Today we’re going to be talking about how Adidas Yeezy’s Manages to sell its shoes for $1,200 while other similar designed shoes won’t get sold for retail of more than $100.
I’ve come up with a word A.B.E.A.M :
A- Aimed Audience
B- Brand Analysis
Planning is a crucial part when it comes to branding a product, realizing that your product will not & will sometimes be never appealing to a particular audience. So, take my word for it do a survey of your product and realize how it appeals to a different audience. This can be quite frustrating at times, but knowing your audience is always a must, to deliver what the particular audience seeks and tap into their thinking to get the most sales out of a product.
- ‘Your product/service isn’t meant for everyone’
A brand’s credibility, history & trust amongst the regular audience determines whether the consumer family related to the product is going to grow. Having a stagnant or stationary consumer family can lead to fewer sales of the product after the predicted minimum sales are met.
- ‘Loyal customers are always the key to driving your product reputation, but always be open about ideas and strategies to reel in new customers.’
- Do not underestimate the power of ‘Word of mouth’.
It doesn’t matter how much you try or your associates tell or uplift your Brand, it’s not going to impact the market the way you want it to. Now here come endorsements but choosing the right bloggers, social media influencers, and celebrities to assure the audience about how the credibility and quality of the product.
For quite some time I’ve seen how giving a face to a product enhances the trust of the customer regarding the product.
- Tread safely and make sure you have a failsafe program just in case the influencer goes rogue.
- Always shortlist the candidates after doing a thorough selection between the influencers you think are perfect to represent your brand.
Advertising if done correctly is going to bring down your customer acquisition cost to a bare minimum, inducing the right type of advertising is always the key to increase sales and drive your product into the retail world. Advertising increases and induces brand loyalty and value in the eyes of the possible buyer.
- Advertising shouldn’t be aggressive towards selling a product with a generic message.
- Selling an Emotion over a product has proven it’s wonders with more and more companies shifting towards inducing emotional connectivity towards their products.
A marketing plan/strategy can either make or break the trajectory you’ve planned for your product, having a thorough marketing plan with case studies and explanations on how you’re going to market a particular product always helps.
- Try marketing using the ‘Cone’ ideology, start from the bottom the narrow part of the cone, target a smaller audience with a constant push when moving upwards in the cone.
- Not every product is meant for digital marketing and likewise not every product is meant for offline marketing. Plan your approach wisely after studying your brand and your audience.