Producing goods requires a lot of planning. From the conception stage down to factory production and product registration involve time and resources. But the big question is the marketing angle? How do you market your product, either existing or new? What type of marketing strategy will you apply to increase your existing product market share? What approach will help your new product penetrate the market among existing market players?
A good product without proper marketing planning will end up as a failed project. If you have been looking for the ideal marketing strategies for your new and existing products, then this piece is the right nugget for you.
1. Understand Your Target Audience
Understanding your target market is key to your product’s success. You can’t produce a product that does not have any market demand, e.g., making alcoholic drinks in a conservative society against alcoholic drink consumption will fail because of the cultural and religious laws prohibiting people from consuming such products. In this case, as a producer, you need to understand the age bracket you are targeting by using tips from Bundle Digital, the demography of your target consumer, and the most appropriate channel you can use to pass across information about your product.
2. Go Beyond Your Competitors
None of your competitors are willing to give up any percentage of their market share. Some are even planning to take over your stake if you are not careful enough. As a producer, you must always think ahead of your competitors. Your strategy must always go beyond what they have in mind. A good example is Nike. In the 1970s, Nike released their first casual shoes set. The project failed because they lagged behind other brands like Britain Rebook and America athletic sneaker leaders. However, by 1973, Nike decided to change their marketing strategy by adopting celebrities like Michael Jordan and Ilie Nastase to endorse their products. The extraordinary move changed Nike’s entire face as a brand, pushing the company’s value to $270,000,000.
Thinking outside the box gives you an upper hand over your competitors and increases your market share.
3. Use contest and giveaways
Everyone loves gifts! This marketing strategy applies to both new and existing products. By giving your current and potential customers gifts such as ebooks and airtime vouchers, you draw them closer to your products. This strategy will help you attract customers closer to your brand.
4. Offer your customers an exclusive interview
As a producer, meeting your customer needs should be the basis of your product. Giving your customer the exclusive privilege of seeing what a product looks like before the main launching date is a crucial strategy to capture your customer support base. It can take the form of a pre-launch party or virtual interview. This exclusive privilege of offering consultation will help you transform your customers into ambassadors for your new and existing products.
5. Make use of Email marketing
Based on statistics, 82% of consumers open their Email daily, and 76% of email subscribers have purchased goods using e-mail services. Email marketing helps you get across to your client in real-time over different geography without stress. Through email service, you can share a recent update about your products and also enable you to showcase your new products.
6. Promotion of your product on social media
The best way to retain your market share is to promote your product continuously. Either new or existing products, you need to upgrade your product consciously. The 21st century offers businesses the opportunity to market their product beyond the traditional media. You can embrace the use of social media platforms such as LinkedIn, Facebook, Twitter to push your product to frontiers beyond the traditional marketing channel such as radio jingles, Billboards, TV advert, or Newspaper outlets.
7. Make an exciting promise you can keep
The best way to get your customer’s attention is to offer them something they can’t resist. For instance, if your company specializes in pharmaceutical products and you recently released a new anti-malaria drug that is efficient against malaria fever. Assuring them that the drug is 100% efficient will influence existing potential to patronize your product. However, you must ensure that the drug can fulfill all the promises you made during your publicity. If not, this strategy will be counterproductive because negative reviews from users will bring down market demand.
The business world is getting competitive daily. The best way to ensure your new or existing product continues to extend its market share is by adopting different marketing strategies to keep up with the pace of the ever-changing business world.
Good product! Good. However, a Good product with better marketing is far better.