Marketing Can and Should Get You Sales
Successfully promoting your goods or services can result in impressive revenue growth for your business. Whether your business is in the start-up phase or not, marketing can, and should, get you sales! Begin by creating a marketing strategy that will outline how you’ll go about marketing your products or services.
Here are a few tips to include in your marketing strategy:
Conduct your research and learn your market. All successful marketing strategies should involve research. Know your product or service inside and out, who your target customers are and how receptive they’ll be to it.
Know your competitors. Depending on your business, competition can be challenging. Study your competition’s products or services and examine their strengths and weaknesses. Consider how you’ll distinguish what you’re selling from your competitors and determine what makes your product exceptional or extraordinary.
Pricing Points. What are your price point levels? Again, look to your target market and your competitors to measure how you’ll price your product or service. Consider this carefully because you don’t want the customer to feel like they’re paying too much.
If you have a new, one-of-a-kind product, you will be able to create your price point. You can choose to enter the market at a lower price to generate demand or decide to enter at a high price point to generate prestige and scarcity. These strategies can backfire.
- If you enter at a low price (decreasing the perceived value) and then want to increase the price, customers can boycott your product as they think you are gouging them.
- If you enter at a high price point and don’t get the sales you need, customers can feel your product has lost its cache when you decrease that price.
Where to sell? Decide where a potential customer will be able to find your product or service. Will it be solely on your company website, in other online stores like Amazon, or in a brick-and-mortar store? Bear in mind that customers should be able to have easy access to your goods. Keep it as simple as possible.
Promotional Tools. Getting the word out about business used to be tricky. Now, everyone is a social media guru and can demand in the marketplace. Research every promotional avenue to understand where your audience connects, whether via social media (low-cost option), television, radio, newspaper, or print ads. Remain consistent, persistent, and be open to new ideas of getting the word out.
Product/Service Feedback. Once you’ve launched your product or service, gathering customer feedback is vital to the success of your marketing strategy. You’ll learn what worked and implement the feedback into your plan.
Think of your marketing plan as a way to tell the story of your business to potential customers. Your story should cover all the critical points of your strategy in the future and deliver on what you want to accomplish.
If you are doing all these steps, there is probably only one lever throwing off your campaign from making it to the right people. Do a test-and-learn strategy. Update only one component of the campaign each time so you will know the variables.
The original article was published by Consultants 2 Go. This article was updated by Sandi Webster in May 2021.