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Market Scanning
The foremost and crucial step when marketing is to scan your environment and discover loopholes or opportunities that can be commercialize and exploited. In this way, you will understand competitors and customers. It ultimately develops sensitivity of the business in the direction of market and other external forces.
Product Development
When producing or developing the product, you should have a clear focus about who your customers are and what they are expecting from your brand. This gives an advantage and helps shape the item or product in order to suit potential consumers. Wants and needs of customers are the two very crucial areas of the business. Your item or product must constantly get updated or modified based on these changing forces.
Packaging
The outer packaging of the products plays two vital roles – first it facilitates the protection and use of a product, secondly the product looks attractive and holds the brand name and this acts as an important role of a silent promoter. So, choosing the right kind of packing and label material can have a straight and direct impact on the success of the item or product.
Pricing Without Considering Cost
Instead of setting the value or price based on only profit and cost margin, it’s sometimes beneficial for you to overstate or understate price.
For example: A car like the Audi A5 might not cost as much to make as its price. But in a way to position it to the rich segment and upper middle class, the price has to be set much higher. Otherwise, it will not be deemed as a luxury product. Hence, the cost should also be set based on the targeted segment.
Promotion Medium
Now, choosing your promotion medium is again based on your targeted customers. Just for example: internet may not be the best medium for the promotion of a low priced product as internet access or penetration in developing and rural areas is less. In the same way, it cannot be used for concentrated market. For example, let say you have customers only from a certain locality, then in this situation the internet is a wrong platform to promote your item or product.
Concentrating Efforts
You should concentrate more on increasing the number of customers rather than on increasing sales. A wide range of customer base develops longevity and higher value for the brand. The improvement and increase in sales is an automatic result of the high and increased number of customers.
Ensure Customer Satisfaction
One very ignored, but most important tip is to make sure that your trusted customers are satisfied with what they receive. To understand this, it’s very important to have two way communication i.e. feedback. This will develop a positive brand image and loyalty of the customer.
So, if you want to start any business or website, make sure that you have the right online presence which is the key to be successful.