If you are spending time marketing your product but not selling as much as you would like, it’s important to evaluate why and make adjustments. Consumers have needs and steps that they go through before deciding to buy. If your marketing is not meeting those requirements, that probably is the reason your product is not selling. In addition to price, consumers are persuaded by the benefits of products and what they can do. For your marketing efforts to be effective, consumers need to be persuaded that they’re useful and provide good value.
Evaluate and make changes
Persuading customers that your product is beneficial to them and worth the money is easier said than done. Evaluate how you can do better at marketing your products in a way that converts consumers into your customers. There are five areas where you are most likely to find a need for changes in your approach.
1) Lack of awareness: Consumers cannot purchase products they are not aware of. If you are marketing, but consumers still don’t know about your product, it may be time to evaluate why it’s not working. Are you targeting the right market with your message? Is your message reaching those who would have an interest in your product? It’s important to remember that the solution is not always more marketing, because the problem may lie with where you are marketing and what marketing vehicles you are using. Assess the key demographics of your target market and research where your marketing efforts are most likely to reach them.
2) Lack of understanding: Consumers don’t buy products solely based on price. They do factor in price, but they buy based on the benefits your product brings them. If you asked your customers what the benefits of your product are, would they know? This is important. Your marketing must be centered on the benefits of your product in order for consumers to take an interest in purchasing your product. Create a list of the top three benefits of your product and use those in your marketing message.
3) Lack of perceived value: Consumers will not buy products that they perceive as having no value. Why should customers value your product? You can use the benefits of your product to create perceived value and it is that perceived value that helps in the sales of your product. If a customer cannot see the value they will simply pass your product by. To create that perceived value in your marketing message, actually show people using their product through advertisements, demonstrations, or other means.
4) Unnecessary: Do consumers know how your product meets their needs? Does it make their lives easier, save them time, make them feel better? What need does your product satisfy? You have to tell consumers that. Don’t make them guess or come up with the answer on their own. Tell them and help educate them on why they need your product. Much like your marketing efforts should show how your products bring value, they also should show how the absence of your product can create problems for consumers.
5) Inaccessible: Consumers cannot buy what is not available to them. If they hear about your product but it is not accessible, forget it. Consumers want ease in obtaining and using your product. How can you make your product more accessible to them? Is it putting it in different locations? Distributing your product differently? Perhaps it’s offering your product online. Evaluate the accessibility of your product and see if you need to make changes. Take into account the nature of your product and your target demographic. Some items sell better online with certain demographics, while others are more likely to sell where customers can view them or see how they work in person at a store.
Source & Reference : The Balance SMB (Article by Laura Blake)