While the overall trend for the year ahead may seem bullish at face value, most business leaders and analysts will agree that some shaky circumstances will introduce a bit of disruption in the next few months, just like the skyrocketing prices on suppliers due to current inflation. As a result, most newbie entrepreneurs and up-and-coming brands that have yet to find their target customer base are struggling to stay afloat amid this time of uncertainty.
However, while market sentiments and the current situation may have a significant impact on a company’s ability to remain relevant and stay on trend, what most don’t realize is that it’s their customers that struggle to find them and not the other way around! And while some aspects are delivered by increasing competition and market saturation, it’s about time we shift our focus back onto the core of brand awareness, which is good marketing management.
There’s More To Market Saturation Than Just More Competition
To put things into context, it’s essential that we understand the underlying economics at play that drives demand, creates trends, and often decides the future saleability of a product or service. And while the number of companies in competition with each other and the number of similar products does have a say in the matter, we can’t forget that (1) consumer purchasing power, (2) price comparisons, and (3) emerging technology have a more substantial domino effect in the grand scheme of things.
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How Consumer Purchasing Power Balances Demand
Affordability may seem like the one thing most consumers want, whereas luxury brands will attach a higher price tag to display a product’s uniqueness and status, but it’s the consumer’s purchasing power that often gets the final say. You see, in times of financial instability like during the height of the global pandemic, utility and necessity will reign supreme because money is tight, but when things are on the up again, different factors are treated with more weight. So, when a situation changes, even the number of companies will become irrelevant in the face of purchasing power.
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Price Comparisons Between Superior Goods
Instead of focusing on the price tag alone, most consumers will match price comparison with the associated inherent value and quality a specific good can provide. In essence, two types of goods result from this simple evaluation; inferior goods and superior goods. As a result, no matter how many extra products or services enter the market with similar features, most just end up on either side of the graphic, where superior goods only house a select few.
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Innovation And The Impact Of Emerging Technology
Last but not least, we can’t deny that innovation and emerging technology can provide the most spontaneous and unexpected flow of events. On the milder side of things, these innovations can introduce quirky little features that are quality of life improvements, but there are times when leaps in progress are made that turn some products obsolete. As a result, it’s not just saturation you should think about but the ability of an entire market to flip, just like how the latest for sale Toyota cars are getting better with every new model.
Igniting Your Product’s Commercial Potential In The Market
Given these constraints and the natural flow of the market, brand awareness and increasing brand recognition rest on the shoulders of good marketing management to spread the word, inform customers of value, and retain customer loyalty. And when it comes to transforming a product’s commercial potential, we recommend that you focus on (1) strategies that generate attention, (2) providing information to back the interest, (3) and creating accessible channels of purchasing said product.
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It All Starts With Generating Attention
The digital landscape has transformed most traditional advertising methods, and while SEO tools, print, and other convenient strategies still offer tremendous advantages, experience-related approaches that revolve around social media currently reign supreme. For example, TikTok is fighting an uphill battle to increase engagement of the Olympics, and going by the number of reactions it receives for every short-form highlight video, it’s doing very well. So, investing in social media brand awareness may be worth a shot.
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Back the Interest With Proven Benefits
Once you have your general approach to marketing set in stone, you can’t just boast claims and spread the good word about your product without backing it with proven benefits. Nowadays, most consumers are very picky with their purchase decisions, and knowing the ingredients, processes, and benefits provided are some basics to consider. Here, you can start referencing accredited studies associated with your product and maybe even direct interaction with potential customers through your social pages.
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Make Purchase Options as Easy as Possible
Lastly, consumers will always want convenience when it comes to buying things, and so to put the icing on the cake, you must make purchase options as easy as possible for your target demographics. In fact, you can even go a step further by assuring fast delivery times, quality customer service lines, and warranties that protect consumers from unexpected defects. In doing so, your customers will feel valued and find the urge to try the product immediately.
At the end of the day, it’s good marketing management that bridges the gap between production and attaining sustainable profits. So, before you start worrying about market saturation and other external threats, we suggest taking a long look at your marketing efforts first.