How can you balance promoting new product updates with existing products?

To effectively balance the promotion of new product updates with existing products, integrate a strategic approach. Highlight the complementary features of new updates alongside the proven strengths of your existing product line. Develop educational content that emphasizes the combined benefits, ensuring customers understand the value across the entire range. Consider creating bundled offers to encourage exploration of both new and existing products. Plan releases strategically to avoid overwhelming customers and employ a data-driven approach to align promotional strategies with your customers preferences. Try to build a holistic strategy that ensures a balanced and effective marketing approach which always focuses on customer needs.

Its all about being selective and customer oriented. For existing customers , updation is relatively easier as the objectives are on table while for the new ones specific skill sets are required !

It’s simpler than you think! 1. Ask the users of the product 2. Are you relying on advisors who want to make it just look better to them but they never use products 3. Check your own company for “Benedict Arnolds” who block better ideas because it is not their own. Those who are satisfied with their jobs and fight changes. Those who manipulate “numbers” to fool CEOs that are too busy looking at Wall Street instead of Main Street. I have seen all of this roadblocks throughout my career in most companies as I see them more today! Don Memberg I came; I saw; THEY PROFITED

Develop targeted marketing campaigns that showcase the enhancements of the new updates while emphasising the enduring benefits of your established offerings. Ensure clear communication to your customer base about how the new updates complement and enhance the overall product suite.

That's very helpful really as i will be more organised, start with clear plan knowing customers I'm targeting at first without any interference in old products sales

Sell a time line of product. What you have now and why it is important. Have a 3 month update of product, 6 month update and a 12 month plan for the buyer.

As a sales professional balance promoting new and existing products by understanding them well, introducing updates at relevant times, and keeping your messaging clear and customer-focused. Stay aligned with marketing and product teams to ensure a consistent approach without overwhelming your audience. Less is more; focus on what matters to your customers for effective communication.

In my experience, we should always give detailed descriptions about the current product and advancements in the updated product. Simply provide a comparison chart for easy understanding

Many new product features come from raised pain points from existing clients and/or prospects. It is important to ensure these users are made aware that this has been addressed so they can gain immediate benefit, thus forming your primary audience. Similar businesses or individuals using your product are also likely to benefit so they are your next target. But good customer success and pre sales supporting product development and sales should include capturing how an existing user or business / prospective customer, would like to receive product updates and thus your communication strategy can be tailored accordingly.

When diving into outreach strategies after setting your goals and segments, consider some practical approaches. A helpful tip is to avoid overwhelming contacts with every product update; instead, prioritize the most valuable ones tailored to your audience's needs. Personally, I've found that customizing messages to address specific challenges fosters better engagement. However, I may respectfully disagree with a one-size-fits-all mentality. An illustrative example could be the successful use of varied channels like email, phone, video, or social media for a more captivating outreach.

When it comes to product updates, it's more than just promoting – it's about educating and showing value. I believe in breaking down what the update is, why it matters, and how it works. It's about helping users see how the update can tackle their challenges and improve their goals. Using tools like webinars, demos, or free trials, we can make this educational journey engaging and valuable for our audience.

This is an important point. If a new product or feature has been developed to address a gap in the market or raised pain points from users, you need to get feedback to ensure the solution meets this need. Tracking use and engagement will provide additional valuable data to allow you to measure the effectiveness. Keep in mind when setting your benchmarks to measure results the purpose of the new feature or product. Increase sales or make your product more sticky. Client/user retention is also important with so many new products coming available to compete for your customers so you may need to measure via CSAT or NPS for example. Don’t forget to ask for a testimonial from those happy users too😉

Emphasis on Team here! And not just Product and Marketing. Prior to any major change, new feature or product, Product Owners should ensure they are engaging with and doing Product Showcases with Marketing as well as all client facing teams (Sales, Support, Customer Success, Training). This should include multiple and early collaboration with Marketing and Training teams to prepare appropriate resources.

Never ignore or underfund your cash cow,don't sell your whole herd of cattle to buy a donkey,u will run out of running capital.New projects are best limited to 2