Finding the best marketing method is not an easy task. Competition is rapidly increasing in the modern business world. Similar types of products are manufacturing every day by different organizations and the consumers can get easily confused with the number of similar products available in the market. It is very important to create an awareness of the product within the target market to capture a better market share. Awareness can be created by finding the best marketing method for the product.
There are many factors you have to consider before deciding on the most appropriate marketing method to create customer awareness as well as to create customer needs. It needs proper market research and identification of marketing methods which can influence the target market.
- Identify the target market
The first step of effective marketing is the identification of the target market of the product. The manufacturer has to recognize which segment of customers can be most satisfied with the product and should decide on the most profitable customer segment. Product marketing, as well as product development, should be done aiming at that customer segment.
- Identify the purchasing habits
Once the target market is identified, the producer should study and identify the purchasing habits of the targeted consumer. If the consumer has easily become loyal to the product, the producer has less work to do. But if the consumer tends to change the product from time to time, the producer has to find a way to create brand loyalty. The producer can use product development to achieve a competitive advantage as a technique of creating brand loyalty.
- Identify consumer behavior
Consumer behavior plays a major role when finding the best marketing method for the product. The marketing method should be based on consumer behavior. If the product is targeting the young generation the best marketing method is via the internet and social media sources. But if the target market is elder generations, the best way of marketing would be newspapers, television, and radio. Based on the product type, consumption pattern as well as the ethic and geographical type the marketing method should be changed. The producer should have a clear understanding of the target market of the product to find the best marketing method for the product.
- Cost of the marketing method
The producer should identify the cost of the marketing method he has selected. The cost should not make a huge impact on the product’s profit. If the marketing cost is higher, then the producer has a lesser opportunity in fluctuating the product price when necessary. Reaching to a maximum number of potential consumers while keeping the cost minimum helps to maintain an effective marketing method for the product.
Above mentioned aspects are key things to identify before deciding the most suitable marketing method for the product. Apart from these basic things to check certain products require after-sales options, customer service options, home delivery options and cash on delivery facilities. The manufacturer should be concerned about these as well and all these additional services should be in line with the production cost and should not create a major impact on the profit of the production.
When selecting the best possible marketing product, the manufacturer should have a good knowledge and understanding of the target set of customers and the marketing method should directly touch the unsatisfied need of the target market. This helps to achieve a bigger market share. Apart from that, it will help to create brand loyalty through repeat customers. In the long run, the correct marketing approach will help the manufacturer to become stable in the market and to face the competition successfully.