Starting a business is one thing but keeping it afloat is another task? So, you need a strong market and sales strategy to keep your business alive.
Marketing plays a bigger role in making sure that your business succeeds as it looks at issues of quality, customer value, perception, satisfaction and product or service development.
So, let’s examine the core aspects of marketing you need to follow to ensure that your business thrives.
A product is a service or a good your business provides to the market. It is what you are selling to the market. When developing your product, ensure that you understand the needs of the market you are supplying your good or service to. Look at quality, design, packaging, the customer perception and satisfaction.
How much you sell your product matters a lot. Whether you go for a higher or lower price, what you need to consider is how the market feels towards your price in relation to your product. Look at your price in relation to available prices and ask yourself why customers have to pay that price. For example, if you trade in bottled water, you may realise that customers are more interested in the quality than the price. Hence, it is worth improving the quality while also increasing the price.
This simply means your location and that of your distributors vis-à-vis your customers. It also concerns your distribution, closeness to amenities such as energy, raw materials that you need and most importantly your market. For example, it would not be a good idea to locate your shop that deals in expensive and high quality garments in a city suburb.
Promotion may involve the ways you communicate your product to your customers. How you make your product known will impact much on your product or service. You have to have means of how you let your customers know and get used to your product. Probably look at advertising, direct marketing, carrying out promotions, etc. This would bring your product closer to them.
With all these, you expect to increase your sales that are needed to have an impact on your returns. Don’t forget that all these should clearly be indicated in your business plan to ensure that it is in line with your other business strategies to make your business grow.