There is an old saying, “There’s nothing new under the sun.” Entrepreneurs understand that saying very well. Think of any product. For example, think of Nike shoes. Nike did not invent shoes. They did not recreate the shoe. The basic concept of what a shoe does was well-established before the founders of Nike were ever born. Even when Nike announced their shoes to the open market, there were name-brand shoes already being sold. So, what did Nike do?
Nike put their efforts into showing the public that their shoes were better, more stylish, and worth the additional money that people would have to pay for the privilege of wearing them. They invested in the brand and they established themselves as the best in the business of athletic shoes. Were they? It doesn’t matter. What matters is that Nike is still selling their extensive line of shoes. Using this as a guideline, let’s get down to how you represent your common product.
Who is your target audience? Are you sure?
PR firms and Sales Managers throw this term around freely. It sounds sophisticated. It perks the ears of a business owner with a product to sell. However, knowing your target audience is often missed. Sometimes businesses get it right at first, only to fail to move with the flow of the product.
Let’s look at another big name; Facebook. When Facebook came along, chat rooms were getting pretty lame. The target audience was young people, as in teenagers and young adults. The whole concept of using a personal computer to meet and greet personal friends, send out jokes, and to rally around a cause sent Facebook to the top of the social media heap. Advertisers were companies who sold products teens and young adults wanted. But there was a shift. Twitter and Instagram arrived and middle-aged people began to migrate to Facebook. This sent the teenagers and young adults running to another social media platform. Facebook changed and advertisers changed. That is why Facebook is still a success. Because they always know who they are targeting.
Make a sales plan
We know you don’t want to draw up another plan for owners, banks, or partners. That is okay. This one is for your personal use. Here is the basic concept.
- Narrow down your target audience
- Get as specific as you can. Your audience should not be so loosely termed that it says ”women.” A narrowed down target audience is more like; “Women ages 18 to 25 who are in or recently graduated from college.” This clears the way for your actual target audience so you can focus your energy and marketing budget on the right people.
- Use a test market to get feedback and determine if your product is something people want or does it still need work?
- What are your goals for sales for the month, quarter, or year? Do not inflate these numbers. This is a realistic number that will help you fine-tune your budget and expenses. Track it well.
- What avenue of contact will you use?
- Website with the ability to contact you, make a purchase, check it’s status, and post their likes and dislikes.
Offer a great deal
You want to get your product into the hands of the public. If you can get them to try it, they will buy it. BYGO coupons may work for a lesser product. But if you are dealing with a premium product, you need to make the customer a better reason to come to you.
Guitar Center is the biggest guitar store in the United States. They sell very nice merchandise, so they are not going to throw out an internet coupon and wait. They need to be able to track who took advantage of their promo. You should be able to harvest at least an email address to add to your mailing lists. Taking care of this online is the way to draw in a customer and give them a reason to return. You can see this plan in action online. There is an old saying, “There’s nothing new under the sun.” Entrepreneurs understand that saying very well and how starting a business is everything but an easy task.
Guitar Center is a perfect example of a company who rolled with their target audience flow and did so successfully. There have always been guitar players. But, in the 1960s and 1970s guitar music changed. Rock-and-Roll was making news and so were the bands that played it. Guitar Center opened new stores in California to grab a lot of the new artist. They were instantly targeting a new demographic.
Other important points
This article serves to help you get your product into the hands of those who will buy it. Below, we will note the obvious. It takes all these points of interest in order to be successful.
- You must continually build your brand
- Build relationships with other companies that are mutually beneficial
- Have a great website and treat it like your baby
- Monitor your customer feedback closely and address problems quickly
- Track everything. There are plenty of apps that will help you track your expenses and the profit of a PR project
Every business is different. You may not find the correct road the first time or the first 20 times. But market your product like it is a winner and it will be.