Craft Focus - Apr/May (Issue 72)

85 BUSINESS ADVICE customers who are currently sourcing something similar and will appreciate the additional features you can provide. The best potential buyers will have a perceived need for what you offer and can afford to pay for it. They will also have demonstrated a willingness to do so, probably by purchasing from your competitors. Bear in mind it’s always easier to fill a need than create one. 3 BUILD A VALUE PROPOSITION At this stage you should have a clear understanding of what you must offer and who will want to buy it, but do you know why customers will choose you over the vast numbers of other companies out there? What benefits and features will you provide? The bottom line is that your ‘bundle’ should be different, meeting the needs and desires of your best prospects. 4 DEFINE YOUR MARKETING STRATEGY Next, choose your sales channels. Will you publicise your product online, or through a catalogue or dealer? Generally, multichannel marketers achieve the greatest success because customers who can shop when and however they like tend to spend more and buy with greater frequency. You might choose traditional direct marketing and online sales as your primary channels, together with strategies including direct- response TV, pay-per-click advertising and email blasts. 5 TEST YOUR CONCEPT It is foolhardy to rush headlong into a launch without a proper period of testing. Depending on what you plan to market and your budget, you can use formal focus groups or simply host roundtable discussions with members of the target audience. It’s also possible to employ online research and high street intercept studies or distribute your product to a select group of loyal customers for testing. You should only proceed to the next step once this process has been completed. 6 ROLL OUT YOUR CAMPAIGN PR often plays a vital role in the launch of a product or service. You can use media relations tactics to place articles and win interviews or get coverage by allowing key press to review your product. You could also hold a launch event or use grass roots marketing to build a buzz. No matter what route you choose, make sure your product or service is completely ready and available for purchase in order to maximise returns. Your other PR efforts should follow closely on the heels of your press rollout. Monitor the results from all media in the first weeks and months and be prepared to adjust your campaign if necessary. 7 USE INFLUENCERS AND SOCIAL MEDIA It is important that you link up with influential bloggers in your industry. Provide them with the product range; if they like it, they’ll write about it! You can share these reviews on your social pages, giving you a greater reach of publicity. 8 KNOW YOUR PRODUCT LIFECYCLE The campaign you use during the introduction and education phase of your launch will need to be updated as the item matures. If you’re monitoring your results carefully, you’ll begin to see diminishing returns that will indicate when it’s time to revise the product, alter your message or even phase out this particular offer and lay the groundwork for the launch of your next great idea. “It is fool hardy to rush head long into a launch without a pr oper period of testing. Depending on what you plan to market and your budget , you can use formal focus gr oups or simply host r oundtable discussions with members of the target audience.” “To launch your pr oduct with minimum f inancial outlay, it’s essential to focus exclusively on the pr ospects you believe are most likely to purchase fr om you.” Michael O’Connor Grey Sergeant E: michael.oconnor@greysergeant.com