Tuesday, 31 March 2015

Selling More For Less No Longer Works For Great Products

I woke up this morning to a marketing newsletter from an e-commerce store offering 50% discount on most of the electronic products they sell... This is not something new, in fact it has been around for more than 50 years now. It is called mass marketing - It is a marketing technique that leverages the human psychology (our love for cheap things) by creating more for less. But selling more for less or halving the price no longer works, not for great products anyways and this is why;

Everyone Else Is Selling More For Less, Doing The Same Won't Make You Any Different

When entering a crowded market; where every other persons are struggling for a slice in the market share, what comes to minds of young entrepreneurs and new businesses (after analyzing the market for its strengths, weaknesses and potentials) is to map out plans on how they can increase the quality of what their competitors sell for less. This of course will give you a temporary orgasm - if you are successful, the market will notice you and run your way. But it won't last for long because another start-up somewhere is preparing to launch and they will probably do the same thing, replacing you in the process.

There is no way on earth you can reduce the price of what you are offering and simultaneously increase the quality. except if you did money rituals and using your business as a cover-up At the end of the day, all you would end up doing is creating average products for average people.... So what works?

Not Selling For Everybody Because Great Products Are Not For Everyone

The best way to create great products is by carving out a niche in a crowded market and lead them by selling more for more as opposed to selling more for less. You don't need to capture the whole market. Not all businesses will be like Google or Amazon or Walmart. There is always a niche, a tribe waiting in a crowded market for someone to lead them. Instead of trying to win everybody's heart, locate these tribes (group of people that have certain things in common), and lead them. This process is very difficult and that's probably the reason why we have few great products around but it is the way the most effective way to creating a great brand that is difficult to replace.

 Produce for a micro market.

Market to a micro market.

When someone wants to know how big you can make (your audience, your market share, your volume), it might be worth pointing out that it's better to be important, to be in sync, to be the one that's hard to be replaced. And the only way to be important is to be relevant, focused and specific.

The same principle applies to our daily life and routine. Stop doing what everyone is doing because they say it sells. You will never be relevant that way.

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Sadiq Daniel is a certified Crazy Writer and Teens Coach that blogs on business, Self- development, Life lessons and Ideas that challenges the status quo... You can pursue him on Twitter: @sadiqspeaks LinkedIn: Sadiq Daniel and Email:Sadiqdaniel@gmail.com