You may have the best new product to hit the market, but a revolutionary item can be a flop when you don’t market it properly. If you want to start your new small business on the right foot, then don’t rely on guesswork. Your products need to hit the mark and target the right people. Here’s how to make sure they do.
Use the Experts
You may be an expert in your business or products, but are you an expert in your market? Leave the marketing to those who understand it the best. Even if you’re trying to cut costs, a branding agency will pay for themselves in the long run as they understand your target market and how to ensure your product reaches those people. What’s more, they can tailor your companies brand to appealing to that target market. If there is one area in which you don’t want to cut costs, it’s marketing.
Along with hiring marketing and branding experts, you may also like to carry out market research. Market research is the best way to understand your product category and the competitors within that space. You will need to survey new and existing customers, analyze your product and potential markets, and collect data through every possible avenue. The goal is to learn as much as you can about your market as well as your product’s connection with it.
Consider Your Competition
It is rare for any product to create a new product category, without competitors within that space. Instead, it’s more likely to be a variant or a newer model of something that already exists. Believe it or not, that’s a good thing. The competing products on the market allow you to investigate what is working within more well-established businesses. Check out your competition and find out how they market the product. Join their mailing lists, visit them instore as a customer where possible, and analyze every part of their strategy to see what they’re doing and whether it’s successful.
It’s hard to get a gauge on your product’s success in the marketplace if you aren’t exploring every avenue. While it might gain no traction at all in newspaper advertising, it could skyrocket in the ratings on social media marketing, or even radio. Facebook is particularly well-used by small companies, with millions of businesses advertising on Facebook. Start by comparing your target market to the audience demographics for that platform, and go from there.
The way in which to find your small business’s target audience is by testing various demographics. Social media tends to be one of the best and most targeted platforms for trying this out. Construct different advertising campaigns to suit different target markets. For example, appeal to a younger audience with bright colors, graphics, fonts, and language. Appeal to older demographics with tame yet striking visual components and dominating adverbs. Compare the two test campaigns and see which method worked best for you.
Identifying your business’s target market can be a challenge, especially if you have more experience in product development than marketing. The best course of action is to enlist the help of a branding expert to guide you, and by researching and testing your product thoroughly while checking out your competition. The road may be long and arduous, but when you successfully hit the right market and with a bang – you will see it was entirely worth it.