Running and managing a business is a lot of work. While this is undoubtedly not a surprise to you, it may be comforting to know that the struggle to grow a customer base, focus on high-quality products and services, and manage the operations is something all business owners face. However, there are some strategies to make some of these factors a little less stressful. Three aspects of effective marketing are about evaluating your products, customer service, and pricing. If any of these factors are out of sync with your competitors or the market in general, you might notice a decrease in potential customers and buyers. This in turn results in less growth and ultimately affects the future of your business. Let’s take a look at each of these three factors.
Product
In today’s Internet era, it’s difficult to launch a product or service that looks too much like something else. Your “product” consists of anything that you offer in exchange for a designated price. This can include either physical products or a specific service. Whatever product you sell, you want to have some kind of differentiating factor from potential competitors, especially if it’s a physical item. By clearly defining and describing what you offer that sets you apart from others helps you zero in on your ideal customer. For best results, show how and why your product is so effective on your website and other avenues like social media. A great way to demonstrate the value of your product or service is by highlighting current customer testimonials.
Service
Despite the overwhelming success of companies like Amazon, as a small business, you can excel in an area that they don’t: customer service. If you have noticed a pattern of dwindling customers, it’s time to reevaluate your service strategy. Do you have enough front-line staff to greet and welcome customers if you own a physical location? Is there a way you can incorporate an easier way for people to schedule or manage appointments on your website? How can you improve the morale of customer-facing employees? All of these questions are a good place to start when thinking of how to improve the service model in your business.
Price
Pricing your product or service fairly is vitally important. If your product is overpriced, many potential customers will be turned off before they even try it out. On the other hand, don’t sell yourself short either. You know that your product or service is valuable; otherwise, you wouldn’t have a business! Do your research and be honest about how your products and service reputation stacks up against your competitors. From there, you can determine whether your pricing model is contributing to a decrease in revenue. There is a balance and figuring out the perfect “sweet spot” can take time and some trial and error.
Have some concerns about your product, service strategy, or pricing? Want some help in navigating how to maximize your revenue and reputation? Our team is ready and able to help tell your brand’s unique story in several ways to attract your target audience, reputation, and increase sales and revenue. Email hello@roseandgold.com to get started.
