Marketing is essential for your business. For an efficient and effective marketing, you must create a marketing strategy that makes the most of your strengths and match them to the needs of the customers you want to target.No matter what niche you’re in, the success of your business depends on marketing. In order to market effectively, the first step is to know who will want your product or service.
Getting to know your target market will save you money, as you can direct your campaign to the people most likely to become customers. Let's take a look at the three things you need to be successful in marketing any business.
What Makes A Good Product?
Every great product has its ability to solve problems and a unique way of contributing its functions to daily lives of it audience. You can't succeed without a good product. A good product needs to have good value-based pricing since it’s one of the most important aspects of pricing that any business can apply. When done correctly, it can grow your business.
Getting to know your target market will save you money, as you can direct your campaign to the people most likely to become customers. Let's take a look at the three things you need to be successful in marketing any business.
- A Good Product
- A Marketing Mentality
- Money for Advertising
What Makes A Good Product?
Every great product has its ability to solve problems and a unique way of contributing its functions to daily lives of it audience. You can't succeed without a good product. A good product needs to have good value-based pricing since it’s one of the most important aspects of pricing that any business can apply. When done correctly, it can grow your business.
“The greatest thing to be achieved in advertising, in my opinion, is believability, and nothing is more believable than the product itself.” – Leo Burnett
Value pricing is customer-oriented pricing, meaning companies define their pricing parallel to what the customer believes a product is worth. If you are in business, you must provide your customers with a quality product/service at the right price. Do you have a good product at the right price? Here are key ways to position your business for success:
Have A Niche Product: If people need a certain product and your business is one of the few in the country that provides it, you can almost be guaranteed a national market for your goods or services.
Have The Best Product In Your Industry: Some people will always be willing to pay a premium price for the best product. That is why some people buy a Mercedes rather than a Chevy.
If you have the best product or highest quality service, you can charge more, but your market is usually smaller and your clientele more select. Having the best product means competition is not on price but rather on quality and perceived value.
Have A Good Value: If you don't have a niche product or the best product in the industry, you can still build up a large market for your company by providing a good value for your customers.
MacDonald's doesn't make the best hamburger in the world, but it does make a good hamburger at a low price, and the company is almost in every industrialized country in the world.
Product marketing requires understanding very well your audience and market, and having a great process, methodology and technology in place to be able to coordinate stakeholders, understand users feedback and empower business teams and creators to design and build the right product positioning and messaging to the right audience.
How To Develop A Marketing Mentality
You need to see advertising as an investment not as a cost. When looking at your potential returns and future sales, you must see advertising as a way of increasing your product sales. It is Important to note that, a good product is not enough! Good companies with good products fail every day.
One of the most common reasons businesses fail is a lack of advertising. If no one knows about your product, nobody will buy it.
It's as simple as that. Most marketing gurus will tell you that your advertising budget should be between 15% and 20% of your total budget.
It's as simple as that. Most marketing gurus will tell you that your advertising budget should be between 15% and 20% of your total budget.
That percentage may be greater if you are just starting a new company or introducing a major new product. Whether you're talking about marketing or advertising, building up product/service is all about brand positioning. You've got to show your customer base that you're the first person they should go to with a problem in your market.
Small changes in the way you promote and sell your products can lead to dramatic changes in your results. Even small changes in your advertising can lead immediately to higher sales. For example experienced copywriters can often increase the response rate from advertising by 500 percent by simply changing the headline on an advertisement.
Small changes in the way you promote and sell your products can lead to dramatic changes in your results. Even small changes in your advertising can lead immediately to higher sales. For example experienced copywriters can often increase the response rate from advertising by 500 percent by simply changing the headline on an advertisement.
“The real fact of the matter is that nobody reads ads. People read what interests them, and sometimes it’s an ad.” – Howard Luck Gossage
Further, repetition is the key to advertising. Many business owners are disappointed when they don't see an immediate increase in business with an advertising campaign. They expect the phone calls to start pouring in. Such expectations are unrealistic. repetition is the key to learning and remembering.
What actually happens is this: the more frequently the consumer hears your name, the more familiar you become and the more comfortable they become with you. Repetition is the key to learning and remembering.
Small changes in the way you promote and sell your products can lead to dramatic changes in your results. Even small changes in your advertising can lead immediately to higher sales. Experienced copywriters can often increase the response rate from advertising by 500 percent by simply changing the headline on an advertisement.
Set An Advertising Budget
Aside a good product and a marketing mentality you need to have sufficient capital to promote your business, in order to achieve business success. You may succeed if you only have the first two ingredients, but having money for advertising could makes everything a lot easier.
So why use the Internet?
Web presence should be one of the essential items in your overall business plan for advertising and for sales. Just as you need a sales force, regional advertising in radio, television, and print media, for offline advertisement, the Web should be one more avenue for advertising and generating business.
It should be part of your marketing strategy and plan. Internet commerce and web procurement are the wave of the business future. You need to make plans for this future, or you will be left behind.
If you have a low budget, then blog well. Get really deep into the content you want to explore and start writing “how-to’s” for your products—and then share them with the world using social media.
You’d be amazed at how much attention you can attract simply by making new discoveries on your own and sharing them with others. People love quick how-to guides that are relevant to their current needs.
