Marketing Tools – The 5 W’s
In my Previous Post, we discussed the importance of Marketing Tools in reaching the right audience. Today we will discuss the reasons for the same. For any product, be new or old, it is very important that it reaches its desired target audience or group. Advertising does just that. Advertising basically is selling your product or service through the right medium and right message with the right objective of either increase in sales or providing the service. In order to execute a successful advertising campaign, a company or agency must first segment the target audience, so that the message is effectively delivered. The message can be delivered using right communication mix, comprising of Television ads, print ads, radio, personal selling, direct mailers, P.R and digital media.
Organizations work on a principle that customer is the king. A customer once satisfied with the quality of the product or service seldom refuses to leaves marking a path for a lifetime loyalty towards the brand. That leads to a prima question that, how should you sell your product? There have been numerous theories in this regard. Almost every practitioner of the business has his/her set of rules that they follow and well sometimes accidentally stumble upon success. Though inter-wined in few contexts I try to simplify those rules.
There are basically five set of questions (which I say are the 5 W’s) that every advertiser need to ask himself before coming up with any strategy.
- What is the product?
It is a very basic question but looking deeper into it gives an idea why I chose to put it first on my marketing tools list. Advertisers must first completely have abounding erudition about the product at hand. Its benefits, usage, constructs etc. Advertising campaigns which elucidate the benefits of the products are the most successful ones. Advertisers need to spend long dedicated hours in reading as much as possible about the product and the company. Company’s annual report, its sales figure or how the product is made and product composition helps to fathom the product. As David Ogilvy quoted in “Ogilvy on Advertising”: The more you know about the product, the more likely you are to come up with the big idea of selling it.
- Who is going to buy your product?
This leads to my earlier part of segmenting the target audience. Since you know your product well, the obvious question that arises now is who is going to buy your product. To make it simple advertisers can segment their consumers on the basis of age, sex, occupation, income, social status and location. Consumers can further be classified according to their lifestyles, attitude, personalities, interests and values. While the former set of constructs fall into demographics while the later fall under psychographics. Once segmented it becomes easier for the advertisers to design a campaign according to the segmentation.
- Why should a consumer buy your product?
What does your product offer that the other products on the market don’t? Every product has a USP (Unique Selling Proposition). Advertisers need to recognize this USP and design the communication message accordingly. It is very important to position your product in the market. Some products may be price leaders (FMCG), some may be technology leaders (Apple, Honda) while some may be innovation leaders (Mobile phones). Advertisers also need to keep in mind the competitors’ product and how they have positioned it in the market. Once positioned aptly, it becomes convenient for the consumers to purchase the product.
- Where can a consumer buy your product?
There is no point in selling automobiles in grocery stores and vice-versa. So it is elementary for the consumers to know where they can buy your product. Location plays a vital role to sell a product. In a fast-paced world today, consumers are too sluggish to travel far to buy a product. With the advent of new technologies, advertisers must utilize the resources to the fullest. This can be done via- dedicated websites, road shows, events etc. Consumers are exposed to your product at such places and that increase their chances of buying it.
- When should a consumer buy your product?
The final of the 5 W’s is based totally on seasonality. There is no point in trying to sell ice-creams or umbrellas in winter. Advertisers need to assess the seasonality factor when advertising the product as advertising the product at the wrong time may be hazardous to the company.
Well, these are just a few questions that advertisers need to address primarily. There are many other factors that lead to developing a successful advertising campaign.