BEST PRACTICES FOR MARKETING YOUR PRODUCTS
Paid Advertising Strategies for Market Penetration
Another strategy that works well is to take advantage of paid advertising. Paid advertising can be used in a dual effort.
A lot of traditional paid advertising is a simple paid form where you would take some of the products in the marketplace and dynamically generate ads, possibly including their pricing or some of the benefits.
You’d focus on long tail ads that are really precise. This is an effective method when there are powerful, dynamic ads that we can run based on categories, subcategories, or products themselves, or even vendors.
It’s also effective to use retargeting with some of the advertising. A lot of advertising is expensive for different categories that are popular among marketplace eCommerce platforms, and generally they’ll be saturated with competition.
So instead of focusing on these bigger markets, you can focus on long-tail keyword phrases that might represent somebody who’s further up the funnel and their research about a particular topic. Proper research will also inform you about the keyword bidding strategies to use.
Then leverage retargeting techniques to track when someone has visited your marketplace eCommerce properties, and essentially follow them around with useful and valuable content that will help them progress through their evaluation process.
It will help them progress through their selection process of the right marketplace to purchase from. So you can provide this valuable resource of, for example, a comparison tool.
You could present it to them with perhaps some words:
“Here is this great way of getting all the product details and spec docs for this particular product that you’re interested in. Are you interested in some of the alternatives? Here are some comparisons between the most popular products in this category.”
If it’s relevant to their offering, you could also highlight how important it is to have free refunds, no questions asked, if the buyer’s item isn’t a good fit.
You can also provide value with how they deal with logistics and containers if it’s a complex intermodal shipment.
With things like this, you can see someone’s progression on your site and with retargeting, focus on providing value.
This can result in a branding effect, where you’re giving the buyer impressions and they capitulate to the value that you’re offering versus all other competitors.
Or in other words, the buyer forms a higher opinion of your offering compared to others, based on the value you’ve provided them thus far. This helps with market penetration.
Doing direct or paid advertising can be challenging, but there are strategies that we can implement to pierce through that surface layer of competition where things may already be saturated.