When entering a market it is important to have a great understanding of your customer base and making sure that your product is the best that it can be. It may be hard because you are fighting other products that have been on the market for much longer than yours. That is where marketing becomes key. In this day and age where most of the products are only differentiated by the brand value, it is key that you can be the best for your customers. The value proposition is how you are going to differentiate yourself among the hundreds of other products. Here are some things that you can do to ensure that your product can beat your competitors.
It is crucial that you bring something different to the table or provide the consumer something that will drive them to your brand over others. For example, you can package yours in a fashion where the user can gather an experience from it. Another way is to have an overall superior product where the product really does speak for itself. It can beat out the others because the quality is better than the rest. The main purpose for all of this is because having loyal customers will lead to success. Loyal customers are easier and cheaper to retain and may recommend the product to others which will create a buzz around your product.
If you have the best product in the market it will all go to waste if it never gets in front of the consumer. You need to create advertisements that will drive people to try your product for the first time rather than them getting the item that they have always gotten. You need to make your product seem desirable and how it will solve a problem that they might be facing. This is where getting to know your consumers becomes key. You need to know their pain points, this has been a tactic that has been used for years, you need to find a problem that they may be facing that you can solve. For example, back in the 90s when women wanted to drink, they didn’t want to drink beer, so this is when wine started to get big. A big push by a company called Arbor Mist created a product that was targeted towards females so that they would be able to drink with the men and didn’t have to drink beer. This solved the pain point and became a huge success by selling more than 450 thousand cases in their first year. They found a pain point and exploited it to make a booming business that made millions of dollars.
Focusing on value propositions will drive customers to your product and will increase your conversion rate and will give your marketing team leverage over some of the other products on the market. This is something that every single person needs to think about when creating a product or marketing strategy. The one thing that you need to remember is that you have to keep your promise. You can not claim specific things and then not be able to uphold your promise. The value proposition has to be truthful and if it is will pay off ten-fold.