Businesses are constantly making adjustments to accommodate the needs of their consumers. As your competition also challenges you to step up, you have to find unique ways to market your products/services in a manner that appeals to your target audience. While I wish there were a straightforward formula to leverage your strengths and captivate your consumers, the reality is that one size simply does not fit all.
Consider the following parameters when creating your marketing strategy:
From offering one niche luxury product targeted towards the high net worth individuals to multiple products that are geared towards a wide demographic, businesses vary in their approach. Your marketing strategy is largely dependent on the type of business you run and the products/services you offer.
All consumers broadly fall into one of three categories: price sensitive, quality sensitive, or reputation sensitive. The key to marketing your products well is to understand the buyer personas, what they are looking for and what factors matter most to them when selecting a product/service.
For the price sensitive consumers, discounts, offers, and promotions can help them feel that they’re getting greater value for the money spent. Quality sensitive customers will be enticed by the sheer quality of experience from the products/services they are considering to purchase, and are willing to pay a premium for it, if needed. With this valuable knowledge, you can then tailor your marketing strategy to suit your target audience.
Reputation is an important parameter in today’s day and age. With easy access to Google and other web-related search engines, information is at our fingertips. Reviews and opinions about the brand can make or break a business. Reputation sensitive customers are discerning and are better equipped to make well-informed decisions. This is extremely critical in the leisure and hospitality sector.
People are attracted to businesses that have a greater purpose beyond making profit. If there are two businesses that sell the same product, one at a lower price with no greater purpose and the other at a slightly higher price with an eco-friendly motto, consumers are more likely to buy from the eco-friendly business.
So, know what your business stands for and why you do what you do. This will make a world of a difference as it will make you much more memorable to your consumers when you are being compared to your competition. Whatever your story may be, make sure you craft it in a way that connects emotionally and sparks curiosity in your consumers and thus help you stand out from your competition.
As you create new products to serve the changing needs and desires of your target audience, or extend your product line with a variant, it is vital to connect with your consumer with a unique story. If you’ve already established yourself in the market and built trust amongst your consumers, then your consumers would want to know how your product came to be and what it has to offer.
It may be tempting to take your consumers for granted because you’ve already established your presence and reputation in society, but as the saying goes, “pride comes before a fall.” Always seek to engage your consumers. Entice them by offering what they want and show them that you created the new product or service with them at the forefront of your mind.
Connect, listen, and talk to your consumers. Continue to keep them in the loop and stay up to date with the latest trends or any other relevant information. Be part of their interests, passions, and the other touch points. You will have a greater chance of winning them over and retaining them.
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Inox Leisure Ltd.