Sustaining a business, brand or product takes a lot more than just advertising these days. You will discover that some companies spend millions of dollars on advertising campaigns, and they still do not generate the desired response from consumers. This then makes you wonder what is missing? If these companies can afford to spend millions on advertising and still fall way off the mark, what hope does your startup or small business have when it comes to capturing your share of the market? Another confusing aspect is how some businesses seem to dominate the market despite the little advertising they seem to do? This then makes you wonder what in fact is missing, and what are they doing that helps them so effectively take over the market. Well I’d tell you a hard truth. Business and marketing is not just about advertising.
While advertising is very effective, there are some key components, which if missing from your marketing strategy, can render your whole campaign null and void. In this article, I will be going over 4 key things you need to do apart from just using the traditional methods of advertising. If you have been scratching your head in the office thinking about how to dominate the market when your competitors are more financially buoyant than you, then your attention must be here. I will share with you what I’ve learnt on how you can dominate the market like never before, and using the little resources that your company has, edge out the competition.
Create An Insanely Good Product
Some products have the ability to sell themselves. If you can manage to
create a product or service that is so insanely good, you do not need to spend so much on advertising. Consumers will literally be banging on your door in order to get your product. Think about it. Water does not need any form of advertising, yet people crave it like no other item. Don’t get me wrong; I’m not saying you should go into the water business. However, your next business strategy should be able to come up with a product that is so mind-numbingly amazing that people simply cannot do without.
By now your mind must be racing, and everything must seem to fall into place. Think about that amazing confectionery shop on the corner of your street that needs no form of advertising. They get the crowd in there simply because their product is amazing. When I was still a student, there was this amazing popcorn stand in the mall right next to my college. There was just something insanely amazing about their popcorn, and for some reason, nobody could get enough of it. In no time it became the rave of the school, and every single person wanted to buy some on the way out. If your business can manage to create a product that is too amazing for people to resist, the job is already 70% done.
Position Yourself
This is the part where you go in for the kill. You’ve created a great product, you know and can feel it in your gut that the product is simply amazing, so what’s next? You must learn to position yourself wisely if you want to take over the market without spending fortunes on advertising. The essence of business is networking and positioning. Top entrepreneurs around the world will tell you that it really isn’t about the work you put in, but it’s about where you take the work to. Take advantage of platforms like
trade shows and exhibits. This is an excellent avenue for you to market your product and company. Make new friends, these influential links can transform your business and give you opportunities like never before.
Get Feedback From Your Customers
This is something that a lot of big companies take for granted, and it is exactly how your company can dominate the market. Consumers like to be asked about how a service was rendered to them. Even if nothing is done about it, they just want to feel like someone is listening. I’m not saying your company should send out those annoying follow up emails that everybody hates. Simply ask your customers subtly about how their last purchase was. Ask if there are ways they feel you can improve and make the necessary improvements. This not only gives you the edge in terms of improving your product, but will also create a bond that very few businesses have with their customers.
Be Resourceful
You don’t need a million dollar advertising budget to reach out to your customers. Use what you have. Trust me, the big companies wish they can be as scrappy as you. Take advantage of social media, word of mouth publicity,
visually appealing banners, networking and lots more.
These things will propel your business or product to the top without much need for advertising. Learn to invest in the things that matter. Your resourcefulness is ultimately what will give you market dominance.
Originally Posted
Here
Jess WolodkowiczExhibition Planner | Account Manager
Phone: +61 (02) 8093 3806
