‘How market products, services in austere times’

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Nigeria’s inflation is currently 16.01 per cent. We are out of recession, according to the Nigeria Bureau of Statistics (NBS).

However, marketing budgets are yielding low returns as Nigerians are still struggling with economic hardships. At this time, how best can products or services be marketed?

During austerity, consumers think more of utility than luxury; more of functionality than design; more of must-haves than good-to-haves; and more of reusables than consumables.

Therefore, we have to go to the market via unconventional routes: flip the Pareto Principle, narrow your targeting, focus on repeated sales, and make your customers brand ambassadors.

In flipping the Pareto Principle, create new product mix that can make 80 per cent of your customers generate more income for you.

A product mix that can easily initiate upselling and cross selling is a good strategy in motivating customers to spend more. Bundle your products with brands that are strategic to your route-to-market, the same way Mr. Biggs outlets appears at every Mobil gas station.

During this period, you will have to narrow your targeting to the core of the prospects that need your services/products. For example, everybody may needs fumigation to protect against Lassa fever, but families with children will respond faster to that need because the stake is high. There is always the core of the market that would be readily receptive and responsive to marketing. If that core is identified and engaged, it yields better results.

Rather than focusing on increasing the number of customers, focus on generating repeated sales. Frequency of patronage can make up for loss of customers and it is cheaper to manage.

Don’t spend unnecessarily on billboards, TV Commercials and radio jingles, if the demography and psychographics of your targeted customers does not fit into above-the-line advertising.

Put events together to bring your prospects to your door; use ambient ads to be in their face. Explore social media ads, facebook’s algorithm tracks prospects and help convert them to customers, faster than word of mouth. Remember, if it isn’t digital, it isn’t strategic.

The post ‘How market products, services in austere times’ appeared first on The Nation Nigeria.

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