Principles for Effective Product Marketing

What is marketing?

We can simply define marketing as a process or actions a company takes to attract their potential audience to the brand’s products/services. A product alone can’t do anything to the business growth. It has to be marketed properly by using all the available resources. A company will not survive without using marketing strategies. In the earlier times, sales were occurred just by word-of-mouth marketing. Even though word of mouth is a powerful tool in marketing business, we should make use of other marketing techniques to deliver best results. Here we are introducing 4 principles to market a brand’s products/services. By using these principles effectively in your business, the results will surprise you.

So, let’s get started to the 4 principles of effective marketing.

1. Specialization

The businesses which are running successfully all over the world is because of the fact that they are clear about what they are specialized in. Each business should have something special feature in them to attract the potential customer’s attention. By this principle, we should determine where we are going to specialize in about our products/services. Let me give you an example:

McDonald’s is a company that is working successfully all over the world because of the fact that they give importance to 4 things in their service. They are quality, value, cleanliness and better customer interaction with pleasant surroundings. They are standing out from the crowd because of these 4 facts. Moreover, while a customer has bought a product from McDonald’s, they will get offer for other items available there. By using this technique, they easily sell their other products. So, it drives more sales to their business.

2. Differentiation

As there are more companies starting up each day, the magnitude of competition also gets higher. So, there comes a real question out of this. Why should people buy from you? The people have a wide varieties of options to choose from. The fact that we should always consider is that people always have a high demand for high quality products with lower prices. All the business strategies are differentiation strategies. Because it revolves around answering people’s question for why should they buy from you? Differentiating your company is about how different and better your company is when compared to your competitors. Because human beings have always this tendency to understand why should they buy from you rather than your competitors.

3. Segmentation

Segmentation is all about identifying the customers who are most likely to buy from you rather than your competitors. These types of customers are loyal and connected to our brand. It is our responsibility to make them

4. Concentration

Once you have identified the customers who are loyal to us and will pay for your products the fastest, you should decide on what strategy you are going to put all your efforts, energy and concentration. Concentration means where your time, energy and resources are focused on in the marketing strategies. Moreover, we should understand our ideal customer by collecting and understanding customer data. According to this data, you can easily identify your ideal customer and contacting them.

For a better understanding of marketing techniques, let’s just dive into these principles.

In differentiation, you should be crystal clear about your competitive advantage. You must be wondering what are competitive advantages? Competitive advantage is the ability of a company to produce efficient products that are cheaper, which leads to greater profits. It makes a company’s product most desirable than our competitors. If you can identify the competitive advantage, you can earn billions by driving more sales in a year. You might be remembering; I have explained earlier that people’s high demand is for high quality products with lower prices. Another significant fact about differentiation is finding your brand’s areas of excellence. It means what you can do better than anyone else. Have you heard of the term unique selling proposition?

Unique selling proposition are the characteristics of a product/service of a company, which distinguishes from other competitors. Well, unique selling proposition or USP makes products/services desirable for the customer or potential audience. The foundation of a company is its unique selling proposition. All the companies who want to get succeeded should have a clear unique selling proposition. For making your business successful, you should be aware of your business’s strength and weaknesses than anyone else in the whole world. In this way, we will be clear about what are our weaknesses and solve them. So, the customers who need our products will see the problem they faced while using them has been solved. There is a higher chance that they will buy our product after this. We should highlight that the problem is solved through advertisements and other promotional activities. Moreover, you should understand your competitors and their weaknesses well. You can improve your business growth by solving our competitor’s weaknesses. And how our competitors have successfully marketed their products/services can be included in your business. Any business which has succeeded till now has a strong foundation of unique selling proposition.

To make it clear for you, let’s take a famous example: Some of you who could figure out what is USP needs no more explanation right now. But for those who couldn’t relate, let me unfold it for you.

Let’s just read a small story of Domino’s pizza. You know that we need to differentiate our company from our competitors in order to get our business succeeded. Domino’s pizza was just a small restaurant situated in the United States. It had a big challenge to differentiate them as there were a lot of pizza restaurants there. Tom Monaghan had bought Domino’s from his brother’s share. It was not easy for Tom Monaghan in the field as it was challenging. He wanted to make his pizza restaurant unique from his competitors. So, he introduced “pizza delivered in 30 minutes or it’s FREE. Domino’s pizza has reported $1.4 billion revenue in 2009. Likewise, we can make our business successful through building up a strong unique selling proposition.

Some of you who could figure out what is USP needs no more explanation right now. But for those who couldn’t relate, let me unfold it for you.

We should understand who are those customers who most appreciate your areas of superiority. Customer understanding is another important fact in business. We should be clear about the following questions:

What are their demographics?
What is their psychographics?
How would you describe your perfect customer?

Demographics are the things or information about your customer, which you can watch from the outside. It includes the customer’s age, income, gender, education, occupation, location and family status. Psychographics indicates all the things that motivates them. When we are very well aware of our customers, it will be easier to make them as our loyal customers. The information of customers includes their goals, wants, needs, motivation, dreams, fear, doubts and problems to be solved. When you help a customer to achieve a goal, they will buy and recommend your products/services. There will be a major fear they are having about buying our products/services. We should solve them from the root cause. Thereby we can make him our loyal customer.