Businesses play a vital role in making products and services feasible for consumers all over. Businesses must always market to the right customers by delivering excellent solutions. The core of selling any product should revolve around the business’s quality.
Businesses that aim to survive or operate for the longest time must adopt various strategies to keep the customers interested in them and intrigued to know more about the products and services. One of the most complex tasks is maintaining your existing buyers rather than attracting new ones because maintenance is higher than the costs that revolve around disappointing the existing ones.
How to market a product?
Strategizing and planning before executing anything is very important. Businesses must preplan everything beforehand because coming up with new strategies and adopting new ways is risky, especially if you’re an established business, as it’ll threaten the business’s reputation.
Today marketing can be one of the most important elements when selling any products or services. With the evolving concept of technology and various technological innovations, marketing tactics have been upgraded, as have consumers’ expectations. To meet those expectations, businesses need to keep innovating new products.
For example, adapting market penetration strategies for potential best results and fulfilling the demands by supplying them with the niche any brand offers.
What is market penetration?
Market penetration is a strategy that determines the size of the potential market share or achieves a certain market share by tapping into new products, customers, and markets. Market penetration can calculate the penetration rate of the market. One way to measure it is through the Ansoff matrix.
Many times, the Ansoff matrix and market penetration are considered the same because of the same characteristics they offer. However, the Ansoff matrix is a growth strategy, whereas market penetration is utilized for marketing purposes.
Diving deep into the four strategies of market penetration revolves around:
- Marketing penetration
- Product Development
- Market Development
- Diversification
Marketing Penetration
This strategy revolves around promoting and advertising the already launched products to the established markets where the businesses are not new and have been catering to the demands of the consumers for the longest time.
Product Development
Product development is similar to disruptive innovation, e.g., utilizing technological innovation for existing customers in the existing markets. Many brands adopt this strategy, like Apple launching new products for customers who already have bought their products, like Apple smartwatches, MacBooks, or Apple pencils. This tactic is helpful to keep consumers involved and build a brand name.
Market Development
This strategy involves the development of a new market for the same customers. E.g. Ford Motors expanded its 3D printing capabilities to robotic innovations for the longest time. Businesses are exploring themselves, entering new markets, advertising to a new range of customers, attracting them to their business production, and increasing profitability.
Diversification
Diversification has an entirely different set of consumers to cater to by offering different products. It includes every aspect of the market, from the consumers to the products and services to be new. It is extremely different and a splurge of change for anyone.
Existing Customers: Product Development
For existing customers, a new product would be a surprise. It can have a very uncertain response: positive or negative. Hence, proper planning is required. Firstly, businesses need to provide advertisements like a disclaimer to inform the audience about changes in their favorite products and services as they’re used to buying them.
Steps to inform consumers about Product development
Proper Research
Research and development is something any business should practice before taking the risk of catering to the needs and wants of any consumer. In-depth research for a high-quality product with greater outcomes would help the business adapt to product innovation.
Furthermore, cost efficiency, advancements, and up-to-date trends will allow the organizations to produce outcomes containing accurate and effective results. Customer feedback also helps in research and results in increased customer satisfaction.
Catchy Advertisement
Mindsets of consumers need to be alert about the new launch. Hence, new products require messages, prompts, and teasers to be launched beforehand. That helps with great marketing.
Scheduling a Time
Perfect posting time after detailed research and knowing a lot about the target demographics, it is essential to decide on a time to post the content for higher engagement leading to trafficking on the websites and social media platforms.
Pricing Strategy
A lower pricing strategy for a higher profit margin would be essential to attract consumers because the lower the price, the more consumers are attracted and lucrative higher.
Activate customer service
Customer service should be active as customers will be curious to learn about the new products and may not know how to use them. They may need a guide or customer service representatives to resolve their queries.
Furthermore, the customer will perceive the product launched differently. Businesses should adapt, which is why they should treat their concerns differently.
Make it Famous
The innovative product will require a buzz around its launch. Hence, the marketing and sales departments’ primary concerns should be making it popular. Buzzwords, trends, and Insta reel challenge videos should be incorporated with the marketing of it so that the audience can relate to their products and services.
Nine best tactics to market products right.
Ads
Google ads play a vital role in creating a buzz around the corner as Ads have the characteristics to subconsciously be adapted by the mind and allow them to remember them.
Guides
It will be created for the audience as they know how to use the innovative product.
Blogs
Provide you with blogs on websites or guest posts and backlinks.
Social media platforms
Hashtags, shoutouts, and detailed posts – will attract existing consumers.
Personal Relationships (PR)
Sending the product to any of your known people or giving trial sessions to PR would attract and increase customer growth and, consequently, business growth.
SEO
Innovation requires the usage of technology. Nowadays, especially for promotion and marketing, in particular, SEO (search engine optimization) is the most beneficial for any business as it will increase traffic, cause engagement, and increase return on investment (ROI).
Email marketing
This marketing revolves around emails. A well-articulated email would attract customers and increase the monetary growth of the firms.
Affiliate programs
Collaboration with various programs would allow businesses to gain a commission from the consumer willing to buy the innovative product and act as a great marketing partner.
Competition
Launching the final product and introducing it to a larger audience is best. Still, your competitors will act as giveaways for you in the market and allow incumbent firms and employees to attract. Maybe businesses can gain investors or partners from this tactic.
Conclusion:
Marketing products is essential to gaining customers and growth, but most importantly, for a business-to-business (B2B), the organizations must be customer-centric. If customers don’t fall into the criteria business, they need to adapt customer filtration techniques to filter out customers. The demographics, target audience, and demands do not match. Hence, we will only cater to those that bring the best out of business. Your product marketing plan will need continual refinement. Seasons and trends change, which means you need to work to keep your product relevant constantly.
For example, a battery-powered light-up dog collar may no longer be relevant once a rechargeable one exists. Technology is likely to become obsolete over time.
