Strategy to Market your Product
An impressively innovative and useful product is futile if no one buys it. Hence, an effective strategy to market your product is as important as product and brand development.
The difficulty in marketing a product varies depending on the nature and quality of the product itself, the market demand, the target market, and the competitors. You can make things easier though by trying these proven strategies in marketing a product.
1. Social media marketing
More Australians go online than watch TV. As a matter of fact, more people in the world access the internet than tune in to TV stations. Instead of investing on expensive TV and radio commercials, why not create various social media pages for your products? Through the social media, your target market can learn more about you and your product at their most convenient time. At the same time, you get to engage them in conversations and respond to inquiries and feedback in near real-time.
2. Network marketing
Joining a network, such as a private blog network (PBN), helps you find contacts and take advantage of mutually beneficial online marketing strategies. For instance, a PBN with members who employ organic anchor links to improve the network’s online reputation tends to rank higher than its competitors.
3. Affiliate marketing
Creating your own website takes time and a lot of money, which is why some businesses prefer to engage in affiliate marketing instead. By offering an affiliate program for bloggers, you get to spend only for every successful purchase. It means that you practically receive free advertising and endorsement from bloggers who already have an established reputation in their niches and communities.
4. Email marketing
Do not underestimate the power of email marketing, especially when partnered with marketing automation. The conversion rate from this strategy is no longer as high as it used to. Nonetheless, it still works for a fraction of what online advertising costs.
This is more like a distribution strategy than a marketing strategy. However, more businesses are starting to discover its potential in covering for marketing cost.
When you enter a dropshipping agreement with a marketing and online distribution company, the marketing aspect becomes the primary responsibility of your partners. Meanwhile, the logistics and warehousing operations stay with you. Your partners get clients and process orders for you by whatever means they deem necessary, and you receive the orders and send the products to the customers. Somebody else does marketing for you while you continue to hit your targets.
To determine the right strategy to market your product, you have to employ different metrics and evaluate performance indexes. The most basic metric is sales as measured by gross or net revenue, volume or contract.