Marketing Your Product/Service

You’ve Got a Great Product. Now What? Reaching this milestone is a big deal. But here’s the question many inventors and entrepreneurs face next: "How do you take your product to market and turn it into a thriving success?"

The answer lies with marketing. Marketing bridges the gap between a great idea and a thriving business. It’s how you communicate the value of your product, reach your target audience, and convince them that it’s worth their time and money. Effective marketing relies more on strategy than effort. Here's some key dos and don’ts for marketing your product effectively.

DO: Research Your Target Market

Understanding your audience is non-negotiable. Yet, many businesses skip this crucial step, pouring time and money into marketing efforts without knowing who they’re trying to reach.

Here’s how to get started with market research:

• Define what you need to know by asking yourself: What are my goals? What information about my audience will help me craft better marketing strategies? This clarity will guide your research.
• Identify your target market and pinpoint who your product is for. Consider demographics such as age, gender, location, and income level. The better you understand your audience, the easier it will be to find them.
• Gather data by using tools like surveys, interviews, focus groups, or observational studies to collect insights. Look for trends and patterns to shape your marketing strategy.

When you truly understand your audience, you can craft messaging and campaigns that resonate and convert.

DON’T: Do It Alone

Marketing is a complex process with many moving parts. Unless you have professional experience, it’s easy to feel overwhelmed.

That’s why assembling a skilled marketing team can make a big difference. For example, a great team of experts can develop and implement a tailored marketing strategy to achieve your business goals. They can also conduct market research to uncover valuable insights. If social media isn't your strength, they can build and manage your presence online to connect with a wider audience. Additionally, you'll always need someone to provide ongoing support to adapt your strategy as the market evolves. Investing in the right team will save you time, money, and frustration in the long run.

DO: Set a Marketing Budget

Marketing requires an investment, so it’s essential to plan your budget carefully. You can go about this by...

• Clarifying Your Business Goals: What do you want to achieve? Maybe it's brand awareness, lead generation, or increased sales. Define your objectives to prioritize spending.
• Exploring Your Options: Research marketing channels like paid ads, social media, email marketing, and content creation to determine the most effective ones for your audience.
• Understanding Your Audience: Tailor your budget to the preferences and needs of your target market.
• Setting Realistic Numbers: A good rule of thumb is to allocate 5–10% of your revenue to marketing.
• Tracking: Regularly review your marketing efforts to see what works, and refine your strategy to maximize ROI.

DON’T: Be Afraid to Invest

Too often, businesses try to cut corners on marketing, thinking they can do it themselves or spend as little as possible. But without a strong marketing strategy, even the best products can gather dust in a warehouse. Marketing is the crucial step between a great idea and a thriving business.

Marketing doesn’t have to be overwhelming, but it does require careful planning and execution. Use the advice above to guide you and take your product to market effectively. Remember, marketing is the key to showing the world how your product makes their lives better and why it’s worth every penny.

Best,

Kevin Harrington

Co-Founder of Big Brand Ventures