How To Successfully Market Your Product or Service Without Breaking the Bank
Once you build it they will come? Right? No, that is wrong. Once you build it no one will come. Many business owners get too caught up in the making of a product without thinking from day one about marketing the product or service. Successful entrepreneurs start their marketing and sales strategy even before they start to build the application, platform or network.
As a business owner you need to be thinking "Marketing, Marketing, Marketing" Getting the word out to your target market in a cost effective manner is your number one priority.
There are many marketing channels that you need to review before you spend any money on marketing. Monies spent on the wrong type of marketing can produce disasterous results to your bottom line and can even force you out of business.
In setting up your calendar, you should follow the following key points:
- Introduce Variations or Upgrades
- Partner with other Businesses
- Re-Package or Re-Brand
- Market Research
Introduce Variations or Upgrades:
In introducing Variations or Upgrades you can create a value added product that can easily outsell the original product. How many times have we seen products come out that are new and improved which are far superior to the original product in the market.
- Variations:
If you are targeting variations in product lines, it is important to have focused groups that brainstorm the original product to look for improvements and value added options. Consider creating different versions of your product. For example, if you sell handmade soaps, introduce variations like lavender-scented, exfoliating, or travel-sized options. This allows you to cater to diverse customer preferences without significant additional costs.
- Upgrades:
Enhance existing products by adding features or improving quality. Customers appreciate upgrades, and it can justify a slightly higher price point. For instance, if you offer a basic software package, consider a premium version with advanced features.
Partner with other Businesses:
This technique can bring in needed dollars quickly by simply calling other companies that are doing what you are trying to do and give them a value added product or offer that will help align your company with them which saves or makes them money.
- Identify Businesses:
Identify businesses that complement your product or service. Collaborate on joint promotions, events, or bundled offerings. For instance, a fitness studio could partner with a healthy meal delivery service for a combined fitness and nutrition package.
- Leverage each others customer base.
Leverage each other’s customer base. Cross-promotions can introduce your brand to new audiences without hefty advertising expenses.
Re-Package or Re-Brand
Many businesses have become successful by creating their own private label product using someone elses product line. Sometimes you don't need to make it yourself but just leverage someone elses production or manufacturing capabilities.
- Fresh look
Sometimes a fresh look can work wonders. Consider rebranding your product with updated packaging, logos, or messaging. This gives the impression of something new and revitalized.
- Re-Packaging Investment
Repackaging doesn’t require significant investment, yet it can attract attention and make your product stand out on shelves or online.
Market Research
Market research helps identify your target audience and identifies potential roadblocks and hurdles that you may encounter. Here are some suggestions.
- Understand Your Target Audience:
Understand your target audience deeply. Conduct surveys, analyze social media trends, and listen to customer feedback. Identify pain points, desires, and unmet needs.
- Tailor Your Message:
Use this information to create products that resonate with your audience. Tailor your marketing messages accordingly.
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