What does it take to market a product?
To understand how to market a product, you need to start with the basics: what you want to sell, why you want to sell it, and who you want to sell it to. Below, we'll explain each of these pillars of an effective marketing strategy in detail .
1. A good, a service or an idea
The first step in learning how to market a product is to define what good, service or idea you want to sell . Here are some examples : you can sell cars (good), sell Spanish classes (service) or a process to make something better (idea).
2. A compelling narrative
The second step in learning how to market a product is to present a compelling narrative — first to yourself, then to potential customers . This is the time to demonstrate why you list of vietnam consumer email are different and how you will positively impact the lives of people who buy from your brand.
You may be interested in reading: Storytelling: the art of telling stories as a sales tool .
3. A target audience
The third step in learning how to market a product is to establish your target audience. Also known as the target market , it refers to a group of people with shared demographics who are most likely to purchase a company's good or service.
Learn how to do this in: Demographic segmentation: how to know your customers and reach them?
How to market a product?
Once you know what the basic elements are behind the products to market, you must learn how to make them available on the market in an attractive and effective way . After all, you only have 27 seconds to make a good first impression on the Internet.
The first step is to define what good, service or idea you will sell. Here, it is important to consider the feasibility of producing, delivering and disseminating your item.
Here's an example to illustrate: if you want to sell mango cakes, but you can't find this fruit easily in your region, you may have trouble making your goal a reality.
If you want to go beyond learning how to market a product, read: Product Life Cycle: 5 Strategies for Each Stage .
2. Study your target audience
The second stage is to study your target audience. This means finding out what social and demographic factors unite people who are predisposed to buying your products. For example:
Deepen your knowledge on how to market a product to the right people in: How to do market segmentation in 6 steps.
3. Conduct a market study
The third stage of how to market a product is to carry out a market study . It is a set of investigations whose objective is to obtain more information about the sector in which a company operates or intends to operate.
It can be a quantitative study (when it focuses on statistical data) or qualitative (when it focuses on subjective aspects, such as the motivations behind a purchase).
If you want to understand how to sell a product quickly, read: Market Research: What are they and why are they important for your company?
4. Set the price
The fourth step in how to market a product is to set the price . To ensure that the price is fair for your company and your customer, it is important to consider:
the total production cost of the product — if you sell services, you may consider the hourly rate to prepare or execute it;
the profit margin you want to achieve;
the prices adopted by the competition .
Want to know how to sell a product quickly for the right price? Read: How to calculate the price of a product in 4 steps .
5. Choose the sales channels
The fifth step in how to market a product is choosing sales channels , i.e. where people can buy your goods and services. A virtual store, a profile on a marketplace like Amazon, and social media are some examples of how to sell a product quickly online.
