Are your sales sluggish? Do you rarely get any feedback on any new products you’ve posted on your site? Maybe it’s time to assess your business. Here are four key points to help you identify which areas of your business you need to work on.
If very few people know your product, you need to boost your promotions and publicity. Depending on the scope of your target market, use either traditional or non-traditional forms of media in promoting your product. Those with small businesses can do this through online media, giving out flyers or posting stickers.
If customers are having difficulty finding your product, you need to enhance your distribution system. Bottom line is, you have to make it easier for the consumers to buy your product.
If people know your product and can easily avail it in stores, but they have not tried it, it’s oftentimes due to a lack of compelling price.
If the market knows your product, you have an effective distribution system, consumers have tried your product, but they are not doing a repeat purchase, this is usually associated with a need to upgrade your product.
It is important to identify which of the four areas you need concentrate on so you can come up with a corresponding solution.
Before investing in marketing, it is wise to decide first which aspect(s) of your business you need to focus on. Simply put, invest where you are weak—if it is awareness, invest in promotions, if it is availability, improve your distribution, if it is trial, do sampling, if it is repeat purchase, enhance your product.
You engage in various strategies to boost your sales (e.g. social networking, email campaigns, flyering, public events). How do you know if your marketing strategies actually work? The best way to do this is to come up with promo codes (if your product is sold online) or coupons (if sold in stores). That way, you’ll know how many items each customer is getting.
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