A successful business requires being on a strong marketing foundation
Many new marketers are attracted not only by the flashy ads but also you should consider the following marketing fund strategies.
The price principle refers to how much your clients will pay for the product or service you offer.
You should evaluate it basing your calculations on maximizing the profits. As for price drops, demand tends to rise and profit per unit decreases.
Products and services must be priced accordingly to keep your business alive. It must incorporate your real costs, marketing factors, perceived value and customer’s alternatives. When deciding the pricing of your products, ensure you understand the direct costs of your product and that of the marketplace.
Customer Relationship and Satisfaction
After identifying your customers and understanding your marketing foundation, check your competition.
Ensure you develop strategies that build customer loyalty by understanding their buying behaviors. The other point is consistently delivering on your clients’ requirement.
Strategies in several areas will build strong customer relationship that leads to satisfaction and
loyalty. Ensure you maintain good customer contact, timely handling of customer complaints and customer follow up
to learn their level of satisfaction.
The products you engage yourself in can be tangible or intangible service. Your choice of product
should be evaluated based on whether it satisfies the needs of the customers.
The product should meet a perceived need and offer the features and accessories that the consumer group demands and within their terms.
When creating your product, consider features such as the product name, packaging, usage and
warranty terms. Again, customers are the same everywhere, ensure you find the best way to promote your business.
Clients and Marketing Knowledge
These refer to your understanding of the needs of your customers and the ability to solve their
problems at the market place. You should target specific consumers, learn everything possible about the group and eventually measure their satisfaction.
Do not tap into your market place accidentally and do not proactively involve those selling similar
products. Instead, divide your customers into groups to avoid losing track of your clients. Do not let competition separate you with your potential customers.
Also, consider your distribution channels such as where you will sell the product and how it goes
to the market. Consumers do not purchase products that do not reach them, so distribution channels matter a lot in your marketing foundation.