Marketing is one of the most important aspects for the success of a business. So that makes it even more important in a recession where many flourished and renowned businesses are struggling to survive. What thoughts should be given before you market your product?
You should consider your target consumers first .What can you do to make them think your product is different from the rest.
Today consumers are not ready to experiment with new products or services, so your product should show the reliability or how it relates to the consumer. You have to know what is in need and what the consumers are in look out for. It should not be complicated. The consumers’ expectations however don’t change regardless of the market condition. Quality added with reasonable cost and fast delivery of product or service are of course still the primary concerns for the consumers but just assuring that doesn’t make your consumer attracted to the product . The consumer needs should not be lost in the search of unique ideas.
Today people are putting off on purchases. They are seeking ways to cut down on expenses. So your target should be in showing how your product or service can save your target consumer money. It should show durability .Assess your product and improvise it to the needs and expectations of your consumers. And stress the value of your product in the market.
Businesses should focus on consumer’s investors and distributors. Instead of cutting back on advertising, invest on influencing the interest of the three. Investors and distributors have to be assured their money and the value of your product. Lay off can show that your business is running out and that creates adverse effects and ideas about your product. You are sending a negative vibe about your business.
Make the most out of the latest technologies you have at hand. You can reach out to a massive crowd through these technologies. Remember we live in a spending economy. When you retract you are contributing to the downturn. It’s not the time to be skeptical.
Well said! There are great opportunities out there for businesses with a positive attitude. It’s the right time to explore new possibilities. You don’t have to go on a spending rampage; you should use your money wisely and effectively. The point is not to be skeptical and be willing to be experimental.
It is more the mindset of the consumers that one needs to play with , make them feel good about doing something or spending in times of hardship and “recession” .. one has to actually help them overcome the fear that has been instilled into them with all the talk of there being a slowdown . make them realize that there light at the end of this tunnel .. this i think is the crux of how this has to be handled .
I couldn’t agree more. You brought up a good point, Rajat. The fear in customer minds has been making the situation worse. Especially in the US, I’d say, because it’s a spending economy. Every TV channel you turn on and every article you read tells you not to spend your money and save it for later. They advise you not to eat outside and cut down on spending. How do you think the businesses would survive in such an environment? How would the economy revive when the businesses are failing?
Hi! I like your srticle and I would like very much to read some more information on this issue. Will you post some more?