1. Establish the value of your product/service
Business is founded on the desire to fulfill a need. Therefore, before launching your brand, you have to answer the fundamental question: why does the customer need your product? It does not matter how superior your product is if it does not fulfill a need be its function, fashion, fun, comfort or all four. You have to establish the role that your product plays in your customers’ lives to be able to communicate it to them succinctly.
After you have established its purpose, make a pitch to your customer. Create an emotional hook involving words, images or both to sell the product’s story. Sell this pitch via email marketing, social media platforms, and any other marketing platform.
2. Make it irresistible
After you have convinced your customers that they need your product, the next step is to convince them that it is worth more to them than the money in their pocket. This involves setting a price for the product that is just irresistible. A little research will inform you of the market price of the product and the price that customers are willing to pay.
When considering a pricing strategy for your product, you have to strike a balance between margins and affordability. Find the sweet spot on the price that earns you a profit and is alluring to your customers and fires away.
3. Create a sense of urgency
At this stage, customers need your product or service, and its price is tempting enough for them to want to spend their hard-earned dollars on it. However, with so many needs in life, there is no urgency to buy a product, which will still be there tomorrow. A deferral may give room for reason to prevail, and the customers may decide that they do not need your product that much after all. Setting a limitation in time or quantity is the best way to overcome this hurdle. Promoting scarcity creates a sense of urgency. For example, you could advertise a limited stock or sales with deadlines. You can either use email advertising to promote scarcity or include it in the product description.
4. Make your customers an offer they cannot refuse
Your customers have established that they need your product/service, the price is affordable, and there are only a few items in stock. What they need now is one last extra nudge to drive them over the edge. Making them an incredible offer will accomplish this. That nudge could be free shipping or an extra free unit with every purchase.
While such offers may trim your margins, you stand to make more money and fast due to a much higher volume sold. It will also gain you the loyalty of your customers who will be very eager to tell their friends of your amazing offers. Such advertising is the most effective form of marketing.
5. Build your customer list and repeat
Track all your sales and create a big mailing list. Build a large following on social media platforms like Facebook. Repeat the steps from marketing to selling, and you will be on your way to building a highly profitable business online.