Why is your marketing strategy failing?

marketing strategy failing ermannoferrari.net

So, you have been keeping at it for a long and consistent time but things are somehow not working out. Let us review all the points at which your marketing strategy is failing and see if you can correct it for in the long run:

 

Pricing

 

Have you figured out the right pricing for whatever it is you are selling? That might be a break or make point for your marketing strategy and honestly the biggest reason why it is failing. If you selected the right target audience but are over- or underpricing the product, chances are your customers can see this.

If you are overpricing an item, and after a fast evaluation on the side of the customer, they will likely smell the fact that you are greedy with you revenue and the product is not worth their buck.

Say you're selling soap with a USP of it being organic and odour-free, good for toddlers and family but are setting the price at 10 Euros. Nobody in their sane minds, from the mid to high-mid class, will actually want to buy it, no matter what the quality is.

Always look at your production cost and try to make a markup of up to 100% for starters, not more. So, if you soap costs 2 Euros to produce, price it for 4 rather than 10. If you are unsure, you can always take a look at your competition and the big brands in your niche to re-evaluate your pricing.

Never come up with number on the top of your head. Always do you research beforehand and see if you are under- or overcutting the price. If you are doing either, your marketing strategy would be definitively failing.

 

The campaign itself

 

If your creatives don't work well with the rest of the marketing motto, or the description/text itself that you are feeding into the video/pictures is not fitting the product/ is too underwhelming and doesn't have people jump out of their seats to go and get whatever you have to sell, chances are that your marketing campaign itself is failing you.

Now, in such a case you should check for consistency - take a look at your selling point and how you are unique from other businesses. Is there something special in your product that nobody else has? Are you advertising it in an innovative and personal way?

If you are dealing with a product that is in an overpopulated market, you have to stand out. Making witty adverts like this Old Spice one is a genius way to reach out to many customers.

Firstly, it targets not men, but women. This is because women are generally interested in influencing the purchase decisions of men and are likely to get an Old Spice in the basket while doing the grocery shopping.

Secondly, the men they are with are likely to listen/ not mind the women buying the item itself, because men typically are not that concerned with what goes underneath their armpits.

Thirdly, and since this campaign is catering to women, there is a nice-looking body on sight that will create the imagery of their men's ability to look like the person on the commercial. Not that this will ever be the case, but it connects to the imagination.

Not to mention the humour used in the ad. If you want to sell in a big market, this is how you should handle it. If you are nieched out, the product will speak for itself.

 

Targeting 

 

Last but not least, the reason why your campaign is not performing well is your targeting. Let us go back to the Old Spice commercial I was talking about previously.

Instead of men, it targets women, which, as I explained, is quite clever due to women influencing men and being the main grocery-shoppers that will throw in an Old Spice in the cart.

Are you advertising like that? Who is it you are targeting? Is the product itself restrictive of the age of the audience (toddler items/ cigarettes)? Is your product universal or only for one of the sexes?

Answering those questions will help you figure out if you nailed down that targeting or it is the one failing your marketing strategy. Also, think of clever ways to go to your target audience. If you are selling diapers, you could think of a way to captivate the toddler's heart by including interesting-looking designs that will catch a small one's eye.

If you get the toddler to react, their mother likely won't be able to stand away and have to buy whatever the toddler is throwing tantrums for. It is that simple!

Have more questions about your marketing strategy and its accuracy? Contact me!

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