How To Maximize Marketing In The Natural Product Space
Traditional “brick-and-mortar” businesses have experienced curveballs after curveballs during the pandemic. A lot of physical stores have found it difficult to cross the “valley of death”; it is when a business becomes its bottleneck. This is the reason why web-based businesses continue to survive and thrive because they require lower operating costs, aside from their flexibility.
Even so, According to the U.S.Bureau of Labor Statistics (BLS), this isn’t necessarily true. Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.
This means that no business is exempted from the pitfalls of marketing.
To reduce the failure rate, a company needs to leverage on programs to shepherd them, get them across, and increase their success rate. It is not a piece of cake. But for experts, success is just a stone’s throw away.
In this episode, we’ll cover:
- How brands should market.
- Why is it important to find consumers who are early adopters.
- How to avoid being the bro-markety.
- Why is it important to seek guidance from experts.
I talked to Elliot Begoun, CEO of TIG Brands. The company helps emerging companies in the natural product space. Its mission is to build nimble, capital-efficient, resilient brands. Elliot and his team are dedicated to:
- Position the brands to raise capital, prove growth hypotheses, build community, and scale.
- Help companies become strong regional brands to become powerful national ones.
- Work with companies who wish to bring their brands to or expand their presence in the North American market.
- Combine brands’ innovative products, stories, passions, and triple-bottom-line focus with a customized one-to-one approach to grow brands that are investment-ready, capital-efficient, and scalable.
The value that the company delivers is exceptional. Elliot’s desire to escape from the corporate wheel rat race years ago has paved a way for several brands to catapult to their next level. He describes his company as a non-traditional alternative accelerator where CPG ( Consumer Packaged Goods) brands reach an unstoppable growth.
Elliot believes that he is a breaker of the status quo. He said,” If you think you are faking it, you are doing it wrong.”
This mindset has helped several brands climb the ladder of success. Although this entrepreneur-consultant claimed that he did not start well. Today, he and his team have become more involved by becoming participants and stakeholders.
How Brands Should Market?
A marketing strategy determines the success of any business. Some entrepreneurs cannot effectively sell their products or services because they don’t have the right business acumen to thrive in the cut-throat marketspace.
Elliot teaches both eCommerce and brick-and-mortar brands and helps them:
- Intersect with the consumer continuum to find products that sell to maximize the company’s potential.
- Take a very curated approach
- Discover and seek guidance before starting
- Map out the market
What Are The Groups Of Consumers?
Elliot stresses out the importance of finding the right people to connect with to achieve great results.
- High connectivity- people who talk, share and are trivial.
- Very limited sources- those who get information from a podcast or influencers
- A high degree of self-identity- consumers who share their recipes, struggles, environment…etc.
His advice is to be authentic and to focus on force multipliers. He said that it is important to express that a product is uniquely qualified to solve the need. Elliot also mentioned that a brand must continue its relationship with its customers to maintain top-of-mind awareness. “Retargeting is effective when people are ready to buy.”, he added.
Why Is It Important To Seek Guidance From Experts?
For TIG, microscopic actions are keys to be a successful entrepreneur. A good understanding of the economy is also essential in running a business. Indeed, Elliot has his share of ups and downs. However, he has great mentors to help him taste success in the long haul.
YellowFin Digital helps small businesses grow with its results-driven digital marketing strategies that increase traffic and online sales.