How To Make Money From Your Idea
You’ve got the concept. You’ve tossed and turned trying to come up with the perfect adjustments and now you’ve finally settled on your idea. But what comes next? How can you turn that idea into income?
Firstly, you need to spend a significant amount of time researching your audience. Really get to know who your typical customers are. How old are they? What’s their income? What are their key values? Understanding the demographics, psychographics and typical behaviours of your customers is essential to the success of any business. Try to identify the market segments or divisions and what strategies other companies are using to target these consumers. Want to know one sure-fire way to employ successful marketing strategies? Observe your competitors, mimic their successes and learn from their failures.
Okay cool so you understand your customers and what they currently have access to and what they desire. Now it’s time to turn the focus inwards and think about who you are. No, not you specifically, but your brand. You need to come up with a unique name, vision, mission statement, colour scheme and logo. Spend some time talking with your teammates and getting to the bottom of what you want your brand to be. What values are important to you? What messaging do you want your brand to project? What sort of user-experience are you hoping to create? How do you differ from your competitors? Having a solid foundational understanding about who you are as a brand and what’s important to you is essential to successful marketing. No one wants to invest in a brand that the owners are uncertain about.
The next step is to create perceived value of your product. Your customers must believe that what you’re advertising is fulfilling a need of theirs otherwise you won’t acquire any sales. There are various types of perceived value such as spatial value, convenience value, transactional value, hedonic value and social value. Do some more research into these various types of perceived value, decided which ones your company caters to and brainstorm some ways you can create a sense of perceived value through marketing.
Congratulations! You’ve come to the final step which is actually marketing and promoting your brand. Marketing strategies are widely diverse so there’s no one sure-fire way of guaranteeing that your product will succeed but utilising a combination of google advertising, social media marketing, and traditional marketing is a fool-proof way of ensuring all your bases are covered. The easiest way to navigate this next step is to hire a digital agency to help take the stress of constantly managing your online presence off your shoulders. Come have a chat with us at Digital8 to see how we can help elevate your brand to the next level and start attracting promising leads.
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