.
One study showed that around 80% of individuals who tried a product eventually researched the brand. This held true for both people that were satisfied and those unsatisfied with the items in question.
Fight Against Affordable Competition
If you sell a premium product, you might have competition that offers more affordable options. A product sampling program pushes customers in your direction, as they’ll try yours first.
Commit to Marketing With Real Results
A product sampling program is just another branch of the marketing industry. It’s not a charity, rather a way to generate interest and make conversions with no cost to the customer. It reaches out to those that otherwise wouldn’t try your items.
Free product samples keep you in the market due to a variety of reasons. It’s an affordable way to fight against affordable competition and engage with potential customers with little sacrifice.
Consider implementing the strategy. But, if you found this article helpful and are looking for more, check around for our other posts!
Please share “How a Product Sampling Program Can Boost Your Brand?” with friends and family.