How to Market Home Remodeling Products
Before you try to actually sell or market your product to consumers you should do some research. Many marketing professionals start by performing a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats. These are the internal and external market factors that could spell success or doom for your remodeling product line. Performing a SWOT analysis takes a little work but the findings will make it easier to select target markets for your product, develop a marketing strategy, and execute your plan. Does this Spark an idea?
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Instructions
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Complete a SWOT Analysis
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1
Identify and make a note of strengths. Strengths are specific qualities about your product or company that are useful or beneficial to customers. Ergonomic designs are an example. Low pricing and a wide product selection are other strengths that may apply to your line of remodeling products.
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2
Identify and make note of weaknesses. Any characteristic about your products or company that might turn customers off should be included.
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3
Read trade magazines, talk to customers, and study sales trends to ascertain opportunities in your market. Opportunities are social or financial developments that you have no control over, but could be beneficial.
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4
Repeat Step 3, but focus on finding threats. Threats are potentially damaging trends, for example, unfavorable economic conditions that force families to cut back remodeling budgets.
Select Target Markets
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Identify specific groups of people that would benefit from using your remodeling products. Use financial, personal, demographic and geographic traits to distinguish these groups from the general public.
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Select one or two target markets from the groups identified in Step 1. Favor groups that place a lot of importance on your strengths and do not place a great deal of importance in areas where you fall short.
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Research your target markets. Find out where and how these individuals shop, how they spend their time, and the types of jobs they hold.
Market Products
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Use traditional marketing communication channels to advertise. Purchase ad space in publications your target market reads or time on radio stations that appeal to the groups you want to sell to. Billboards are another option.
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Create a website. Even if you choose not to conduct sales on the site, an online presence can make a company feel and look more legitimate as well as provide information to potential customers. Learn how to position your website on popular search engines or hire a professional with SEO expertise to do it for you.
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10
Build name recognition for your products. Write and publish blog posts, articles and reviews about your products in trade publications, consumer magazines and relevant websites.
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Donate funds or products to a non-profit organization and publicize your community ties. All things equal, consumers prefer to purchase goods from charitable organizations, but you must promote and advertise your efforts if you want to see results.
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Network with interior designers, contractors, and other industry-related professionals to create a referral network and commission system for the purchase of your products.
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13
Set goals for each marketing device you employ. Phone calls and website hits are possible benchmarks and measures.
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14
Monitor the success of your marketing strategy and cut marketing campaigns that are not performing up to expectations.
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References
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