After you’ve created a product or service that you’d like to sell, how do you get people to buy it? You’ll have to find out who your customers are, what they like, and how to reach them. This is called market research. It is equally important to study your competition’s marketing strategies because if they sell the same thing you sell, then your customers probably like them too. Although the old saying goes “There’s enough money out there for all of us.”, there is also a household name in every field because one brand out-marketed the others.
A great example of competitive marketing is Fashion Nova’s rise to fame. Although they sell the exact same items (from the exact same manufacturer) as their discount-mall competitor Rainbow; Fashion Nova is able to sell more of these items at a faster pace for double the price of Rainbow’s clothing. Fashion Nova offers original items on a regular basis, and limited collections that sometimes involve collaborations with celebrities or influencers. This way, people can also purchase items that seem “exclusive” because not everyone will get one before it sells out. They display their outfits on models who reflect what women want to look like in their clothing, no matter how cheap and shrinkable the fabric really is. It also helps that they share images of everyday people who use their hashtags while wearing their clothing. The customer gets to feel like a real model for the brand (and gain a few followers), while essentially giving the brand free promotion. With these marketing tactics in place, Fashion Nova has the right to sell their items for double the price of Rainbow’s clothing because they’ve created a demand for their specific brand.
Here are three marketing tactics to help your business attract more customers at a faster pace:
Offer new services and products regularly.
Bath and Body Works, Starbucks, and even Old Navy release seasonal items every year that are guaranteed to sell out. Whether it is a candle, a coffee, or a flip flop sandal, people buy as much as they can because they believe that they won’t get to buy it again for another year. This makes these items feel exclusive, and honestly, people just love being able to say they tried something others may have missed out on. These top-selling seasonal items are typically on sale when they’re released. This tells customers “We have something limited edition that you can actually afford - for now!” They’ll continue to buy the item even when it’s not on sale because the time limit still exists.
Don’t have a product? Hold a seasonal sale on one of your services every time the weather changes! Seasonal sales also help you to evaluate what kind of shoppers you have throughout the year, and how to market to each type of customer. If you can convince people to shop with you from season to season, they’ll eventually find themselves thinking of you as their go-to brand for that one thing. After four seasonal sales, a customer has technically been shopping with you for a whole year!
Sell the solution, not the product.
Have you ever seen a weight loss supplement commercial that doesn’t show before and after results? Probably not, because no one would buy it. Let’s take it a step further: Why would a person go into a store looking for diet pills anyway? The customer doesn’t go shopping because they need a green-tea supplement in a medicine container. They go shopping because they need to lose weight. The benefits of the product are needed, but not the features of the product itself. Going to the gym and increasing their water intake could possibly provide the same results as taking two tablets a day, but they’ve been sold on the idea that this pill will help them get what they need in a faster and easier way.
Selling the solution to your product reveals to potential customers why they should want your product - even if they don’t truly need it. Marketing is all about showing people how their lives could be improved by your company, not just getting people to like your prices and packaging. The next time you’re marketing a product or service, ask yourself “What does my customer need this product/service to do for them?”. The answer to this question will help you to pinpoint the benefits of this product and set the tone for your marketing decisions. All you have to do now is prove to the customer that your brand can provide that benefit.
Create partnerships through giveaways.
Giveaways are very popular when starting small businesses, but how can they benefit you? If executed correctly, a giveaway can bring great exposure and new customers to your business. The difference between a charitable donation and a company giveaway is the profit earned. When a charitable donation is made, you give something to someone out of kindness with no desire for anything in return. When a company giveaway is conducted, it is often a cross-marketing tactic involving a voluntary exchange of free goods for a service.
When advertising a giveaway, it is wise to consider partnering up with your current customers and popular influencers to attract new potential consumers. After all, they already know how great your company is, so it’ll be easy for them to spread the word. You should also require some sort of social media participation that involves tagging your business page and getting others to join/follow. Finally, it is important to acknowledge participants through thanking them and sharing their posts. Try collecting the email address of each online participant and sending them an exclusive coupon code for the next time they shop with you. In the end, whether they actually won the giveaway won’t matter because they’ve still gained another reason to buy your product.