5 Effective Ways to Market Your Product

One of the most commonly misunderstood tasks of any business is that of marketing. Sales, of course, is easy to understand. For one thing, sales generates income. If you don't have sales, you don't have income. Marketing, however, does not generate income until there is a sale. This can make it seem as if sales is the star of the show and marketing nothing more than a distant backup dancer. There is a reason, however, that some of the biggest brands on the planet continue to invest heavily in marketing. Making a sale is like getting a date. Marketing is about building and maintaining a relationship. What's true in personal relationships is also true in business. The best way to get is to give. Here are 5 effective ways to market your product by giving to your consumers.

 

  1. Tell a Story

There is pretty much nothing human beings love more than a great story. Long before we had TV or movies, human beings used to sit around fireplaces and tell stories. In 2011, the US spent nearly $500 billion on media and entertainment. By 2020 Americans will be spending an estimated $720 billion. We love to be entertained. One of the best things you can do to market your brand is to tell a good story and associate your brand with it. Some of the most successful Super Bowl ads of all time all have one thing in common: they tell a great story.

 

  1. Market to Existing Customers

Another huge misconception about marketing is that the primary purpose is to generate new business. The truth is, it is far easier to get an existing client to try a new product or expand their business than it is to gain a new customer. If you are directing all of your marketing efforts into getting new customers, you are far more likely to lose existing ones. While you should of course always be directing a portion of your marketing efforts towards new clients, the truth is the larger portion should be directed at existing ones.

 

  1. Address Customer Concerns

One reason that the biggest brands continue to market is that they are constantly introducing new products and services. This is also why you need to continue to market to existing clients, not just new ones. Any time you roll out a new product, consumers take a risk by trying it. In addition, consumers can often be unaware of why they need a certain product in the first place. For example, they are unaware of the benefits of products that cut down on the blue light emitted by electronic screens. Most people are largely unaware of what blue light is, let alone why they need to be shielded from it. Your marketing efforts should focus on educating consumers about the importance of your products and why they even need them in the first place. The more you educate consumers and address their concerns proactively, the more likely they will be to try a new product.

 

  1. New Branding for New Products

Any time you make changes to your products, marketing or branding, you will most likely attract new clients, customers or consumers. That doesn't do you any good, however, if you don't also retain a significant portion of your existing clients and consumers. This is where test marketing and a solid marketing strategy is so important. By testing the waters carefully and using some proven strategies, you can change your brand, gain new clients and still keep the majority of your existing ones. But only if you tread carefully.

 

  1. Entice With a Promise, But Make Sure You Can Deliver

In the 80's, Domino's Pizza became famous for their "Delivery in 30 minutes or it's free" campaign. Unfortunately, a number of lawsuits actually forced them to rescind the offer in the 90's. It did, however, provided some valuable insights into effective promises and guarantees in marketing. The automatic reward to the consumer if the company failed to meet the terms of the guarantee was what made it so successful, but the failure to ensure they could deliver on it safely was what made it fail. Remember that the internet is a double-edged sword. "Word-of-mouth" travels far more quickly around the globe when consumers have great experiences, but also when they have poor ones. Before you go making promises to your consumers, make sure you have the means to follow through on them.

 

While marketing can certainly gain you new business, that is only a small fraction of the value that it brings to your business. In addition, if you don't understand the full purpose of marketing, you are unlikely to develop really solid campaigns and strategies. The goal of marketing is to get both new customers and current ones in the door, where you can convert them to sales. The goal of marketing itself, however, is not to make sales, but simply to get them in the door, so you can subsequently make a sale. Beyond that, however, you also want to keep them coming through the door again and again. That too, is the role of marketing. The important thing for all businesses to understand is the difference between sales and marketing. Ultimately, they are two very different tasks that require very different strategies even if the end goal is the same.