The right marketing strategy must be in accordance with the media used. Especially now that marketing activities can be carried out through various media platforms, where this condition requires you to be careful in planning marketing steps.
Running a business is not an easy thing, so a lot of knowledge and experience is needed to achieve success. One of the important things that must be considered is understanding the product marketing strategy.
You need to know, a product marketing strategy is very necessary in a business. It aims to introduce products to consumers widely. With the right product marketing strategy, your company will be able to increase sales which will ultimately generate big profits.
Then, how do you implement a product marketing strategy to achieve this high income? Check out the full review below!
The Core of Marketing in Business
An essence of marketing lessons that we can learn from inspiring people, especially for entrepreneurs with 'marketing' goals.
The purpose of this marketing is to exchange the added value that there are as many buyers as possible, as often as possible so that the buyer benefits and the seller benefits, so in order to "Exchange" we need to "Offer."
The most important thing in a business is not an office, not technology, not a product or service but is an 'Offer'.
Two Streams or Understanding in Marketing
In the world of marketing, you will recognize two streams, namely:
- Flow reminds
- Stream offers
The flow of reminding or what can be called branding requires very large advertising costs and often does not generate sales, this flow is open marketing.
While the offers stream will teach you how marketing costs compare to sales results, this stream is close marketing.
8 Product Marketing Strategy
Here are some product marketing strategies that you can try to increase company sales and income.
1. Get to know the consumers who are the target market
Before determining what marketing strategy is suitable for selling your product, you must first know the consumers who are your target market.
So you need to identify the market, so you can target it in a way that convinces consumers and makes them want to make a purchase. In this way too, you can make products according to consumer expectations.
2. Do Market Research
If you already have an idea of what your target customers are like, try to deepen other information before launching a business, namely by conducting market research. Some of the things that are included in market research, namely knowing:
- Who are your competitors or business competitors?
- What products are the competitors selling?
- Are consumers happy with the products offered by competitors?
- Is there an opportunity for your business to compete with competitors.
By knowing this information, you will be more stable when making a product. In fact, you can be superior to your competitors if you make different products that have more value.
If your selling product doesn't meet the needs of consumers as a target market, they will have no reason to make a purchase or choose your business product over products sold by competitors.
3. Determine the type of product and price
When you already know the market conditions and what products potential customers are looking for, the next step is to determine the type of product and its price.
In determining the price of the product you want to sell, try to adjust it to the capabilities of your target market. Try not to be too expensive or cheap. Find out also how much the selling price of competitors' products. So, you can provide the right price for consumers.
4. Promote Products Online
If the product already exists, now is the time for you to use the right product marketing strategy so that profits can be achieved. One product marketing strategy that can be tried is online promotion.
It is undeniable that the advancement of the times and current technology has created great business opportunities for anyone. So, try to use it as much as possible. In marketing products online, you can use social media, websites, or e-commerce platforms.
Several types of social media or platforms that have great potential for business promotion, namely Instagram, TikTok, Shopee, Tokopedia, and others.
5. Collaboration with Influencers on Social Media
The popularity of social media in today's digital era is soaring. As a result, many open business opportunities. Moreover, a new profession has emerged, namely an influencer or someone who is quite influential on social media and has a loyal audience.
You can also work with them in marketing your product. Try to choose influencers whose followers/audience matches your target market. Ask them to create content, either in the form of photos or videos that contain information on your selling products, so that more consumers know them.
By maximizing the use of social media and the help of influencers, your selling products can reach a wider market. Opportunities to increase sales even greater.
6. Give Attractive Offers to Consumers
Another product marketing strategy that can bring in lots of consumers and increase sales is to provide attractive offers. There are many types of offers that you can submit to consumers. Starting from offering discounts, vouchers, and other prizes. That way, consumers will be moved to buy the products you market.
You can also reach new consumers by offering free products. For example, through events or distributing free products in strategic public areas.
From the experience of consumers when trying these free products, maybe they will buy them themselves at a later date. So, there's nothing wrong with trying this one product marketing strategy, you know.
7. Determine Strategic Places to Market Products
Place marketing is one of the successful marketing strategies. Therefore, you need to determine a suitable location when you want to sell products. This applies to those of you who want to do business by presenting a physical store. Find a place to sell that can be seen by many people.
For example, when you sell products for school needs and office supplies, opening a physical store around a school or campus environment definitely has a higher chance of success. That way, consumers will find it easier to reach the products you sell.
Meanwhile, if you want to market products online, make sure you understand digital marketing techniques. Maximize social media or e-commerce platforms that are widely available today to market products.
8. Create Good Relationships with Consumers
Establishing good relations with consumers is one of the product marketing strategies that you need to pay attention to. This is because loyal consumers will bring benefits to the company. So, if you don't want to lose buyers, you need to create a good relationship with them.
For example, receiving criticism or suggestions and applying them directly in business. You can also give rewards for consumers who shop frequently. You can also provide feedback to consumers who are willing to provide product reviews.
By appreciating their presence, consumers will not hesitate to shop again because consumer loyalty is one of the factors for companies to survive in the business world. Conversely, consumers who are not valued can switch to competitors and this can threaten the continuity of your business.
Also remember that you have to make sure the products you sell are always relevant from time to time. That means, you have to make a few changes in your product marketing strategy or make product updates and modifications so that consumers still buy them.
Conclusion
That's some information about product marketing strategies that you need to understand in doing business. Come on, apply it so that your product sales are successful!
One of the mediums to market your business is to create an online shop website. Apart from managing sales, the website can also act as a catalog for your products and create attractive promos with the coupon feature.