Items or products that are not considered as basic necessities sometimes have a hard time finding their way to the targeted clientele. There are so many new items and products people have just never heard of because of a lack of communication or a bad analysis of the targeted market.
Establishing an efficient communication
The way an item has to be marketed is directly linked to the use of that particular item. Let’s take an example: if you are selling video games, the advertisement should not be in a gardening magazine. The readers are probably outdoorsy personalities and most likely older people. In order to make an efficient publicity, you have to make sure that your target has already the equipment needed to use the product. The profile of gamers is usually synonymous with a younger generation that already spends a lot of time in front of a screen whether it is on the internet, on a tablet, or a television. Graphic novels and comic books are most likely their kind of magazines and they are mostly stimulated by the sense of sight. Although some of them may have a passion for gardening, your turnover has a higher probability to rise if you advertise on anime forums and computer websites rather than on fashion television channels. Internet is becoming our first shop for everything.
If you are in the car business, tools like automotive BDC are also a good way to help you with your sales campaign. Indeed, they already have the database analysis you are looking for and are using internet behavior tracking techniques.
Creating the need
We base our behavior on trends and fashion. We usually do not need an item that we already have but marketers can create the need just by advertising for an upgraded version of an existing object. For instance, if you manage to bring significant improvements to an item, the older version will become obsolete and the targeted market will buy the new one. Improving the design can also be a reason for people to buy a new product.
Finding the right price
Pricing is a key to sell a product. If it is too cheap, potential buyers may think the quality is low and they will go towards another option. If it is too high, potential buyers may think it is overpriced and get disinterested in the brand. If you are selling to an elite clientele, bear in mind the Veblen effect. The Veblen effect is a result of a study that shows the reaction of people to a very expensive item. It is usually caused by our belief that the higher the price is, the better the quality is. However, it has shown that a certain range of people desire to buy items that are expensive as a need to be recognized as people buying only what they believe to be of the best quality. Doing so, they end up buying prestige. Putting a price on an item is therefore not as easy as one may think. The price can vary as promotions may occur and competitors may adjust their own prices. It is all a question of balance.