Because of the value that customers place on specialty products, they are often willing to go to great lengths to seek them out. However, though these products have a specific customer in mind, the pool of individuals you are marketing to is much narrower. Finding a way to specifically target these unique niches is often somewhat of a challenge for marketers.
Your marketing strategy is essential when you are selling a specialty product. Your standard methods likely won’t cut it. The thing to remember is that specialty products are specifically sought out by customers that hold the item in high regard. So it will take the right marketing mix to promote these unique products.
Find Your Niche
Whether they have a specialty line of products or not, all companies can benefit from establishing a niche in the market. However, companies with specialty products especially require having a niche to have success marketing their product. If you don’t know what sets you apart or what unique customers to target, then how do you expect to garner attention above all of the other companies offering specialty products?
By simply having a specialty product, you are already giving yourself an edge and cornering a unique part of the market. But there is no point in having a niche if you don’t understand it. It’s helpful to research your niche to fully grasp what it is and where you stand. Once you find and understand your niche, you will have a better idea of how to market your specialty product.
One of the best ways to discover and understand your target customer is to utilize a market research analyst. Data analytics is nothing new—the concept of collecting and analyzing data and information to make more informed decisions has been around for decades. However, it has only recently become more popular thanks to advanced tools and software like Google Analytics, for example.
Market research analysts will know best how to utilize what tools are available to gain an in-depth understanding of your target niche and customers. Collecting and interpreting this type of data is essential if you want to successfully market your specialty product.
Price It Right
Companies have more flexibility when it comes to pricing specialty products. While your other products need a lower price point to provide wider accessibility, specialty products can come with a “luxury” price tag. Because these products offer niche and unique benefits, customers are willing to pay more money to get their hands on them.
However, that doesn’t necessarily mean the sky’s the limit when it comes to pricing. A specialty product is of higher value, yes, but it still needs to have a reasonable price concerning what it is offering. Customers may turn away if the price is exorbitant and beyond what they can afford.
Exclusive distribution and placement of your specialty product require careful thought and consideration. These types of products tend to benefit most from being available at select locations. This not only means stocking them at exclusive stores but having limited availability in those particular locations as well.
You essentially want to partner with select stores to work together to garner attention, and increase sales. If your product is widely available, it will lose its unique status, and customers won’t feel as pressured to go out and buy it right away. The key is to place it only in select locations that give it that feeling of something special.
A quality promotional program is another important factor when it comes to successfully marketing your specialty product. While other products don’t necessarily need as much promotion because they are more accessible, specialty products are not as visible without good media attention.
Specialty products are also more noteworthy, which makes utilizing public relations efforts and reputable sources to generate interest an ideal way to promote. Just keep in mind that other promotional tactics like discounts, coupons, and aggressive sales ads are not ideal. You want to maintain that high-quality luxury brand image with specialty products.
Respond to What Works
Ultimately, you want to take all of the previous tips and use what you learn to create a great marketing campaign for your specialty product. Look at what is working and what isn’t. How have other companies experienced growth and success with their marketing products?
Keep in mind that while you want to find a unique way to market your specialty product, you still want to utilize honest and ethical marketing strategies. When a product is special, your focus may become more about how best to get attention on the product, and while that is a priority, you still want to do so with integrity.
Good content and social media marketing strategies are essential and have been proven to work, but it’s ultimately up to you and your team to discover your niche and find what works best for you and your product. The above tips will help, but sometimes it takes a bit of trial and error to find that sweet spot when it comes to how best to market your specialty product.