One of the most predominant parts of the journey is how you introduce your product into the market. Moreover, it requires you to have a great plan to deliver your products to the right audience.
Understand the ecosystem!
The keynote to remember here is that you need to understand and respect the ecosystem of the industry. It is important to do your research so that you can contribute value to it, which will lead you to the product’s success.
Let’s assume you have the product in your hand and now wondering how to reach your customers. First of all, you need to focus on just the city you started in, not the whole country. In our example, we fully focused on Budapest where we are based. Therefore, 90% of the planning and implementation took place in Budapest; the remaining 10% was focused on other cities.
Once we started getting results in the focused market that is Budapest, we then continued to work in other cities as well.
If you are not getting results among your target audience in the initial location, then the chances of getting successful in other locations are quite low. Therefore, if you want to focus on the international market, it is important to run a trial phase for several months until you get successful results.
Don’t rush into the export game before implementing it in the local market!
Many startups prefer running after big players in the market, hoping that they might get their products listed by big distributors. Sorry to disappoint, but your product will get stuck in their warehouse forever if that’s your main focus. The important thing to remember is that you need to play smart instead of taking shortcuts.
Depending on your product and the target market, start with small and easy-to-reach places. For example, if your product is related to sports and gyms, and you made your first batch of drinks, start with small gyms and sports facilities. Why this step is so important? It gives you room to make mistakes, examine and eliminate them. If your product is not perfect and has issues, you will learn from this experience, selling in the small target areas and you will be less likely disappoint a big potential partner in future.
There is a possibility that the first batch of your products won’t be perfect. From packaging through taste to finding the right components, you might notice some smaller or bigger mistakes. This also allows you to take feedback from your customers and make improvements as much as you can.
It is important to focus on what your customers have to say. Hearing from them will create room for improvement and innovation. Always remember that you don’t need to rush to the distributors, take some time instead to work on important factors such as the quality of your services, USP, and selling your product to the right target group.
Now coming to the most important point, meet as many people as you can, hear them out, and collect their feedback regarding your product. Moreover, another major factor to take into account is the importance of your stakeholders and distributors. You need to create demand among your target audience to bring in business, hence building your stakeholders’ trust. You are responsible for following effective marketing strategies and running campaigns that will create awareness and demand for your product. This will increase sales, which will not only benefit your business but also your distributors.
Effective Marketing Strategy is Extremely Important!
Get to know more strategies and tips from Alex Bayer, Co-Founder of Genius Juice, on how to promote and grow your business:
