Reduce the price elasticity : Teach people
The price elasticity is the difference between your retail price and value proposition. Brands reduce the price elasticity thanks to advertising to earn brand awareness and trust from customers.
As an innovative product, the best way to show your new feature in a red ocean (market saturated), is to teach people thanks to viral video or live demonstration. Articles as well a good option, depends on the target you want to reach. It's particularly true in the health and welness market where high tech product need to be approved by doctor/professional & scientist.
Most of the time, people recognize good and bad product based on the media they reach and number of views on youtube. This is not a metric that can justify quality of a team or of a product, but it's definitely a game that you have to play to have your first customer in a market, as people still thinking that press & media select the best product in the world.
Interact with your community : Do your show !
Interaction with customer offering credibility and a powerwul brand equity. In a world where it's easy to create scam and dropshipping, people need to have transparancy and unique experience with your brand. Transparancy to show the real impact in the daily life of people, and unique experience to remember your name.
Brand that invest in interaction with customer thanks to qualitative experience offline or live demo do +30% sales in a 6 month period compared to product without communication campaign that just market the product in marketplaces. At So sample, all of our product that did communication campaign both online/offline with real interaction with customer, succeed in the market.
Don't wait for the CES Vegas to happen, create your CES Vegas in your country or online to let people discover your technology and enjoy your launch with you.
How to do this ?
- Proposing events offline through show in mall or stores
- Proposing live demonstrations online thanks to social network with giveway concours
How to do it bad ?
- Using influencers that promote the brand without a real demonstrations or usage of the product
- Doing Google & facebook ads with only pictures
- Spend money on viral video that work crowdfunding and early adopter, and not for early majority that want to see the reality of the product before buying it
- Create interaction without a local moderator that speak the local language. Using google translate is the worst option and show a bad first contact
Be everywhere and fight competition
To fight competition, you need to dispatch the possibility of sales channel. First, to understand the market and invest in the best retailers/marketplaces where the product category work, and second for letting people comparing your product with the market.
The new features have to be in the title or in main features to have a easy perspective of your competitive advantage.