Questions

Our start up started to provide a robotic letter handwriting service (indistinguishable from human writing) and we are trying determine the right strategy and identify who the real competition is, how to price the product and who the customers are. Having speaken to lots of companies all express they interest and fascination about the service yet only few actual orders arrived. So the questions are: - do we price low and aim at volume or price high and work with much fewer companies? - how to get people to cross the line between “fantastic idea” to “can I have it please?” - who is the best target market for this service? Marketing agencies running direct mail campaigns? Printing Management companies?

When it comes to marketing it really does need to be personal. I think to recommend the correct strategy one would need to learn a bit more about your business, industry, audience / consumers.

With that being said - let me start by answering your questions:

1. Pricing is a loaded question without understand things like your profit margins, purchasing cycle etc. With that being said do not under value your product. There are no winners there. It is easier to price high and then reduce than the other way around. However, if you are looking at pushing volume - introducing a reduced "limited time" price to help get a foothold in your market could work.... but beware, those "discount" customers who do buy are typically lower value from a retention standpoint.

2. To help push conversions you need to think of your brand as a community. Target an audience and relate to them. Consumers look for that connection between them and a brand. Continue to build relationships with the right consumers and don't always make it seem like you are pushing only your narrative (ie. sales).

3. Honestly before you go out and hire thousands of dollars in marketing services, first take a look at what you can do in house. There is a lot you can manage on your own from an organic side that can really help build your brand equity and convert it into sales. To start I would invest into people and content. Leverage things like social (fb, insta, youtube), blogging and events to capture an audience. Place those captures into tools like mailchimp or autopilothq to help nurture them into sales. Rinse / repeat.

Now this is of course a real macro perspective of things. If you want to dive in a bit more feel free to schedule a call with me.


Answered a year ago

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