The main idea behind any business is to provide a product or a service. The problem is that if no one seems to want your products. You might have worked with reputable engineering and product development firms out there to create a revolutionary product, it can still fail if the market decides that there is no demand for it. While demand can appear naturally, there may not be time for your business. But it is possible to create a demand for your product with various marketing strategies. Here are some of your options.
Make People Feel Special
One thing that you can do is to use the fact that people like to feel good about themselves. One aspect of this is that when people think they are part of a chosen few. When you are marketing your product, you can highlight the fact that only a certain type of people would buy or use it. For example, many luxury products on the market often market themselves on the idea that only the rich and stylish would buy them. The fact that their high price tag limits who could purchase them makes it feel like a major achievement to buy one.
This can also work if you already have a presence in the market. You might look into creating an exclusive club for those who buy your products or patronize your services. This limited access makes it feel special to buy from you. For example, Costco operates by only allowing members to buy from its stores. Besides the advantage of annual membership, they also get special deals and special privileges. You can do something similar and use that feeling of privilege to encourage them to buy from you.
Use the Fear of Missing Out
Another strategy of creating demand is to have a limited amount of your product. This can be a good thing for you if you have a small budget and cannot produce a large supply of your product. The idea of limited supply creating demand works in the same way that the collector’s market works. Coins, stamps, and other collectibles have higher than normal demand if the item is rarer. For example, some stamps and coins cost thousands of dollars despite being materially cheap. It is their rarity that is driving up the price.
Artificial rarity can also work for you. You need to emphasize that your product is only available for a “limited time” or “until stocks last” in your marketing. You see this a lot on infomercials and shopping channels. Hype up the value of your product so that human nature takes over. People don’t like it when they miss out on things so you should use it to your advantage.
Start Leaking Info
Demand doesn’t happen overnight. It has to build up. Imagine it like a wave that slowly rises. One factor in pushing that demand up is hype and anticipation. For that to happen, you can slowly release information about your product. You see this often in the tech and video game industry. Most companies in that market know what their customers want, so they leak out the sort of information that would whet their appetites. For example, you often hear of Sony or Nintendo releasing gameplay trailers of their future products. They know that when players see the game in action, the more those players will want the game.
Product leaks and previews are not just for video games. Movie studios drop trailers and have actors go on press tours to generate for their releases, too. Depending on how well you know your market, you might be able to use this strategy to get the demand that you want.
People Listen to Their Idols
People love their idols and heroes, whether it is movie stars or a simple blogger on the internet. If they see a person they admire using a product, they usually want to have one, too. The strategy of celebrity endorsement is still powerful nowadays. But you have a more dependable option: influencers. Instead of movie stars and celebrities, influencers are people that your target demographic view as an authority. They may run a review website or something similar to reach this position. The important thing is that people trust them. If you can have an influencer endorse your product, you can be sure that people will be buying it.
The demand for your product will determine whether it is a success or not. Considering that this can also have consequences for your business means that you have to do your best to generate demand for your product.
