for Difficult Products
There is nothing harder than finding effective marketing strategies for difficult products in an economic downturn. Purse strings are tightening and consumers are more reluctant than ever to part with their precious cash. Products that are especially suffering are luxury items – things that nobody actually needs, and this is affecting a whole host of struggling companies in the luxury market. Business cycles make certain products tricky to shift and, until confidence in the market returns, there will be a continued uphill struggle for those who specialize in high value goods or ‘investment’ purchases.
The Economic Factor
Take interior design for example. During economic hardship, home improvements fall to the bottom of the to-do list. A consumer may dream of bespoke marble work surfaces and hinged skylights in every room of the house, but a matter of necessity outweighs this dream. After all, paying the bills will always be the priority.
How can success with marketing strategies for difficult products be achieved in tough economic times? Sure, there is the traditional method of identifying a USP, finding a target market, remaining focused, being creative, getting your pricing right… etc., etc. Traditional marketing appears to be at a standstill at the moment as it becomes completely overshadowed by the power of digital media.
Social Media Builds Trust With Humanity
It is not difficult to understand why. Digital media is bursting with free business advertising opportunities, causing a wave of creative thinkers to rise up and move away from traditional print and screen marketing. In the last decade, a whole generation of consumers have turned to the Internet for much of their media, entertainment, and social needs. This, fortunately, has created an online marketing solution for struggling companies.
No one can deny the incredible influence of social media or the now distinguished online marketplace of ecommerce. Social media marketing is an amazing way to get to know a target market in an informal domain, while simultaneously providing an unmatched opportunity to build relationships of trust between brand and customer. This presents a crucial sense of humanity to the pitch, something that traditional branding has often failed to achieve. But how does such humanity convert into profits, especially when most marketing strategies for difficult products fall short?
Converting Trust into Profit
For a start, social media and blogging is absolutely free of charge. Secondly, if you want to be successful online it is important to strike up a workable online presence straight away. By integrating social media with content marketing, it is possible to attract and maintain an audience and to dramatically improve the chance of a sales conversion. The online presence of a brand has become integral to its identity and this must be supported by regular social network exposure. There is no point in being online if you are not going to be active.
This can be achieved through competitions, engaging content and an up-to-date use of technology. Generating traffic generates sales. Although many would say that such marketing strategies for difficult products is fast becoming common place, it is surprising how many companies still lack a functioning website, let alone a Twitter account.
Embrace the Modern Trajectory
It is important, then, to embrace modern marketing strategies for difficult products, such as building an online community with social networks. While there is still a place for the traditional, print-based practices of the pre-digital age, it would be counterintuitive to overlook a free resource that offers targeted marketing ideas and opportunities. The stronger your online presence, the easier it is to build a relationship and the more likely you are to convert this into a profit.
This is especially the case for difficult products. For whilst traditional marketing can have an incredibly limited exposure, high value products can be sold to an extremely niche target market, therefore saving money on fruitless promotion and increasing the chances of securing a sale with the right customer.
This guest article was written by Emily Buchanan. She specialises in high-value marketing and writes on behalf of Sunsquare. Sunsquare designs contemporary glass skylights and hinged skylights, for a brighter outlook.
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