Dyson, a brand famous for its high-end hair dryers, has recently entered the hair dryer market. Their new product is among the costliest hair tools available and has received a lot of attention in a short period. Here are some key points from their marketing strategy that any entrepreneur can apply.
Build Off Your Reputation
It’s a lot easier to get consumers to buy if they know and trust your brand. Dyson’s reputation for producing high quality vacuum cleaners enabled them to sell a $399 hair dryer. A brand new company without any brand recognition would most likely not have been as successful with such a high priced item. Establishing a solid reputation may mean going the extra mile for the customer, providing a free return even if it’s not stated in your policy and answering support tickets within a set time frame.
Cheaper Isn’t Always Better
Pricing your product or services well below the average cost can make customers feel as if you’re product isn’t as good as your competitors even if it isn’t true. Studies show that consumers are more likely to find a product enjoyable and even superior just because it’s more expensive.
Dyson’s hair dryer is a lot more expensive than its counterparts priced at $399. Most luxury hair dryers from companies like T3 cost around $200. The higher price point gives consumers the impression that the more expensive product must be superior in terms of technology and features. Pricing your product high is going to turn off the bargain shoppers, but it will attract buyers with bigger budgets who are willing to pay more for a premium product.
Emphasize What Makes Your Product Unique
Dyson’s claim to fame is that it took $67 million dollars to produce its hair dryer and that it uses a microprocessor in order to adjust heat levels in order to prevent damage to your hair. In order for your product or service to stand out it needs to be unique and offer something your competitors don’t.
Do you offer support around the clock? Provide a money back guarantee? Do you have a patent for your product? Write down all the ways that make your product different from the rest and utilize it in your marketing materials.
Build Press Contacts In Advance
During it’s launch, Dyson obtained coverage from major news outlets like CNN, Gizmodo and TechCrunch. If you don’t have thousands of dollars availabe every month in order to retain a top PR company, you will need to create your own buzz and press.
Build your relationships with the press well before you launch your product. This can mean following journalists on social media accounts and commenting on their stories. Once your product launches and you start the outreach process, take a note from the big PR firms and use outreach software like Buzzstream in order to manage your campaigns. -mailing may not be enough since journalists get dozens of pitches daily. You may need to find out their contact information and follow up with a phone call.
Building solid reputation, differentiating your product and creating your own press will give your campaign the foundation it needs in order to sustain and thrive.