So you have decided to take the leap and set up your business and good for you! It is quite liberating to be your own leader, as well as an entrepreneur especially in this highly competitive world of ours. You also have a product that is spectacular, and you are convinced yours is by far the best… yet when the numbers come in, they are less than stellar. While this is anyway a common thing with startups, there is also a major mistake people make when it comes to getting their product across to the masses; inadequate marketing. And by this, it does not mean simply not using enough channels, it means using every medium possible yet not using them effectively.
This goes without saying, but people do forget the basics of running a business; which is to cater to your audience. At the end of the day, they are the ones who hold potential revenue and profits and if you do not reach out to them to your fullest potential, you are missing out on a great portion which will inevitably go to your competitors. Employ market research to find out what your audience is like and then compare it with your product so you can tailor it to them more specifically.
THE RIGHT TEAM
By now it is established that a successful business is the combined efforts of everyone involved, and this includes the marketing and sales team in particular. By hiring people who know what they are doing you not only save up on costs, but you will also be able to put your heads together and come up with strategies and campaigns that will not only promote your product but also stick with people as a memorable promotion. This has happened in the past which have put some products on the map to this day. So invest your time and energy in the right people.
SET PRICES CAREFULLY
This is quite a sensitive area both for the business and the customer. You must take into account your competition, industry levels as well as current economic conditions. If your product is particularly high-end then, of course, you can target it at them and set a high price range to convey its elite nature. You have to understand yourself what it is you want to convey with your pricing; what you set will determine how successful your business can be.
RESPOND TO CUSTOMERS
We live in a world where customers can either make or break a business in the blink of an eye thanks to digital marketing channels such as social media. With access to companies anytime, anywhere, they can say anything they want to, and sometimes these have been downright damaging. Regardless, ensure you reply promptly. Ignoring a customer is one of the worst things you can do, so respond in a manner that does not anger the customer anymore. Try to resolve the issue internally where possible.