Businesses create products that help users by solving their problems. It can be software, cream, or furniture. When you create a new product, it always feels like a breakthrough. It’s ready to sell and make you money. But then, the reality hits — you’re not the only company creating a product. There are already tons of brands doing the exact same thing.
So, why would anybody buy from you? It is a matter of serious concern. This is where marketing comes in.
The advertising industry in the U.S. is worth 138 billion dollars. It’s not for nothing. Marketing is the chariot on which businesses drive to success. Companies spend millions of dollars in producing a brilliant marketing plan on top of producing the product. If you think one just sets up a business, brings in the professional IT support services, creates a brilliant product, and gets customers automatically, you’re living under a rock.
But it doesn’t happen easily. A marketing plan might need weeks of brainstorming by brilliant minds in the industry until a good idea hits. The best part is — no matter what it takes, a good marketing plan is always worth it.
How do businesses bag millions with awesome marketing ideas?
Marketing ideas can be extremely expensive, or they don’t cost a thing. It’s mostly about creativity. For instance, Netflix’s latest show, Squid Game has grossed a revenue of $900 million with almost 4.4 million watchers worldwide and counting. The platform used social media to promote the game as it got influencers creating the sugar candy and performing the tasks from the game.
If you don’t understand this, you must have not watched the show. In that case, brace yourself for spoilers. As the trend went viral, more and more people started watching the show to see what it’s really about. Now that they have an audience, it all came down to quality. Naturally, the show was amazing and made millions.
Sometimes, the marketing ideas actually tell users what they’d like. McDonald’s uses pictures of dishes in all their outlets for people who don’t know what they want. They spend a lot of money to create mouth-watering videos and photos of their products. This marketing trick works with the psychology of customers to get them to buy more stuff. They also created a behind-the-scenes video of photographers doing their magic with food.
How can you create a marketing strategy for your product launch?
Creating a marketing strategy these days is all about generating hype. A phenomenon called FO MO — fear of missing out — works wonders on social media. There’s no telling how much your product can bring in if you hit the right chord with your target audience. Here are some points that you should remember:
- Understand what your target audience really wants
- Create content that talks about their needs and not your product
- Make your audience a part of your content strategy ( get them to share, comment, and make their own content on the topic)
- Use influencers wisely. Motivate them to get creative and not repeat the same thing as your competitors
Here’s a done-for-you process to create a plan:
Set clear goals for your marketing strategy
You must identify your goals before you create a plan. A strategy doesn’t always translate to sales. Understand where you are in a sales funnel. This means you should be clear about what the strategy must help you gain. Is it brand awareness? Is it more website traffic? You must move ahead step by step. If you’re new to the industry, you can’t jump to sales. Begin by making people aware of your product and move forward with that.
Know your target customer
If you’re selling to everybody, you’re selling to nobody. People are different and so are their needs. Not everybody is going to bite into your product. If you’re spending money without understanding who exactly are you selling to, you are only wasting your resources. For instance, if you sell a car engine oil, there’s no point putting up an ad in front of someone who doesn’t own a car. They’re just not going to buy it.
Have a Unique Selling point
You can’t avoid competitors in the market. There are other brands that create exactly what you create. Therefore, you must always come across as your USP. If you sell creams just like most brands, add an element of sustainability. Now, you’re a sustainable skincare product and not a generic skincare product. If you don’t work on this, you’ll get lost in the market.
Master one channel first before moving to the other
These days, brands want to do everything. They’re on Twitter, Instagram, Facebook, YouTube, and whatnot. There’s no problem with that. But if you’re just starting out, this might not be the best idea. You must master — or at least understand — one channel first before spreading your wings.
This is how you build a strong marketing strategy to launch any product that you wish. This works for brands in all industries and you can’t go wrong with this. If you keep all these points in mind, there’s no stopping you from achieving success in business. People often move on and forget the basics but you don’t have to do that. Marketing is not as complicated as people think. Just stick with the basics and you’ll do well.