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Today I learnt some marketing strategies while scrolling through my TikTok account. Don't be surprised; I use TikTok too because there are a lot of creators I can learn from. The algorithm has fine-tuned my feed to my preference, as you can scarcely see any uneducative content in my timeline.
Anyway, coming back to the marketing strategy. The first on the list is:
Shortage Drives Demand
The value of an item increases when the item is of limited quality. Take water, for example. It can be found cheaply around but becomes very expensive when you try buying it in the desert.
This follows the rule of demand and supply in economics. When there is more demand for a product and less supply, the price increases. What does this teach? This means that when customers have a feeling that they will lose out on a deal if they don't act fast, the demand will be high. But you should note that your product needs to be of high value.
People care about what your product does for them
A lot of people out there do not care about the specifications that your product carries or if it is using the finest of materials. They care little about all that. All they care about is how your product can solve their problem.
This is why when you want to market a product, also market the advantage the product has and how it can solve their problems and make life easier for them. If they are aware of why they need the product, then you can drive sales on the problem because your customers are now aware of their needs towards getting your product.
To sell effectively, you need to tell a story.
Marketing is all about storytelling, and the best way to pass a message to your customers is by letting them see the story behind the product. It is by being able to paint the picture of why the product exists, a story of how the product can solve their needs. It is through the act of storytelling that you can bond with your customers and drive sales leads on the product.
So what story does your product or brand tell?
While you tell a story, show them a dream, a vision
Let your story build a vision of what your product can achieve for them. A popular dairy brand in Nigeria showcase their advertisement on televisions by telling a story of how a young child grew stronger because he consumed their product daily. Through their product, the boy achieved his dream of growing taller and stronger to be part of a basketball team.
At this point, a story is being sold, and a vision is registered in the minds of the customers. A lot of parents will be so interested in getting the product for their kids so they can grow strong.
Less Options, More Clarity
A lot of businesses make it difficult for their customers by providing too many options and package offers, which can lead to confusion in the minds of their customers. Have a small number of options for your customers so they can easily make a choice and spend less time thinking and analysing whether to patronise your business or not. Focus on value and how the product can solve your customer's needs.