Balance obeying the data and knowing when to take risks.
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When it comes to product marketing strategy, brand loyalty has a significant impact on individual purchasing decisions, but ultimately it is the products that create an overall impression. Brand marketing is an important component in raising your brand’s prestige and overall favorable perception, but customers want to be part of the picture and feel that advertising is as much about them as it is about the brand. Smart product marketing engages consumers and focuses on products or services that will be useful to them. Your brand will only be as strong as the customers who feel a strong connection to what you are offering. These five strategies will help you revamp your product marketing strategy.
1. Research new products with existing data
A product launch can be as exciting as the announcement of a personal milestone, but the sad fact is that most will fall short of their expected goals. You can save yourself and your company from disappointment by leveraging the data you already have about your customers and visitors to refine the products and features you are offering. Existing data will tell you your leads’ buying and browsing habits, what they click on and which emails they open. This data should give you significant clues on creating products and features that will get a response and create a successful product launch.
Related: 4 Strategies That Drive Brand Loyalty
2. Increase demand with existing customers
It is important not to underestimate the value of repeat business. Not only are people more likely to take action and purchase a product if someone they know is using it, but drumming up repeat business is easier on your marketing budget. According to the Harvard Business Review, marketers spend between five and 25 times less to secure purchases from repeat customers than from new customers. Providing excellent customer service is one of the keys to keeping customers long-term. Another strategy is to offer them special promotions and deals to reward their loyalty.
3. Spy on your existing competitors
Although it is crucial to focus mainly on your customers, to keep an edge and stay on your customers' radars, it is imperative to know what your competitor is doing and how they are performing. This is not difficult to do and can be as intuitive as paying attention to their performance on social media, how many likes they are getting and what strategies they are using. Using Google AdWords to track what happens after a click can help give you more information on how to update your own strategies. Ensure the sample size you are evaluating is large enough to give you a full picture of what actions to take in closing the gap between you and your competitors.
Related: 3 Reasons You Should Spy on Your Competition
4. Improve your existing listings
Your listings don’t just convey information about the product. A good listing lets your customer know why he or she needs the product. Revise product listings to emphasize convenience, time savings, reliability and ease of use. In addition, incorporating valuable keywords in the listings can make sure your they are seen by those who are most likely to make purchases — the people who are searching and ready to buy. Keywords can also drive traffic from those who are just browsing the web looking for more information about a product, and an attractive and catchy listing can transform an inquiry into a purchase.
5. Dare to take huge risks
It is worthwhile to achieve a balance between obeying the data and knowing when to take risks. If you are knowledgeable about the risks, you can go out on a limb now and again, especially if your intuitive move is in line with the kind of thing your customers respond to. Past failures, such as lackluster product launches, can be a strong indication of where you can go with future efforts. “The biggest risk is not taking any risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking any risks," says none other than Facebook CEO Mark Zuckerberg.
Related: 5 Brand Marketing Tips Every Brand Can Learn From the NBA
If your product listings aren’t getting the response expected, there are many ways you can fine-tune your approach. Branding involves the big picture, but getting specific and offering customers things they clearly value can move the needle more quickly. Updating data on a constant basis is essential, but using data you already have provides a valuable roadmap to developing and improving your products and features. Leveraging success with your existing customers is an effective way to get repeat business, especially if you encourage them to refer your product to others.
Gathering information about competitors on social media and by using AdWords can give you pointers on how to update your offerings and enrich your marketing strategies. Even the phrasing of your listings can be dry and uninspiring or can create an immediate desire to acquire your product or service. In addition, using keywords has the ability to automatically attract potential customers to your listing. Finally, don’t be afraid to follow your intuition and take educated risks when you feel you have a clear picture of what your customers want.
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