Bringing a product or service to the market requires much more than simply designing the product/service for public consumption. The best products in the world may deliver the worst results if it is not brought to the market in an effective and accepted manner. But what is the best method to approach a market space, and how to position a product to target the correct demographcis? The best and most successful advertising firms have learned to expect success with less than 50% of their marketing programs, leaving the majority of products sitting on shelves or in warehouses collecting dust. Despite the numbers, there are two rules that must be followed to help increase the chances for success.
Clearly define the target audience-There are few products that have true universal interest. Most are niche focused; some covering multiple niches and some just a single niche. Before manufacturing begins, I suggest that the target consumer be clearly identified. Once this is complete, the product needs to fill a need or desire for this specific consumer. If in the target market identification process, the target consumer is selected incorrectly, even the best designed advertising efforts will fall short. Why? We live in a time where we have access to a seemingly endless supply of products/services, and we are flooded with sources of information about these products. Imagine that the “mind of interest” of a consumer is like a keyhole that only allows in information that fits the keyhole.
Each commercial, email, direct mail letter, advertisement, or “word of mouth testimonials” that tries to get through are filtered out and not allowed access to the consumer’s”mind.” Unless, of course, they fit. This is what I call “selection by necessity.” Without this acquired filtering mechanism, we would be flooded with “interesting products” and be crippled with choices. The consumer must block out the vast majority of information in order to maintain sanity.
Effective target selection clearly defines the target consumer and fully understands their buying habits, assumed needs and interests, and comfort price points. Universal Products that attempt the simple “market blast” techniques often have a response rate of well under 1%. These advertising approaches are dependent on mass advertising methods like direct mail, national commercial advertising, and email blasts. The issue is that the typical consumer receives four to five pieces of “junk mail” per day, tunes out most commercials, and has SPAM blocking software to filter out unsolicited emails. Blast Marketing understands this, and needs to position its price point to a level that allows such a low response rate and still delivers profit. For some products/services, this works. But for the vast majority, it fails. As a Direct Response Marketer, I have seen first hand the ramifications of poor consumer identification as well as proper target marketing. Many businesses are quick to blame the advertising agency when a product fails to deliver the results, but more often than not, it is not the advertising itself but the incorrect market identification that is to blame.
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Tags: Advertising, Tips
