- Focus on the Target Market segments
- Build a strong brand name
- Analyze the competitors
- Offer discounts
- Provide excellent customer service
- Follow a digital marketing strategy
- Extend the Product line and the product mix
- Enhance sales team skills
- Build a strong distribution channel
- Enter into a new market
- Change the brand name
- Introduce innovative products
- Convenient purchase method
- Give something at a free
1. Focus on the Target Market segments
Customers have different attitudes, behaviors, and lifestyles. Therefore, you can combine different groups of customers into a segment based on the demographics (age, gender),psychographic and geographic factors.
When you focus on your specific market segments, it is easy to understand the market demand of that specific segment and you can appeal
to the customer’s needs very promisingly and the Successful rate will becomes very high.
Moreover, advertising costs for launching marketing campaigns for the entire market will be very high. But if you focus on a specific market segment you can launch a marketing campaign at a very lower cost.
2. Build a strong brand name
If you can build a strong brand name with which can create loyalty and trustworthiness .Further, having a reputed brand name will help to influence the customers with better credibility, trust, and reputation of the company’s product. Consequently, customers are more willing to buy your products at higher prices for the value you perceived.
3. Analyze the competitors
If your study your competitors you can understand the competitor’s pricing and marketing strategies, cost structures, and unique features which they possess. Further, it will help you to identify the strength and weaknesses of your product that need to be improved to compete with your rivals. Furthermore, it will enhance the quality of the products, and you can position your products in the target market in a profitable manner to boost your sales.
4. Offer Discounts
You may have problems with your product pricing strategies. Some products are more price-sensitive and customers will make purchasing decisions based on solely the price of the product rather than the quality. Therefore, If you reduce your price, market demand will increase and thus sales volume may increase.
5. Provide excellent customer service
Customer is the key to the success of any business organization. Happy customers will buy many products from you. If you provide excellent customer service and they will come again to buy the company’s product several times during their lifetime.
On the other hand, if they are unsatisfied they will shift to your competitors which will badly impact your reputation and ultimately impact sales revenue. As such, you have to be very careful with the customer’s related services.
6. Follow a digital marketing strategy
Customers need to be aware of your products. However, digital marketing is a very useful
strategy in the modern environment in comparison to traditional marketing methods.
You can use digital marketing tools such as Social Engine Optimization, Search engine
marketing, social media marketing, email marketing, and Content marketing to create
new business leads.
Moreover, You don’t need to invest a lot of money to highly cost marketing campaigns and
You can view the information related to the target audience which will enable you to
increase sales through future marketing activities.
Not only that but also, you have wider access to customers all over the world in comparison
to the traditional marketing system and the target audience can comment, post, and text
about your posts.
7. Extend the Product line and the product mix
In the current competitive business environment, you cannot succeed solely based on a single
product item. You can increase sales with a mix of different product features to increase the
profitability of the company.
EX: if you have a very good reputation in the current market you can introduce brand new
products with different features, to an existing market under the same brand name.
8. Enhance Sales team skills
You need to have an excellent sales team to boost your company’s sales income. If the existing
staff is not competent with the required skills. Then, you have to hire the right people with the
right qualities and attitudes to get work plan workouts.
If you can introduce a sales-based remuneration scheme for the staff who are involved in the
sales & the marketing activities of the company. Then, they will work hard to increase the sales
of the company to achieve their remuneration targets.
9. Build a strong distribution channel
You need an efficient distribution channel to reach the final products to the end customers. A
distribution channel is a network that can connect the manufacturer and the customers through
wholesalers, distributors, and retailers.
10. Enter into a New Market
If your existing products are not performing well in the current market you can enter a new
market with a new brand name.
11. Change the brand name
If your brand name is not well recognized by the current market you can launch your new
products under a new brand name.
12. Introduce innovative products
You can research the unsatisfied customers’ needs very carefully and you can produce
innovative products to satisfy their requirements.
13. Convenient purchase method
Customers are more willing to have a convenient method to make their purchases. They will
not make their purchasing decision if the process is not convenient for them.
14. Give something at a free
If you can offer even a smaller thing for free with your core products the chances of your
core products converting into sales transactions are very high.
