Updated: Jan 10, 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