We go into business to purposely earn profits and make the business grow and prosper. To achieve these, we must keep our customers in the center of our attention. To keep a business prospering, a basic principle that we must keep in mind is to level with our customers.
We must be passionate about serving our customers by letting them know what they can expect from our product, and how it will serve their needs. We must allow them to explore the capabilities of the product and be very honest about what the product can do or deliver. We must make sure that we provide them information about our product by comparing it with others. We must present a complete and honest picture vis-à-vis other existing products in the market. This way, customers will have a better basis in making a decision on whether to buy the product or not. When we promote our product and it delivers in accordance with our claim, we gain the trust of our customers.
We build our customer base with this confidence. A good product usually speaks for itself, and quality has a price. It is because of this reason that customers are willing to pay more for quality products or the branded ones, for these have been known and tested for quality.
If our product falls short of customers' expectation, we will have difficulty in selling it even at a lower price. This is especially true if our competitor has a better product. Customers will compare these products feature by feature. One major mistake that a businessperson can make is to expect customers to adjust to the limitations of the product. Remember, we are in the business of providing the needs of customers. We are in the business of filling in that need.
We must adjust to customer requirements and to what they are looking for on a certain product. If we disregard this, customers will look elsewhere. Whenever we launch a new product, the initial order is not the best judge of how strong the product will do in the market. Initially, demand for the product may be strong mostly because of the curiosity factor and people's inclination to try new products. Repeat orders are better basis of customers' acceptance of the product.
A lackluster start does not necessarily mean that the product is not good. It may require a bit of adjustment in terms of price, product awareness, market reach, delivery process, etc. It may also require a better marketing strategy and advertising boost. Do not throw in the towel yet. We should give our product more time to prove its worth especially when we strongly believe that what we are offering is a good one.
No advertising budget? A number of entrepreneurs face this dilemma. While we may have a very strong product, one that serves a critical and universal need of target customers, we may lack the resources to inform our customers of the existence of the product. We can tap one of the effective marketing techniques, called word of mouth advertising. Word of mouth is one of the best ways to advertise a product. Satisfied customers become the medium of advertisement. Happy customers will keep on talking about our product and this can improve sales steadily.
In the same manner, bad news about inferior products travels fast. Customers will always remember a bad product and will keep on talking about it. We should also brush up on our listening skills. We should welcome suggestions coming from people who have tried our product. Although suggestions usually sound critical, it is meant to present a better perspective and open the manufacturer's perception of the product's performance in the market. It is up to us to objectively evaluate which criticisms are constructive, and which are just plain nuisance.
Offering money back guarantees show our level of confidence on the product's quality. If we truly believe in our product, we will not hesitate in offering a money back guarantee. Hesitant customers may be swayed to buy if offered a guarantee. They will be willing to try a new product given the assurance that they can return the product and get a refund, if not satisfied.
This kind of guarantee does not always work in favor of the businessperson. Some customers abuse it. However, the strategy may carry a high percentage of better returns than unpleasant outcomes.
Looking at the bright side, it will be a good idea to have service units for trial purposes to minimize unnecessary losses. Don't forget the freebies! They invite sales. Freebies should complement and never compete with the main product. Offer related freebies to enhance it further. Keep this in mind: when we fill a need of a large segment of the market, offer quality product, and sell it at a reasonable price. We have a very good chance of making our product saleable to our target market!.
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