SHARE

Questions & Answers

Posted by Jane Rusin on 2015-02-19 20:07:00
Title: What is the most efficient marketing strategy for a product with a niche market?
Category: Marketing

What would be the most efficient marketing strategy for a product that has a distinct, although reduced market, due to the higher than average retail price driven by the extensive manual work required to produce it and the expensive materials? Thanks in advance for any guidance.

Answer:

Kenneth Maclean
2015-03-03 14:04:00

Hi Jane,

Depending on the product and price point there are a number of marketing channels and tactics that could be used in this scenario. However, all of them should apply a targeted approach to identify channels where your target customer is. Depending on your budget, a few tactics to consider include:

1. Run a Targeted Search Engine Marketing Ad Campaign

For example if the company sells high-end, specialty apparel to global markets, pay-per-click search advertising may be the most efficient way to reach qualified buyers. 

Hire a SEM expert to set up some test campaigns on leading search engines such as Google and Bing. Or if you have the time and interest in learning, set up your own account, take a tutorial, and create and manage the campaign yourself.  

If you sell luxury knitwear, purchasing related keywords such as knitwear and hand-knitted sweaters will ensure your ad is served to people searching for these products. And remember to ensure shoppers are directed to a website or retail store where they can purchase your products. Conversion is the name of the game!

2. List Your Products on Leading E-Commerce Marketplaces

A quick online search for products you sell will likely list of a number of specialty e-commerce retailers and marketplaces such as eBay, Amazon and Etsy. Investigate setting up a storefront on these sites to maximize visibility for your products.

3. Word-of-Mouth Strategy

When it comes to luxury products a targeted, word-of-mouth strategy can be very effective. Get a list of influencers (fashion trend sites, mommy bloggers) and send them information about your product in the hopes they will feature it on their websites. Or work with them to create an online contest where their audience members have a chance to win your products. 

Kenneth MacLean
Director, Product Development, YouInc