There are few products that can sell themselves. Because of this, we have advertising. Advertising your product can establish your organization’s identity, promote your latest product, attract new customers, remind old customers of how great you are, and, of course, boost sales. How to advertise your product or business successfully is not a guessing game, it’s an extended market research process.
Before you begin the steps to showing the world your new product, there are two important factors you must consider: your purpose and budget. Your purpose is all about your intention of advertising your product: what do you want to show customers? What do you want them to do when they see an add? What is your product offering? Having a clear vision of your marketing goals is key when creating your advertising strategy. Budget is equally important in determining the type of market research you can afford to conduct and which advertisement media channels you can use.
After you determine your marketing purpose and budget, there are five steps that require market research to prep your company before you begin rolling out your new advertising campaign.
- Determine your target audience. Knowing who you want to see your product is the first step in creating an advertising strategy. This goes hand in hand with whom your product is designed for and whom your presumed customers will be. You will want to market to them directly to ensure that these targeted customers see your advertisements. Researching beforehand to be positive that your product will be something your target market wants is going to help you in the long run.
- Discover media habits of target customers. Most commercials that are on TV are not on every channel; this is due to companies researching which TV channels their target demographic is watching. For example, most toy commercials stay on Disney or Nickelodeon, not Comedy Central. Or when targeting teens, the latest medium is through social games and mobile apps since the younger generations spend most of their time on mobile devices. Researching which media your target customers will most likely see your product on is a key building block of advertising.
- Check in on the competition. If your competitors are selling similar products, you might want to research how they are advertising their products. This can help you establish the best ways to show off yours. With many consumer goods, knowing competitors’ product placement in stores can help you in determining how you want your product displayed. Also, recognizing your competitors’ successes and failures can assist you in how to finalize your strategy.
- Decide on an advertising medium source. By using your advertising budget and information gathered on customers, you can choose the most appropriate and affordable advertising method. There are many ways you can advertise your product; options for advertising channels include: TV, print ads, billboards, online ads, social media, radio, and direct mail. All forms of advertisement cost money and will require different strategies to ensure they work. Continuous research is necessary to make sure whichever advertising method you use to market your product is effective enough to generate leads, new customers, and additional revenue.
- Schedule your advertisements appropriately. Whichever method you decide to use, consider strategic scheduling when you begin to run your advertisements. Timing is critical, especially for different times of the year such as holidays or sporting events. Themes are present in many advertising mediums throughout the year, and you want your product’s advertisement to fit. Prepping before you select, as well as organize, your entire campaign will help in making the most beneficial advertisements for your new product.
With all these concepts in mind, remember that successful advertising truly creates the face of your product. Taking the time to complete market research to make the most out of your advertisement campaign will only help push your product forward in the market.
Interested to find out more? Download our free white paper to learn how market research is designed to support your organization at multiple levels.