Product Management 101: How to Market Your Product
Product promotion has a lot of procedures. Before doing any promotion, you have to know your product; you have to understand what you are promoting to, and most importantly you must know your target market and your competitors.
Learning all these things will let you determine the most suitable marketing plan for your product, brain storming or sharing of ideas with your partners is a best way to start your marketing strategies.
Learn Your Target Market
Your target market is the group (or groups) of people who you aim your marketing efforts to. These are the individuals that have a need for your product or service and whom you want to sell this product or service to.
- Your target market can be classified in different segments which include gender, economic status, and age.
Know Your Competitors
Your competitors are the different companies who also sell the same products that you are promoting. It is important to know their strengths and weaknesses, as well as what items or services they are and are not offering.
Knowing all this information will surely help you come up with a better marketing strategy.
Promote Your Product
- Prepare your budget
You need to a lot a budget with any type of marketing promotion that you have in mind, because it will not only create an impression in your target market, it will also give you back expected revenues. Good quality promotion reflects a good quality product.
- Create an eye catching logo, packaging or slogan
You need to have something recognizable to your potential customers; this will depend on the type of product that you are promoting.
- Post your product at the homepage of your website
It is easy for your customers to see the product that you are promoting if you will place it at the homepage of your website, it will catch the attention of the customer and will read more about the product, and it will convince them to buy your product.
- Implement billboards and banners
Displaying your products through posters and billboards near to your target market is an effective way to promote your product. If you in a clothing line, it is better to place your billboards and banners near the shopping malls.
- TV commercials
Promoting your product through TV commercial will cost you a lot of money, but it will surely reach all your target market all over the country. Popularity of your product helps you to increase your sales.
- Online advertising
From Google pay-per-click services to Facebook ads, there are a variety of channels available to you to target and advertise to your target demographic online!
Interested in learning more about promoting your products? NAGMR’s group of OTC brokers and manufacturer representatives can help. Contact us here for more information.