How to Market Your Products & Make More Money

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How to Market Your Products & Make More Money

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When I started CigarScore in December of 2018, I only had a rough idea of how I'd monetize the platform. I knew I wanted to sell upgraded listings and advertising, but I didn't yet have a marketing plan or a strategy I could put in place. Want to listen? There's an audio version (with BONUS content!) below But on January 11th, just 27 days after launch, I released the product and started contacting business owners around the country. Four days later, on January 15th, I made my first sale. Seventeen hours later, I made my second sale. Fast forward to today and this business gets over 5,000 highly targeted visitors a month, has a 4-digit email list, multiple advertisers and affiliates, and generates thousands of dollars in revenue each year. I've already written about how I launched a new business here, so today I wanted to focus on how to market your products better so you can make more money. Cool? How to Market Your Products & Make More Money 1: Research, Research, Research You must know your product as well as or better than your customers. I've been enjoying cigars since I was in college. I know the products, I know how they're made, I know the lingo, and I know how to talk in a way my customers understand and relate to. NOTE: If you believe cigars are terrible, watch this first. Also, today's post isn't about cigars, it's about principles to build your business, so let's get back to it. If you're going to do business with people who live day-in-and-day-out with a particular problem, you've got to know about their problem as much as they do. Research helps you understand. If you're going to talk about bugs and pest control, you've got to know more about bugs than the guy who's calling you for help. If you're going to sell email automations, your customers shouldn't know more about the topic than you. If you want to get into real estate, you've got to know the markets and what's available better than any buyer with a Zillow account. Research allows you to get (and stay) informed. In his book Ogilvy on Advertising, Dan Ogilvy shared a great tip about researching and how knowledge relates to making sales. Ogilvy says, “What distinguishes a great surgeon is that he knows more than other surgeons. It is the same with advertising agents. The good ones know more.” Research enables you to sell more than the other guy. 2: Define Your Avatar If you want to market your products more effectively and make more money in your business, you first must know A:) what your product does, and B:) for whom. NOTE: Your “avatar” is a caricature or representation of who your customer is, including their gender, age, problems, goals, financial situation, background, etc. The more info you have the better. I know how to talk to people who enjoy cigars because I'm someone who enjoys cigars. I know how to talk to business owners because I'm a business owner. Regarding my new business, CigarScore.com, we have to cater both to the people in the cigar community and the business owners who run the shops around the country. CigarScore's users are searching for a lounge (a listing) where they'll want to enjoy a cigar. Those listings represent brick and mortar businesses owned by entrepreneurs and companies. The business owners who have their lounges listed on the site want their businesses to show up when people search in their area. After you've done your research and defined your avatar(s), you can communicate in a natural way that makes it easy for your customers to relate to you. The more you know the better you can simplify complex topics. The better you know your avatar, in my case I am my avatar, the more comfortable you will be when speaking their language. Both lead to more sales. If you need help creating your ideal client avatar, or if you'd like to use the tool I use to better understand my customers and clients, click here for the tool I created. 3: Know Where Your Product Fits in the Marketplace Is your product high end? Is it cheap and quick? Do you make a luxury product that lasts? Or do you sell perishables that will need to be replaced? It may seem like a small thing, but if you don't know where your product fits you won't know how to market it. And, regarding your product's “fit,” there is no right answer. You can make money and be profitable in both categories. However, it's much easier to start off with a higher-end or premium product and then create a budget or lower-end product later, than vice versa. Remember when budget car maker Hyundai decided to start manufacturing the $60,000+ “Genesis”? Ya, that didn't go over so well. However, when Tesla decided to drop the price of their high-end, all-electric cars, they were praised for it. Starting at a higher price and then, later, releasing a lower-cost solution is often better (and easier) than making the leap from budget to premium down the road. Putting in the work to define your customer avatar early will help you prevent your ...

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