Sunday, November 8, 2015
My last blog post focused on nostalgic type marketing with the actual brand of the product in question. Such as a clothing company that makes modern clothes having a vintage style logo to capitalize on the trends that make the "vintage style" popular. This week, I'll write on two types of marketing strategies and branding techniques that dominate most industries. Simple products meant to sell quickly, and complicated products meant to be high in revenue return. Remember the cellphone for elderly people, the "Jitterbug". It was marketed as a simple product targeted to people who might be intimidated by the complicated features of a modern phone. The jitterbug done well in sales due to this simple approach. Sometimes a product can be marketed with simplicity and functionality in mind and sold for a lot less money. The product is still profitable despite its low sales price due to the increased volume of sales. This is a valuable marketing strategy as because the customer expects less of the product than they would of a more expensive one. "I dropped and broke my flip phone yesterday", sounds better than " I think dropped and broke my iPhone yesterday". Sometimes, people don't want to over buy. They feel they only need a product that has a limited amount of features and gimmicks. The flip phone can also be easily replaced by the company without damaging the company's image because the customer didn't expect perfect quality when they bought such a cheap phone. The company can make up for loss revenue on returned items by selling more items as a whole. The other marketing strategy revolves around opposite goals. This strategy focuses on selling less products for more of a markup and strictly avoiding product failure and dealing with returns. This strategy relies on statements like "oh these pictures I took with my iPhone camera look so great!!!" And " this flip phone camera sucks!!!!!!" Lots of customers DO want the features and gimmicks, and will pay much more for them. Companies following this strategy will have to be more careful about what they sell to their customer, as the customer will be more picky. And if the products being sold are not working as described, then customers will quickly stop paying the high price. Non the less it's a valuable marketing strategy used by lots of companies every day. Both of these strategies are valuable routes for businesses in today's market as there are many different types of customers and target markets. However in my opinion, a good strategy will implement a combination of both.
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