Whether you plan on launching a new business soon or are looking to grow one you already have, having the proper brand awareness is crucial. And to create product recognition, it’s essential to have the right marketing strategies in place.
A marketing strategy refers to formulating a comprehensive plan to achieve business objectives and improve sales. It acts as a blueprint in helping companies concentrate their scarce resources in areas where they’re likely to receive maximum profits.
Unfortunately, conventional marking strategies that have existed for quite some time now are no longer as effective as they used to be. The dynamics of the business world are constantly evolving with advanced technology surrounding marketing trends. Even buying and selling techniques are changing, with many businesses shifting to online platforms. Just like how products and services have transformed in recent years, so have the consumers making purchases.
Therefore, businesses must adapt to growing changes to keep making lucrative profits. They can no longer rely on traditional marketing ways and instead must implement innovative strategies to improve sales. To give you an idea of how to sell your business in today’s global era, we’ve outlined six lesser-known approaches you can employ.
1. Diversity marketing
At present, millennials make up the largest living population demographic worldwide. They’re also a generation who value inclusion as a fundamental factor when making purchases. In other words, a brand that displays diversity and all-inclusive groups in its promotions and offerings is more likely to make better sales than one which doesn’t. Business professionals with updated higher education credentials understand the importance of these criteria and make a concentrated effort to implement diversity marketing.
As the name suggests, diversity marketing caters to the needs of various groups and subgroups in a global marketplace. You can start small by relating your advertising campaigns to a group’s cultural values, perceptions, and ideas. The most famous example of diversity marketing is McDonald’s. Since it’s a global franchise, it adapts its menu based on whichever country it’s in and caters to a broad customer base.
2. Evangelist marketing
Evangelist marketing is an advanced type of word-of-mouth marketing. Its primary objective is to take a product or service and convince customers they need to have it or need to try it. Although this type of marketing has been around for years, the digital world has given it real power today.
Social media platforms and other online applications have made it possible to remain in constant contact with one another. You’re more likely to buy a pair of shoes from a specific brand or go to a particular Mexican restaurant when you hear your friends talking about it. Companies focus on this interconnectedness to get customers to buy their product and encourage friends and family to buy it. Companies like Apple, Netflix, and Domino’s Pizza are some of the best examples of successful evangelist marketing.
3. Time marketing
Although many companies introduce new products each year, they never make it past the first year and fail. These failures are not just disheartening, but also incredibly expensive. Several factors may contribute to why a marketing strategy wasn’t a success, but a lesser-known one is the “timing.” Deciding when to release a product in the market is crucial to its survival, and this is where time marketing comes in.
Time marketing doesn’t just focus on seasonal fashion collections, but applies to various other categories. Market trends are constantly fluctuating, and at the time of product launch, the demand may change from what it was during the product development phase. Conducting thorough market research is essential to identify the best time to promote your product. For instance, sports industries should advertise their goods before the opening of each season, while gadgets sell best before the start of the school year.
4. Marketing products for a social cause
Today’s global market expects brands to develop products that aren’t just functional, but also promote a social cause. Advertising a product that shows your clients you’re looking out for them will garner more support even with a higher price tag. Besides this, it also improves the brand’s image in a consumer’s mind. In addition to the personal fulfillment that comes from operating a socially responsible business, you’re likely to build goodwill in the community, attract customers, and engage employees.
Ambev, a beer company in Brazil, employed this strategy to allow its consumers to scan their cans for a free train ride. It had a dual purpose of helping reduce litter and encouraging more people to use public transport.
5. Starting with a beta version
Running your product through beta-testing before its official launch is a no-brainer. But have you ever considered it as a marketing tactic? Since it allows you to connect with a loyal customer base and builds buzz around your product, it gives you a better sense of how your marketing campaigns may play out. More importantly, involving beta testers in your product development gets them excited to have a small part in shaping them.
It’s human nature to want what we can’t have. Creating a beta version of your product can build a sense of exclusivity among consumers and get raving fans to register first. Pinterest was most famously an invitation-only app in its initial stages. Thousands of users were excited to be a part of a wait-list because they were interested in getting a chance to try it. Everyone wants to be VIP, so take this opportunity in your favor.
6. Collaborating with other brands
Suppose your business is not drawing as big an audience as you wanted. In that case, the solution to building a massive group of loyal customers might be to collaborate with another brand.
Collaborative marketing helps businesses gain new customers, increase brand awareness, and boost sales. To do this, start by finding a partner brand that aligns with your company’s values and target audience. Next, define clear terms of the collaboration and your mutual goals. By using each other’s customer bases, both companies can benefit, making it a win-win situation. Since this collaboration will impact how your customers perceive your brand, make sure you’ve made the correct association.
Think of marketing strategies as the fine line between success and failure. To employ an effective marketing campaign, you must first understand your target audience and their needs. Since most consumers today are millennials, it’s a good idea to focus advertisements on their popular platforms like social media and the internet. Recognize the changing trends in the global market and implement these lesser-known strategies to boost sales and increase your brand awareness.