Advertisement is one of the methods of promotion that has worked very well for the past ten years and plays a very important role for long-term sustainability in a monopolistic economy. Although experts have given many theories of advertising, the actual market demands more than that. Advertising is an art and not a science so; traditionally defined methods may not be helpful in the modern era of competitiveness. We need to understand the expectations of customers, the number of choices they have from our competitors and what pushes them to buy.
It is sometimes very difficult for the marketer to know what actual expectations of customers are. Price, quality, timely availability, brand, and return policy are few features that every customer asks for. The first important step in gaining customers’ confidence is defining the target audience. It may be in the form of location, income and/or age group. Grouping customers will help in determining how the products & services will be sold and what kind of customer service tactics work best. Furthermore, it will facilitate strategic management of marketing for the product.
Strategic Advertising and Gaining Confidence
Since you have defined whom you want to target, the advertising method will be based on requirements of your target audience. If targeting includes kids of age groups 3-5, the second step would be to see who is going to buy for them. In this case, it will be parents, thus, the product will be advertised considering parents in mind. Attracting parents through television advertisements is very common because generally kids come to know about their products through TV. Now, and in number of times, the advertisement will come as a commercial in kids’ favorite program and how it will be shown is very important. The marketer will have to keep in mind that decision-making power will be in the hand of the parents and whatever is being shown in the advertisement should attract them too. Showing how the product is useful for the kids and how it is going to help in further growth of the child can motivate parents to know about it more. In addition, relating such information with kids’ favorite cartoon characters will attract both parents and kids. Thus, each step for winning customers and influencing the market should be taken by understanding the basic psychology of customers.
Influencing the market
The market speaks the language of the customer. Spreading positive word for the product in the market can change the whole thought process of all probable consumers in the market. It is the power of advertising that helps in bringing this change.
With the growth in popularity of social media, market players have become very active in getting awareness of each product. Thus, product’s market presence is facilitated through advertisement in social media also.
Understanding the market demands including legislative requirements is the key that open up doors to success for any company.