Successful Marketing Techniques
The aim of any marketing strategy is to generate more business for the organization. A marketing strategy includes various techniques pertaining to the product itself, its selling, advertising and even the after sales customer service. If you are an entrepreneur or a marketing professional or even a student, who wants to know about marketing techniques, then here are a few tips for you.
Below are some effective marketing techniques involving the marketing mix, i.e. product, promotion, price and place, which have proven their effectiveness in generating business time and again.
Offer New Products
Add a new product or service every now and then so that the interest level of the existing customers is maintained. The existing customers may purchase this new product to get the additional features offered in it, thus resulting in repeat sales. Adding new products or services to the existing portfolio helps the business in getting new customers too and thus, can prove to be a part of successful marketing strategies in a marketing plan.
Offer Combined Packages
Selling two product items together in special packages during holidays or festival season helps in generating more sales for the business. Unsold stocks of goods can be sold through these packages too by offering the unsold stock at half the price along with the main item. This way overall costs of the business can be brought down too, along with increased sales.
Add Value to Customers
Offer such products and services which make things easy and fast for the prospective and existing customers. Include such information on your website which is helpful to the customer in some way or the other. This way the customers will keep on coming back to the business, thus increasing your sales.
Stay Ahead of Competition
The businesses today face immense competition from other businesses due to the rapidly changing technology. A product may become obsolete just a few months down the line of its introduction in the market, because the competitor has come up with a better product with innovative, new technology. So anticipate change well in advance through market research, and start planning for it beforehand. For example, introducing a number of products instead of just one product, will help the business to stay afloat even if the sale of one product goes down due to competition. This is because revenue can be generated from the sale of other products.
USP in Advertising
USP, also known as unique selling point, i.e. the advantage your business or product or service, has over other products or services should be fully stressed upon in the advertising campaigns. Such innovative promotion and advertising, which reflects the clear advantage the business has over its competitors, is one of the most effective marketing strategies. Whether your business provides better after sales service than the competitors or it offers a longer guarantee period, all such distinguishing characteristics should be well advertised through the advertising campaigns. Also, the "core benefit" that the product is giving to the customers should also be well presented in the advertisements as this helps in customer retention. For example, a business manufacturing and selling shampoos, should show silky, soft hair in its advertisements because that is the benefit derived from using that product.
Every business is different in terms of its competition and product portfolio. So, while formulating a marketing strategy, besides the above mentioned marketing techniques, these peculiarities of the business should be taken into consideration as well.
