Define your demand
Defining the type of demand for your product is important to writing a proper marketing plan. It is basically to find out what game field you are about to enter. if you do not, you are entering a dark room with a product, you have invested a lot of money beforehand.
So, what are the different categories of demand?
- The consumers either do not know about the product or do not want to buy it
- The consumer does know about the product or does not like it and would rather pay to not use it.
- The consumer wants the product, the market is just not fully ready yet. In the E-Automobile market we currently have that situation
Decline in demand
- The consumer demanded the product but has lost interest or the marketplace now offers a better product. This is the most frequent problem today, the marketplace does develop so fast that products are overtaken by better ones very quickly.
- The consumer does only buy the product at certain times. This is most frequently known in the case of seasonal products such as Christmas cookies, easter bunnies but also other products such as swimming trunks
- The consumer knows about the product and it gets frequently bought.
- The consumer likes it so much, that the demand is higher than the supply
- The consumer wants the product, even though it harms their social life.
When those types of demands are identified, you should try to identify the reason for them. When you know what is happening in the consumer’s mind, and why his attention is going somewhere else, you can create countermeasures to it.
Those countermeasures can be anything, from improving your product, and changing the design to changing the whole marketing strategy.