Most marketers fear the word “commodity.” Any commodity sellers who struggle to differentiate their products often cut their prices so that they can make sales. Additionally, savvy buyers can play one marketer against another to get the best price concession. Using marketing strategies such as bunding products can help you to distinguish commodities. However, these strategies are expensive, and suppliers often do not cover their costs. The competitive nature of the market is also another challenging factor for most sellers. As such, you must ensure that you stand out among thousands of other marketers. Communication and creating preferences can go a long way in helping commodity sellers. Read on to discover some tips for marketing a commodity product like tape.
1. Accept your Product
If you market a commodity that is innovative and technologically advanced, customers are likely to see through this, and your message will fall flat. Identifying the type of product that you are selling will help you plan accordingly. In the case of tape, most companies in the industry know that they are competing on cost alone with other tape specifications that are almost identical to their own. While these companies are busy looking for ways to differentiate their product from the others, most customers are only interested in what they feel comfortable with and easy to use.
2. Understand your Customers
Often, sellers look at the public and say that they know who their customers are and what they want. Create a good rapport with one customer and conduct a survey. Build trust with your customers through using simple and clear language, and keeping your word. Be loyal and provide value in everything you do. Most customers like sellers who follow up. Collect views from your customers on how to improve your tape business. Your degree of trustworthiness will determine the kind of relationship you will have with your clients.
3. Get Everyone on Board
Form a sales group and train your salespeople. Learn how to make changes through a consultative approach instead of a transactional one. This commodity selling strategy assumes that the customer is not entirely focused on the price. Everyone within the marketing and sales department should be on the same. These people should work together to communicate value and create preference.
4. Segment by Risk
Consider segmenting your customers by their exposure and the ability to tolerate risk. Then, you can determine whether you can offer customized risk-reduction packages. Sometimes you can also allow your customers to create demand for your commodity product. You do not have to use expensive marketing strategies. Instead, let your customers’ experience do all the talking and selling. You can also employ the same approach to promote your good reviews, highlight your best clients, and using video or images of real customers in your social media channels.
5. Make it Exclusive
People tend to want something more when it is difficult to get it. Buyers will want to know why they cannot find what they want, what factor excludes it, and how they can possibly access that product. Exclusivity creates a scarcity mindset and the fear of missing out. This strategy then creates demand for your commodity. Exclusivity also elevates the perceived value of your product.
6. Focus on the Primary Problem
Once you have done research on your target audience and you know that your product is the perfect fit, you can now take the market by storm. Understand how people are currently searching for what they want and create a strategy based on your findings. Research your audience’s primary problem, create several useful content, distribute it, and then promote it across all channels that you can find your target audience. You can also consider creating a high-value offer that is free for anyone interested. Such an offer should include your best work that gives a lot of information about your product. For instance, you can offer various flatback paper tape options where customers can have different tapes to consider.
Consider partnering with an influencer since they hold a lot of sway over their followers. Their subscribers respect their views, ideas, and they willingly follow their influencers. When launching your tape business, incorporate an influencer in your marketing strategy, you will have the boost you need to get you off the ground.
With these tips, you can now start marketing your commodity product. Remember that it is also wise to keep on innovating. Use customer feedback to improve your strategies and product. Figure out how can better yourself.