According to the market research report, the global microwave oven market is rising at a CAGR of 2.8%. The reason for the uprise is an increasing desire for frozen and ready-to-eat food. Also, the preoccupied schedules of folks in urban cities are apt to feed the demand for microwaves. Considering this, it is suitable to start the microwave business.

The previous article talked about what type of microwave is popular in the market, then this article is to explore those ways to market microwave ovens.

Marketing Strategy

Currently, many competitors have a well-established and well-reputed market base. Furthermore, they can be characterized as economies of scope and scale. Moreover, they can launch the mass production of a certain device, and this will allow them to set lower prices for the product. Thus, it will be difficult to compete with them through cost differentiation.

But the microwave industry has huge potential for growth as it is still in its growing stages and thus penetration is possible. New entrants still have opportunities to achieve a competitive edge over consumers by providing customers with a product that is based on unique features, safe, and reliable quality, and maximum satisfaction.

Thus the strategy includes three steps:

1. To build brand awareness by exploiting sneaky advertising and promotions.

2. To achieve a competitive edge over the consumers by providing products meeting their demands.

3. To remain the primary customer base by providing maximum satisfaction to customers.

1. To build brand awareness

The promotion of this product will strongly depend upon the financial capabilities of the company at the initial stages of its existence. We will need to address our customers through the Internet, radio, and probably television. Certainly, television advertising is the most effective way of communicating the marketing message to the target audience but it is also the most expensive one. In the beginning, the company may greatly rely on word-of-mouth advertising. However, such an approach will be possible only if this microwave has such properties as reliability, user-friendliness, multi-functionality, and excellent design.

No matter the quality of your products and services, no matter how much you spend on advertising, and no matter how much you post to social media, your business isn’t likely to get very far if it doesn’t have a brand to set itself apart. Your brand packages up your company name, logo, offerings, and content into an experience for your audience and customers.

Sure, increased exposure doesn’t necessarily equate to increased brand awareness. For some simpler yet effective ways of building brand awareness, you may want to:

1. Create a custom hashtag for Instagram.

2. Participate in or sponsor local events.

3. Post regularly to social media using your brand voice.

2. Sales Promotion

A company that intends to introduce a new product into the market must know exactly what qualities customers are looking for; for instance, multi-functionality, reliability, and safety.

The microwave oven can be required by a great variety of customers. At this point, we may argue that the hypothetical target audience will share such characteristics as the willingness to manage their time better. These people are very much reluctant to spend minutes on such activities as cooking.

Microwaves heat and thaw foods faster than other methods. Breakfast, lunch, and dinner are all covered. Microwave-safe food containers let you place everything from soups to popcorn inside and get a snack in only a few minutes. And there are plenty of recipes available to help you prepare fantastic meals in a fraction of the time you’d otherwise spend fussing over a stove. So we can emphasize the advantage targeting at the customers with those demands.

Besides, in order to acquire the maximum market share and number of customers we've planned to indulge in rigorous advertising through the following means-

Free Coupons- with every purchase of a microwave we're providing our customers with free coupons for online shopping sites.

Price-Off deal-special discounts would be provided to the 1st 200 consumers of our product ranging from 30%-50% discounts.

Demonstrations- Free CD would be provided which each product, demonstrating the full operating instructions for the product, by an expert.

Lucky Draw- a lucky draw contest would also be organized in each city, and 2 customers from a city where the contest is being organized would receive a free medium-sized microwave.

3. Improve your customer service

When your business focuses on customer service as part of its marketing strategy, it positively affects your bottom line, reducing business costs and increasing profits. Salesforce reports that 89% of customers say a good customer service experience makes them more likely to make another purchase.

companies can do some simple things to improve their customer service efforts:

△ Be reliable, accommodating, and respectful, and show genuine interest when conversing with customers.

△ Follow through with what you say you’ll do – with employees and customers.

△ Listen to what your customers say about you online, and respond to praise and complaints using the right tone.

Even though microwave ovens have been a standard appliance in many home kitchens for nearly 50 years, there are many potential markets to exploit. New entrants still have opportunities to acquire large market share and number of customers as long as the right marketing strategy is adopted.

It is a good idea to be a distributor rather than manufacture a refrigerator yourself. By doing so, you will take fewer risks and the overall profits would be higher.  If you’re eager to gain a deeper understanding of the industry, we invite you to reach out to us through our convenient one-line chatting system or by filling out a simple form. By doing so, you can effortlessly request the necessary file that contains a wealth of industry information. We understand that knowledge is power, and we are committed to equipping you with the insights you need to navigate and excel in the electric appliance industry.