Developing a product marketing strategy that reaches your consumer base can be expensive if you don’t have the right plan in place. Learn T. Harv Eker’s two marketing methods that are effective and low cost.
Product Marketing Strategy: Low-Cost Opportunities To Reach Consumers
Once you know who your market is and what you want to tell them, now you have to decide how you’re going to reach them. You probably want to find a strategic marketing plan that doesn’t cost you an arm and a leg, too.
There are dozens of ways to market and promote a product or service. You have options from advertising on radio and television, to print, to magazines, to newspapers. Today, email is a great option to quickly market your business. There are two product marketing strategies that are the most effective at a low cost for you. Keep reading to find out what product marketing strategies I suggest and how to get started on your marketing plan.
1. Referral Marketing
The first product marketing strategy I recommend is referral marketing. That’s right, just what it sounds like: people telling other people. Word of mouth is not only extremely inexpensive, but it’s also the most credible way to market your product or services!
2. Endorsed Mailing
The second marketing plan I advise you to use is endorsed mailing or joint venture endorsed mailing. Bulk junk mail can cost a freaking fortune to mail out. Instead, partner with someone else who is interested in or believes in your product or service. You give them a deal on that product or service in exchange for the opportunity to use their mailing lists. Then, you can sell your product or service to their mailing lists with their endorsed approval.
Collaborative Strategies @MariahCoz @megan_minns #jointventure #webinars #podcast Listen in https://t.co/XuVCIr2zCG pic.twitter.com/1tXO1aWvDM
— Luis Congdon (@wholesomeunion) July 9, 2017
The people on the list already trust your partner. So, now you have a wider field of people who may trust you, too. On one occasion, this turned out to be a 4% increase in response rates for me. That’s 20 times more than my original mailing experience without the joint venture.
Single-Step versus Multi-Step Marketing
I also suggest that you stop doing single-step marketing and instead switch to multi-step marketing! What’s the difference? Single means trying to get them to buy from you on the first date. Multi means you’re trying to get them to test you out with very little risk. Then, after they like you, they’ll go for more. So, I believe in not only getting them in the door but doing so in massive quantities.
10 tips on how to improve #DirectMail campaigns. #DirectMarketing https://t.co/CyUyf5uCSQ
— Oliver Bösiger (@OBosiger) June 29, 2017
Finally, there’s a saying: ‘The headaches are on the front end but the money is in the backend’. The most expensive part of any business is getting the customer in the first place. But isn’t that your biggest asset? Yes! Your current customers are invaluable.
Once customers are in, they know you and they like you. It’s easy to sell to them and offer them more. Your own customer database is the most efficient and effective arena of the business. You’re going to make way more money on the back end of what you offer recurring customers than the front end where you’re still trying to gain the customer.
Now it’s your turn! What are two or three things you can offer on the front end of a business that is low risk in regards to time and money, and completely outrageous—where people go ‘Is this for real? Wow! I’ve got to try this out!’ What strategic product marketing plans have you used for your business? Share your thoughts and experiences below.
UP NEXT: The Two Sides of Marketing: How To Get Customers, and How to Keep Them
Leave a Reply