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12 Ways To Effectively Market A Product or Service

The article discusses 12 effective ways to market a product or service, according to James Mull, founder of an international digital marketing agency. Some of the highlighted tactics include offering exclusive previews to loyal customers, creating gift guides or product bundles, leveraging customer-generated social media content, utilizing email signup discounts, creating subscription services, using targeted ads, collaborating with influencers, and alerting customers if they leave items in their shopping cart. The strategies discussed aim to nurture loyal customers, incentivize new buyers, build social proof and trust, and increase customer lifetime value and repeat purchases. Mull advises businesses to focus on tactics that make the most sense for their target audience and business model.

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74 views6 pages

12 Ways To Effectively Market A Product or Service

The article discusses 12 effective ways to market a product or service, according to James Mull, founder of an international digital marketing agency. Some of the highlighted tactics include offering exclusive previews to loyal customers, creating gift guides or product bundles, leveraging customer-generated social media content, utilizing email signup discounts, creating subscription services, using targeted ads, collaborating with influencers, and alerting customers if they leave items in their shopping cart. The strategies discussed aim to nurture loyal customers, incentivize new buyers, build social proof and trust, and increase customer lifetime value and repeat purchases. Mull advises businesses to focus on tactics that make the most sense for their target audience and business model.

Uploaded by

Allysa-rae
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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FORBES LEADERSHIP

12 Ways To Effectively
Market A Product Or Service
James Mull Forbes Councils Member
Forbes Business Development Council
COUNCIL POST | Membership (Fee-Based)

Jul 19, 2022, 07:00am EDT

James Mull is the owner & founder at htmull, an international


digital marketing and web design agency with clients across all
industries.

GETTY

Marketing tactics are constantly evolving. This gives businesses the


upper hand when it comes to discovering what's most effective for
their industry.
The marketing strategy you develop should coincide with your
business model. Make sure to carefully consider your target
audience as well as your products or services before deciding where
to invest your money and time. Here are 12 strong tactics to
effectively market a product or service.

1. Offer customers an exclusive preview.

As a business owner, your goal should be to nurture loyal


customers while also converting cold buyers down the sales funnel.
People enjoy exclusivity because it piques their interest and makes
them feel a part of something greater. If you have a loyal customer
base, consider offering them an exclusive preview of your new
products or services. This can be accomplished through a loyalty
program, VIP group or simply executed over social media or email.

2. Create gift guides or bundle collections.

Bundling new products alongisde the top-sellers in collections


while offering a slight discount over individual product prices is
another great tactic. This can allow you to bank on the reputation
and following of a successful product and incentivize buyers
wishing to restock on items.

3. Use customer-generated content on social media.

Marketing data shows that people are attracted to people. Take a


look at what your customers post online about your business. This
can include product reviews, photos using your product or video
tutorials. Sharing positive customer interactions can build trust
with new buyers that your products or services are credible and
being used by others just like them.

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4. Leverage email signup discounts.

Email is one of the most direct-connect pathway to your customers,


and it’s as important as ever to build a strong email list. If you are
struggling to get clients to opt into your emails, you need to give
them a reason. Buyers always enjoy getting something in return.
Consider enticing site visitors to join your email list by offering
them a discount code or a chance to win something.

5. Create a subscription service.

The feasibility of a subscription service will depend on your market,


but this can be a highly effective strategy for some. If you sell
anything that buyers will need to repurchase, consider taking the
stress off their hands by offering a monthly subscription.
Customers who enjoy your product or service will be less likely to
cancel and grateful to save some time. Just be mindful to allow a
cancellation policy that is convenient as well: Subscription services
can suffer in sales if customers feel trapped.

6. Utilize all content marketing platforms.

Content marketing is everywhere today: in emails, blog posts, social


media channels, YouTube and more. Be sure to get your name out
across all platforms. It can be hard to do it all alone as an
entrepreneur, so look for opportunities that arise for cross-
promotion. Start with the venues your target audience frequents
most, then expand to other platforms.

7. Use targeted ads.

Targeted ads focus on leveraging current customers that may


already be interested in your business. For example, if a repeat
customer is browsing Facebook, you may consider running a
targeted ad that shows them a new product that bundles well with
your top-selling item. This broadens the chain of repeat buyers and
ensures you're always at the forefront of a customer's mind.

8. Learn from customer reviews.

Social proof is one of the most reliable ways to get through to


hesitant buyers. Easy availability of strong customer reviews can
demonstrate that you are reputable and your quality lives up to the
standards of consumers. Remember to look at customer feedback
as a lesson, not a curse. If you receive negative reviews, the best
thing you can do is respond by displaying outstanding customer
service. This can translate into positive associations with your
brand in the minds of buyers.

9. Collaborate with influencers.

Closely related to our discussion of social proof, influencer


marketing has taken the world by storm. Digital marketing can be a
game-changer for your business. Many people follow influencers
and come to innately trust their opinions as much as close friends.
When deciding to put your product into the influencer space, make
sure to stay relevant to your industry. This could expose you to
thousands of new customers that may stick around for years if they
enjoy your product or service.

10. Increase customer lifetime value.


Customer lifetime value allows you to focus on lasting customers
that come back to your company for years. Many businesses are so
keen on acquiring new clients that they neglect these loyal
customers. Give an equal amount of energy to long-term customers
by offering promotions, putting their feedback into action and
creating new products based on request. The goal is to retain
customers, converting them into repeat buyers.

11. Run "product drop" giveaways.

Dropping a brand new product can feel intimidating, but there are
plenty of ways to get creative with your process. If you have a social
media presence, consider running a product drop giveaway. New
customers will be interested to compete for a chance to win,
encouraging more people to buy if they don’t make the cut. Make it
fun for customers to get involved and invested in your product or
service.

12. Alert customers if they leave something in their cart.

Create an automated email message that alerts buyers if they leave


something in their cart for a certain amount of time. Sometimes
people forget they didn’t hit buy, got too busy or simply had cold
feet. A genuine follow-up can be advantageous for increasing
conversions.

Which strategies are right for you?

There are plenty of ways to leverage marketing tactics in your


business today, so focus on what makes the most sense for your
customers and business model. Focus first on building a strong
foundation, then consider venturing into other tactics as your
audience grows. These 12 strategies are a great place to start.
Forbes Business Development Council is an invitation-only
community for sales and biz dev executives. Do I qualify?

Follow me on Twitter or LinkedIn. Check out my website.

James Mull

James Mull is the Founder & CEO at htmull, an international marketing, SEO
and web design agency. Read James Mull's full executive profile here.

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