Updated: Jan 11, 2020
When it comes time to develop your market strategy to sell your products, it may seem very daunting or overwhelming, especially if you haven’t put in any work for your market research. If you have not started your research, please start with this article first:
Many things will be made clear through your market research, and if you have had a successful study you should have at least three specific strategies to reach your market segments, or target demographic.
To develop a connection between your companies, product, and your customer, you must first understand what appeals to your customer. If in your research you have found a correlation with fans of "Marvel” and buying your product, be sure to use that knowledge to your advantage here.
When you have a true understanding of what appeals to your market segments your strategies to sell to them simply unfold from what you’ve learned. True, if you received enough feedback from your study you should be able to know what the target demographic likes to buy, and how they go about buying it. How they found out about the product, and where they get most of their information from (Phone, Newspaper, Tv).
So if you know what appeals to your customer, and what makes them buy, you just need to develop an advertisement on the platform they will most likely buy it from. Before you start developing ads its important to think about your brand and the image you intend to give off to your possible client.
So be sure to check out some branding tips here: Building Your Brand
Without a solid brand, you risk your advertisements confusing your customers. Staying consistent with the content you provide your customers is paramount to building your brand, and branding your business is the backbone to being recognized by your customers.
Remember the 4P’s for marketing, Product, Price, Promotion, and Place, and their importance to your advertisement!
Now that you have the brand and content you are looking for, where do you plan to put it? With your studies, you should have a clear idea of the most and least likely avenue for your specific market segment.
Aspects that make a well-rounded market strategy include:
Create an Affiliate Program Start your Affiliate Marketing right away, especially if you have connections to highly viral sites or personalities. An Affiliate Program offers a third party a reward of some kind, anytime they bring a customer to you. Typically your ad would be hosted on their site, and for every sale generated through the ad, they receive a portion of the sale. This is a great method, that can send your conversions skyrocketing! You can also go with a cheaper version of this method, by finding people with influence, or just your family and friends, who like your product. Encourage them to advocate for your product, and they will become your influencer, who will provide others with a coupon code for 10% off their purchase. That code is specific to the influencer, and when it is used, the influencer receives a 20% off coupon (Or some other incentive). Hopefully, you will find a team that will advocate your company for little to nothing when you start, but with the right crowd reach, even this small scale method can give you massive results.
Social Media Depending on your target demographic, social media will be a huge part of your marketing campaigns. From Facebook to Linked In, Instagram, and more you may have your work cut out for you. There are many ways to get on top of it like a pro though. Of course, you could hire a low-end social media manager for cheap or give some money to a friend who always is on social media in the first place. You need to be sure your social media presence is active, and relevant for the users in your target audience. Not only do you need consistency with your content, but you need to find the perfect schedule of when most users in your demographic are online scrolling their feed. For instance, if your demographic is shown to look at their feed during lunchtime, you can schedule your ads, and other content to post during those times only. Another noteworthy topic is Leveraging Influencers. We touched slightly on them in the above section, but it is worth bringing up again. Imagine the impact on your sales if a celebrity took your product around and gave testimonials for all to see. You can achieve this goal, but on a smaller scale through social media! A page or person who has a six-figure following or even just a 10K following base has a huge influence on what people in a certain demographic see on their social media. If you can work out deals with many influencers that fit your target market, you can reach in upwards of half of a million people with your services! Unless you have some great connections already established, this may take some time to build up, but its results will speak for themselves. Facebook Business also serves as a great tool to get started and keep up with your statistics. They allow you to hone in on a very specific audience at peak times, this provides a very tailored marketing experience for you and your customer.
To learn more about 'Facebook for Business' Click Here: https://www.facebook.com/business
Click this link to learn more about the Facebook Pixel: https://www.facebook.com/business/help/742478679120153?id=1205376682832142
Solidify your SEOs SEO or Search Engine Optimization is formatting for your website to come up on search engines with the use of hot words or key phrases. If you type a search request into google you can see the words of your search request come up in bold, peppered inside the descriptions of the websites that have listed for your search. This is what optimizing your site for search engines is for, so that when a new customer searches for something they find what they are looking for under your site first. If you are new or seasoned in the field of SEO, you may find some of the fundamentals change in the coming years with Google's release of BERT. In basic terms, Google improved its search engine with a type of learning A.I, focused on understanding a search better. Instead of using hot words to pull results, the search engine focuses on your intent behind your search, what are you looking for? Experts say in the coming years, SEOs will have to merge seamlessly with your marketing strategy and business plan. Of course, it should in the first place, but these developments should push you to focus on the consumer's intent, what do they want and how do they want to find it?
Build A Blog and Vlog Now that you have a social media presence, and you’re popping up on search engines like google, its now time to make sure you have content on your site to get the foot traffic you need to make sales. A weekly blog and Video-blog can generate new users and stimulate past customers by giving them relevant content in a consistent manner. Whether its an article or a video from your youtube channel (Did you know Youtube is the second highest used search engine?) if you have content to share through your social media, you are keeping an attractive buzz around your site's brand, and you can use all this foot traffic to guide them to your store. When you do post content you want to be sure it is not thin. Whatever you release be sure it provides a ton of value to the viewer, they will only read the next article if you had something good to say in the first article. Remember also this work is a type of sales funnel, but you want to be sure your content is worth the steps for the customer. For your videos start with how-to tutorials and teach your following something useful that they can appreciate. Remember providing valuable content to your following is crucial to getting return traffic and website views.
Build a Lead Magnet
Think of this as a simple trade-off with new potential leads, typically you offer something, in return, they provide their email address. Now you have a potential customer on your site's mailing list. Think about any content you can give away as an incentive, so you can sign up a new member, maybe it's for your blog, your tutorial videos, or a free e-book. Whatever the case may be, a strong lead magnet can develop a great number of leads. The second half of this section is email marketing. Now that you have the user's email, how will you draw them back to your site? It's good to have a discussion attached with your email, you don’t want to simply email them with “The latest Deals” you want to engage their interests to peak their curiosity.
The radio may be dead but music streaming is roaring
Unless you find your market segment listening to radio ads for their information about what to buy, chances are you will waste your money on radio ads these days. However new age radio with its various streaming services has tens of thousands of users listening to the ads attached. This offers a whole new platform, which caters to very specific demographics in specific regions. Pandora has a lot of great ways of connecting you to your niche market segments. If people like “Classic rock” and also like your product, chances are you’ll see results by placing ads on the classical rock Pandora station for people in your town. The same could be said for Spotify and other music streaming services, so don't be afraid to get creative with your strategy!
Whichever platform you choose, you need to be sure your market strategy falls in line flawlessly with your brand, and what your customer's expectations are of a buying experience. You need to give them an experience that is tailored to them from start to finish.
There are many tools out there to assist you with your market research so you can recalculate your strategy in real-time with changing trends.
Remember market strategy is important for any business to succeed, if you can’t sell to your customers effectively, then you have no chance of having a successful business. When you first start don’t be afraid if a strategy does not work right away. It will be a learning experience of what you want to sell and how also what your customers like to buy and how they like to find it.
Market strategy can be a tough job, but when you find what works best for your business, you may be able to hire someone to take care of it for you from now on with your newly found sales profits.