Ever recall a shopping list which had items in the grocery listed as Dole bananas, Starbucks coffee and Danon yogurt. This typical list has so many brand names that we have unconsciously associated with these raw products. So how in the world do these companies successfully market these products and form a trademark on our mind? Their marketing strategies are so unique that it not only creates a brand value, but also has consumers in the form of fans attached to their products. As there are so many big corporations involved in marketing these products, it’s extremely important to keep innovating the marketing plan and keep launching new products in order to gain a competitive edge over the competitors.
The strategy basically involves using marketing techniques like positioning tactics and various promotional strategies to market this basic product. Tea since ancient times has been used for beauty treatments, as a soothing agent, as dye colors used on clothes and as a cleaning agent. Even now, the ever expanding tea market continues to grow despite hitting saturation. Tea has always been termed as instant wisdom. So how do marketers explore this potion of wisdom to their benefit? Tea also has medicinal properties and is favored more than coffee now in the market. Also there are varieties in the tea market – black tea, green tea, ready-to-drink tea and fruit teas, which have already captured a major segment of the market. Following are some tips for tea marketing:
Researching the Market
It’s necessary that you decide on the market you want your product to sell. Through market segmentation, you can divide the market on the basis of geographic, demographic, behavioral, psychographic factors and on price too. After segmentation, your goal will be more well-defined and it will help you to reach your customer in a more refined manner. Also, new strategies like finding out the motivation factor and social characteristics in the target market can serve as an answer to searching and reaching your goals. In your research, it is also necessary to conduct a survey and rely on the primary data, which will help you decide the future course of action related to your marketing goals.
Analyzing the Product through Matrices
Once you have zeroed in on the market, the next step is creating a matrix according to the needs of your product. This analysis will help you in identifying your product while measuring the relative market share and market growth. By identifying, your product can be classified as high earner or low earner.
Finding Suitable Channels of Promotion
After you have found your niche market, it’s important to select a promotional tool that is effective in conveying the message. Promotional tools include television, radio, sponsorships, Internet and other advertising mediums. Also, the cost incurred while promoting the product should be taken into account. The new trend of promotion is making your presence felt at the new social websites.
Finding the Perfect Location
After choosing a suitable channel for promotion, location plays an important role. The product needs a strong distribution channel where your product can easily reach the customer at low cost. Also before the product is extensively advertised, the product should be before the customer’s eyes. As it is a convenience product which is purchased through minimum effort, the product should be available at all possible locations. The plus point here is that as the customer doesn’t have any strong preferences, new products are easily acceptable by the customer. This point can serve as an added advantage while marketing the product.
After your product has been successfully launched, it’s time to keep a tab on your marketing plans, sales and profits. Through auditing techniques, one can find out the deviations between actual and expected performance. In this cut throat competition, marketing strategies need to be changed after a period of time. Therefore, auditing serves the purpose by measuring the performance of every plan and alerting the marketer if any changes are to be made.
In America, where convenience is of utmost priority, ready-to-drink tea markets have emerged as the best choice of customers. Now is the time for new innovations as many market segments have saturated. The positive aspect about tea market is that because of its positive health benefits, its market is never going to be extinct. In fact, declining sales in soft drinks and coffee has boosted the market for tea. Tea is finding its uses in many industries too, so there are more niche markets that can be developed. So the saying, “It’s not your cup of tea” is certainly going to change with new product lines, new brands and new packaging.