Marketing is a lot like love. They both come from creating a positive emotional connection with a person (or brand) through a series of positive interactions or transactions that build affinity and become habitual, and hopefully loyal, over time. So why is it so hard to get it right? And how do we get to the point where we are delighted with our purchases and spent twice as much as we expected? And, in the process, perhaps even told a few of our best friends what we bought and encouraged them to buy too? Here are five product promotion methods that are sure to be helpful…
Fear of Missing Out is a psychological strategy that can be used to ensure that your products are always flying off the shelf. FOMO has been heightened by the use of social media influencers and celebrities flaunting their products to their followers. In order to be trendy as their idols, social media users are encouraged to buy such products with limited time deals, limited supply of items, coupon codes for 24 hours, and flash sales. Successful companies have crafted the art of using social media to promote their products. For example, the Supreme brand has mastered the art of FOMO through creating a one-time product and then discontinuing the line. Through FOMO, this drives up the urgency (and often the price) to purchase the clothes before they run out. If you can get this one right, it can be a goldmine.
Buy One, Get One Free is typically used when there is a new product in the market, the new product is attached to an existing product to make an irresistible deal by the customers' standards. Remember, the key is that it’s irresistible by the customers standards. When successfully implemented, the new product will get a commendable market reach without extensive campaigns being mounted. BOGOF can also be used to clear products that aren't 'moving', through strategic marketing initiatives and good positioning. This can work well around specific holidays when it may appear that the seller is being generous to the customer “just in time for Mother’s Day – all scarfs are Buy One Get One Free. In this type of a promotion items are attached to items that are popular and the prices adjusted and well presented to seem like the two products are able to be purchase for the price of one. When it seems like it’s almost free, why not throw another one your cart? Sure, buy a few extra just to have on hand…
The strategy has been brilliantly adopted by Apple and every car dealership everywhere when they assign value to their previous product lines. Once a new product has been released, then their loyal customers who want to have the latest phone, tablet, laptop, car, convertible, SUV are able to replace their existing item by merely topping up an amount to get a new product. You are such a loyal and wonderful customer; we want to make sure you have the latest and greatest of what is available – there’s a small increase in fee and it can be yours by signing on this dotted line…
Some companies use free samples to ensure that their new products in the market get a more significant reach by dishing them out to prospective customers. The feedback given during the period acts as market research for the company who will then decide whether to keep the product or discontinue it altogether. The strategy has also been successfully implemented by software companies and service providers who give a trial run to use their products. During the trial period, such customers might be given limited access to the full product to yearn for more, or they will be given the entire package to entice them to purchase a subscription.
Sometimes companies can use free giveaways to drive sales by having the client pre-dispose themselves to the idea that they want this products. You raise your hand an announce yourself as interested. This method has been made famous by social influencers who are given the first batch of new products, and such social influencers will then use their platforms to demonstrate to their audience why this new phone, dress, skincare items is the best product to ever been made. The influencers get to keep their new product, and some lucky viewers also 'win' some swag to entice them and their audience to buy the products. What’s great about this tactic? The visibility. With this strategy businesses can not only utilize their audience but also the audience of all of the influencers you are working with. And, if you make them “tag a friend” or even better “tag three friends” you’ve just added a whole lot of new audience members for hardly any cost. Got something great to give? Send a little of it out into circulation and watch the rewards return.
Margot Black is the driving force behind award-winning boutique agency Black Ink PR. With more than 20 years experience in travel, tourism, entertainment and fashion PR, her savvy hands-on multi-platform approach to each campaign, ensures real results every time. Find out more at blackinkpr.com