In this vast consumer-driven market that we have today, where there are numerous choices to fulfill each of our demands, it is the advertisements of companies that enable us to make a decision. The world's economy has opened up for one and all today, and the biggest beneficiaries of this revolution have, undoubtedly, been the consumers.
But, with so much knowledge and so much information comes the eternal conundrum of confusion. In the midst of this over exposure to information, those sellers who adopt the most efficient strategies are the ones who reap the most benefits.
Advertising is an age-old marketing tool that, simplistically speaking, focuses on luring a buyer to purchase your products. How you convince him to do so lies entirely in your hands, and you can build your techniques based on your company's offerings, size, budget, and uniqueness.
These factors will obviously differ for all companies, but the underlying elements of all the types remain the same. Furthermore, all the strategies of today focus solely on personalization and consumer satisfaction.
Today, the consumer is the king, and whatever he wants, he gets. The seller or producer who can satisfy these needs more precisely ultimately gets the biggest chunk of the market. Advertising is the vessel through which this message of personalization can be passed along. With a proper strategy in place, the lowliest of products can gain huge profit streams.
Tips for Setting This Strategy
One of the most important things about it is the medium through which it travels. Convention tells us that the radio, the television, and the newspapers are the best channels. But, this was long before the revolution of the Internet started. Today, the Internet is the only guaranteed medium of promotion.
Mass advertising methods like billboards and banners are still alive, but their effectiveness is in serious doubt. Even though everyone knows that they are virtually pointless today, no one can afford to get rid of them altogether.
Internet, on the other hand, is cost-effective, far reaching, and omnipresent. Moreover, it also provides the consumer with an instant means to compare. So, this indirectly implies that, for a product to be successful, it needs to be superior. This is where product innovation comes into the picture.
The whole idea is to create something so novel and revolutionary that it simply amazes everyone, and then go all out and declare it to the world. Just look at the Apple iPhone series for the best example.
Advertisements need to remind the buyer what he is getting. It is not unusual for a buyer to regularly forget what he is getting exactly when he purchases a certain product.
Advertising has to take responsibility for this act, and should go about attracting new consumers, as well as retain the existing ones. This needs to be backed up with efficient customer relationships, after-sales service, and complaint solving capabilities.
All the companies are well aware of the importance of segmentation. The market today is huge, and as such, you cannot expect the entire market to be homogeneous. Therefore, you have to divide and conquer. Advertising campaigns need to be aimed at specific target groups, and cannot be generic in nature.
These divisions can be made on the basis of age, gender, income level, lifestyle, geographical divisions, or psychological reasoning. All advertisers undoubtedly know the importance of the marketing mix strategy, as well.
Tips for Setting This Strategy
There are several things that a company needs to keep in mind before devising one.
- Ensure that your headline (or tagline or slogan) is extremely eye-catching. Invest time and money into this, and ultimately, it will pay the dividends.
- Imagine that your strategy is focused on one single person, and let this person represent the entire segment.
- Add some urgency to it, so that the buyers know that they must make a decision fast, or they will miss out on the limited opportunity.
- Constantly research to see how the market is responding to your strategy. If you feel that you are lacking in some area, fix it.
- Offer as much information as possible about your product, and highlight what makes it unique and appealing. Don't be afraid to get in your potential buyer's face, because the stronger you push, the more people you will reach.
Strategies are not created overnight. They take time and patience and require a great deal of research beforehand, and not to mention, a great degree of investment, as well.
The money that a company spends on advertising is an investment after all, and in the long run, it repays that amount considerably. Do not hold back in any way while formulating and applying your strategy, but at the same time, do not forget that the customer is always right.