Do You Have A Market To Sell?
It is a known fact that recession has hit global economy and it may take some time before the economy regains its missing verve. The situation warrants a major change in the mindset of the entrepreneurs. Entrepreneurs should now find out what the customers want and should stop focusing on what they have to offer to the customers. As an entrepreneur, you may have been doing business for decades, but the present marketing trend is purely customer-centric.
Hence you should find out if your products or services have that element which meets the requirements of the customers. If the requirements of the customers are not met, you must modify the products accordingly. This amounts to say that you should have a market to buy the products you offer for which you produce or procure the products. In other words, finding out the market comes first before having a product and searching for the market to sell.
To quote an example, I was selling apartments built by a leading construction company. They were into building high-end apartments to cater to the rich and affluent. When the economic crisis and recession hit from the blue, realty sector also got hit badly. There was no demand for this type of high-end apartments. After studying the trend, I suggested to the management of the company to change tack and start focusing on low-cost apartments for which demand and market were there. The suggestion was taken in the right spirit and the shift in their stance did wonders for the company. Hence entrepreneurs must be willing to give the products required by the customers.
Then comes pricing aspect in marketing. You may be producing a high-class item that can satisfy the customers' needs completely. But the advertisement cost, production cost, your profit margin, etc. may add up to a price which may be three times more than the ordinarily-manufactured item. The strategy advised is you should sell the high-class item at the same price as that of the ordinary item but once customers become aware of the quality, you should increase the price gradually.
The bottom-line is, when there are hard times like the present situation, customers not only look for quality but they are price-conscious also. Therefore you should increase your credibility factor by offering products fulfilling the requirements of the customers at an affordable and prevailing market cost. Once the customers are satisfied with the quality and the pricing aspect, you can gradually build your business on the strong foundation of customer loyalty. Hence your marketing is fundamentally based on an available market with a clear need on which you can use all your aggressive techniques to sell your product.