With the introduction of modern technology came hundreds of thousands of entrepreneurs, all wrestling one another for financial independence and climbing over each other for brand recognition. With such fierce competition, it can be difficult for your organization to receive the recognition you feel it deserves. Thankfully, there are a multitude of potential avenues for the budding entrepreneur to pursue, all with their own pros and cons.
Unfortunately, unique products appear to be a thing of the past, and it seems ideas are wearing thin. With many similar products on the market, it can be difficult to have yours shine among the many. By selling for a price lower than everyone else, you risk undercutting yourself and losing interest. By selling too high, you face an equal loss of interest.
With these sure-fire marketing strategies, you can become financially independent and dominate your market.
Marketing Your Product on Blogs or Social Media
Marketing your product has never been easier. With the internet we are afforded an overabundance of places to list our brand. We can also receive the intrigue our products deserve; from Quora marketing, to the use of social media, entrepreneurs have an infinite source of would-be customers at their fingertips. Within the category of social media there are many potential avenues that you can bring about your brand awareness and increase your product sales.
Often, the best way to receive recognition is by using social media personalities. Social media personalities (or influencers) will often endorse your product or brand for you for a low cost. By using influencers to endorse your product, you can receive a lot of attention from their followers. Their followers in turn trust the individual who is using your product, and may be inclined to buy it to emulate their idols.
The downside to this type of advertising is that oftentimes you can be duped by the same social media personalities. It’s becoming a common trend to buy followers, which means that you may contact a social media personality believing they have a huge audience to market your product but, after paying them you find out they have no followers of their own.
This can be avoided by giving them a smaller payment initially and have them affiliate market your product. Affiliate marketing works by commission sales that they bring to your company, through a special link designed personally for them. Your affiliates will receive a percentage of the aforesaid sale, whether 10% or 15% or more. This can be a great incentive for social media personalities who will then go out of their way to market your product for you.
Personalize Your Product and Tell a Story
Many times, by personalizing your product and telling a story you can reach an audience who would ordinarily ignore you. Markets are heavily oversaturated and a little personal touch can go a long way. Whether you give a brief history about yourself and your family, you can find that this will pique interest and give customers a feeling of knowing exactly who they are doing business with.
An example of this could be if you were a baker, your website could say; “Walsh and Family Bakers have been baking the finest bread for over a hundred years, and from generation to generation have contributed to their local communities,” or something similar to that effect.
People are people. Your customers are not robots; human beings enjoy humanity, much the same as they enjoy knowing who they are doing business with. Would-be customers would rather purchase from somebody they know over a multinational corporation. Consider that when marketing your product online. Also, with regard to telling stories, be sure to include recommendations of high repute from customers who have thoroughly enjoyed their experience with your product.
Go Further Than Your Competition is Willing to Go
Nike, whose turnover last year saw 36.5 billion dollars, has historically always gone where their competition was not willing to go. You too should consider this for effective product marketing; for example, Nike is promoting Middle Eastern women participating in sports. With alternative marketing techniques you can help your company to reach heights previously unimaginable. Even if you employ more sponsors than your competition, that extra step will surely bring you heightened interest.
Market to Pre-existing Customers
Perhaps the best way to nurture growing interest in your new product, is to market to your already loyal customers. By marketing to those who swear by your product you are more likely to develop future customers and increased revenue. In order to maintain their interest you may even offer services such as an email subscription list. This list could provide sales to your current customers.
Customers who are already satisfied by what you have to offer will jump at the opportunity, assuming it is aesthetically pleasing to them. It is important that when marketing to customers who already spend money with you, that you do not start producing products of an inferior quality. By doing this, you will have your customers consider you with contempt, and will stray from their brand loyalty.
When you are marketing to customers who already favor you over the many other brands on the market, there is nothing worse than treating them poorly. They may even scornfully tell everybody they know never to do business with you, for fear of being bitten. Angry former customers can be a thorn in your side that can never be removed. The best way to maintain customers is to continue to produce good quality products, offer them incentives, and treat them well. They are spending their money with you, money they have worked hard for, and deserve better than that.
Marketing can be an essential component to growth, but so is the retention of your current consumer base. Perhaps, after all, is said and done, that is the most important thing you should take away from this: treat your customers with respect and fairness. In order to promote a product you need to develop a rapport and maintain it, rather than kill it with poor quality products and false promises.