Marketing
Strategies for
Products
There is nothing harder than
finding effective marketing strategies for difficult products in an economic
downturn. Purse strings are tightening and consumers are more reluctant than
ever to part with their precious cash. Products that are especially suffering
are luxury items – things that nobody actually needs, and this is affecting a
whole host of struggling companies in the luxury market. Business cycles make
certain products tricky to shift and, until confidence in the market returns,
there will be a continued uphill struggle for those who specialize in high
value goods or ‘investment’ purchases.
The Economic Factor
Take interior design for
example. During economic hardship, home improvements fall to the bottom of the
to-do list. A consumer may dream of bespoke marble work surfaces and hinged
skylights in every room of the house, but a matter of necessity outweighs this
dream. After all, paying the bills will always be the priority.
How can success with marketing strategies
for difficult products be achieved in tough economic times? Sure, there is the
traditional method of identifying a USP, finding a target market, remaining
focused, being creative, getting your pricing right… etc., etc. Traditional
marketing appears to be at a standstill at the moment as it becomes completely
overshadowed by the power of digital media.
Social Media Builds Trust With Humanity
It is not difficult to
understand why. Digital media is bursting with free business advertising
opportunities, causing a wave of creative thinkers to rise up and move away
from traditional print and screen marketing. In the last decade, a whole
generation of consumers have turned to the Internet for much of their media,
entertainment, and social needs. This, fortunately, has created an online
marketing solution for struggling companies.
No one can deny the incredible
influence of social media or the now distinguished online marketplace of
ecommerce. Social media marketing is an amazing way to get to know a target
market in an informal domain, while simultaneously providing an unmatched
opportunity to build relationships of trust between brand and customer. This
presents a crucial sense of humanity to the pitch, something that traditional
branding has often failed to achieve. But how does such humanity convert into
profits, especially when most marketing strategies for difficult products fall
short?
Converting Trust into Profit
For a start, social media and
blogging is absolutely free of charge. Secondly, if you want to be successful
online it is important to strike up a workable online presence straight away.
By integrating social media with content marketing, it is possible to attract
and maintain an audience and to dramatically improve the chance of a sales conversion.
The online presence of a brand has become integral to its identity and this
must be supported by regular social network exposure. There is no point in
being online if you are not going to be active.
This can be achieved through
competitions, engaging content and an up-to-date use of technology. Generating
traffic generates sales. Although many would say that such marketing strategies
for difficult products is fast becoming common place, it is surprising how many
companies still lack a functioning website, let alone a Twitter account.
