Effective Marketing: Increasing a Product’s Market Share

Employee holding marketing plan

In any organisation, effective marketing strategies must be put in place to establish ways that a business entity may exploit to win over new customers, thus increasing their realised sales. Business entities do not manufacture goods or provide services for themselves, and that is why marketing is important. The goal is to make profits and keep the profit margin wide. Effective marketing ensures that a business runs on very high profits by actively identifying and targeting new markets and customers. Another objective involves continuous product development.

Product

Physical attributes of a product are key, which include its packaging. Emphasis is placed on the use of custom packaging designs to differentiate a product from its substitute products. Customers often become bored with ordinary products and are interested in buying what pleases their eyes.

The type of packaging chosen should not only be attractive and unique but also provide all the information that the consumer needs to know about the product. The product and service itself should also be unique and offer more value to the customers. Customers prefer one product that can perform many tasks instead of many different products. Therefore, synchronising many features in your product is useful in marketing. Those extra features render your product unique and more valuable than what your competitors have to offer.

Price

Pricing is an important factor to consider for effective marketing. The cost of a product or service should not be so high that it puts off the customers. Neither should it be too low that the business makes losses. Therefore, there should be a balance between customers getting value for their money and profit-making. The business should monitor the total cost of production and divide it per unit item to know how much it costs to produce the product before setting their prices. A look at the competitor’s prices before setting your own is important so that you are not thrown off the market.

Promotion

This is about creating awareness of the existence of your product or service to customers with the end goal of having new customers and retaining old ones. It is an effective strategy in marketing. Examples of promotional tools are promotional merchandising, sales promotion, personal selling, and publicity. When choosing a promotional strategy, it is important to have your product in mind because it varies from product to product. Effective promotion ensures an increase in sales and the number of customers.

Place

Marketing plan with laptops and employee hands

This refers to the exact location whereby a business entity will sell its products. The location is very important because you strategically sell where your target market lies. It saves customers the hassle of travelling to get your company’s products. Also, the flow of people from where the selling outlet is located is key. Having many distribution points for a business’ products is essential because a large market can be reached. It is effective in marketing your products.

Marketing is essential for a business, but it has to be done correctly. The main reason is that it is not cheap. Every coin spent on marketing should be well-utilised to bring in more customers to a business.