To call yourself an enterprise, you first need a product and for that product to be a success you need a market plan. It is said that you can sell anything if you market it right and that is true.
Do you remember the yo-yo craze of the 2000s? What is a yo-yo but a string between two plastic discs but thanks to the manufacturers’ market scheme they sold like hotcakes.
Today I’ll tell you the three rookie marketing mistakes that you should avoid making your product a success!
1- Not Having a Target Market
When you’re manufacturing a product, the first question you need to ask yourself is who do you want to sell the product to? When you have the answer to that, you can move on to the next question, which is what, do they want, and market research is what answers this question. When creating a product taking the preferences of the target consumers instead of randomly making what you think is best you minimize the element of risk.
2- Your Method of Promotion
You might be paying a huge amount to newspaper companies to print your product on the front page. But let’s get real; who reads newspapers these days? You can’t expect teenagers to buy your roller-skates if you print them only in a newspaper.
Similarly, you can’t expect senior citizens to find out about your high fiber oatmeal if you promote it on social media alone. You will not only be wasting money but also time and to save both of these things you need to know what mode of promotion will get your consumers’ attention.
3- The Wrong Pricing Strategy
Amongst the many things, you must decide about the product before launching it is the price strategy. A lot of companies use cost-plus pricing when they introduce a product into the market and fail to acknowledge the importance of a product life cycle which can help determine the right strategy if the position of the product on it is identified.
Cost-plus pricing is used in the second stage, and that is when the product is in its growth phase; to use it in the introductory stage is unlikely to gain consumers. When introducing a product, they must choose between either skimming or penetration pricing. The right price will give you a competitive advantage over the other businesses.
Now that you know what you’re doing wrong it’s time to fix it and fast because as it goes in the business world “time is money”.