The goal you have with your product or service is to get it in front of your target audience and sell it to them. You have an amazing website with all the eye-catching trimmings, all your social media platforms are up and running and you’re executing on a digital marketing campaign to- make it all happen. The only problem is despite all your efforts you aren’t making many sales.
Before you jump to the conclusions that your product or service sucks, the market sucks, or people suck, maybe take a moment to re-think how you’re approaching the market with what you have to offer.
There are four ways you can think a little differently and approach your market differently through digital marketing with your products and services that will result in improved sales. Don’t get me wrong there are more ways, but I find these to be the most effective and successful for me.
The first way is to create a utility for your customers, whether that be a product and/ or a service. Creating usefulness and by satisfying the needs, wants and desires of your customers for them to be able to achieve a specific result. This approach requires you to offer something to your customers that they can use to accomplish their goals.
Another approach is to adjust your pricing strategy so that the price of your products or services become within the price range of your customers. This strategy is something I like to call the penetration pricing strategy. It can work in two ways, firstly by either introducing your product or service either at your target audiences price range or for maximum effect even lower than that. Secondly by simply reducing the price of your products and services to the desired price range of your target audience or again, for maximum effect even lower than that.
This pricing strategy works on the fundamental principle that by introducing or reducing your products or services within the price range or lower than your target audiences expectations you will be able to reach a larger market, generate more positive word of mouth and social proof, and increase the businesses market share against your competition. At the same time because you have introduced or reduced the price of your products and services so much your competition may not be able to match with you at all resulting in sinking them as a threat.
Adjusting to Your Customers Reality
The next strategy is adjusting yourself to your customer’s reality in both a social way and economic way. When your customer is deciding on making a purchase there’s hundreds and thousands of thoughts and questions going through their heads which make up their current reality to why or why they shouldn’t make their purchase decision.
Every single one of the products or services your business provides the market offers a “key benefit” which is the main influence why a customer would purchase your product or service, and at the same time it offers a “key fear” which is the influence to why they won’t make the purchase decision.
You adjust to your customer’s reality by emphasising your product or services key benefit, emphasise the special added value that your customer will enjoy as a result of buying your product or service, and at the same time remove their key fear which would of held them back. If you can do this effectively enough you will open up your market even more for your products and services.
Providing True Value
The fourth and final method to effective digital marketing is to provide your prospects and clients true value. Value to customers is important and often determines the overall success of a business. For a customer to be willing to pay for your product or service, a customer must derive value from the offer you give to them.
Value can be split into two, desired value and perceived value. Desired value refers to what a customer desires in a product or service, while the perceived value is the benefit the customer believes they received as a result of purchasing your product or service.
At a small level, customer value can be defined as the attributes of a product or service that a customer perceives to receive value from. At a bigger level, customer value can be defined as the emotional feeling or achievement of a goal or desire. When any customer derives value from a product or service they derive attributes of the product or service and the outcome of achieving their desired goals from the use of the product or service.
Deliver value along the dimensions that matter most to the customers, that’s how you deliver true value. For example, the value of a cup of coffee enjoyed with a friend in the warmth of a favourite coffee shop might be greater than the value of a take- away cup of coffee. The monetary value may be the same, but the delivery of emotional value is different.
All these methods can be used by themselves, but the real power and effectiveness come from using them altogether. When you can effectively create or deliver a utility that helps your customer achieve a goal or satisfies their needs, which also falls within their price range, and takes away their fears and leaves them with nothing but benefits, and deliver them with the true value you have a winning formula to increased brand awareness, market share and a loyal customer base for continued business growth and sales.