Right Marketing & Correct Positing of Products – Key to Great Business

When it comes to products or services, the first thing which drives the sales is marketing or the positioning of products and services. The only thing certain  about market is its uncertainty, the complex nature which consists of consumers at the bottom, influencers who play a role in influencing the buying decisions obviously. There is a great diversity in the variety of customers in any given market. To maximize the sales, the bottom line should be:

i) not to let the current customers go and

ii) convert the prospective customers.

It is important to concentrate the efforts centered on the most prospective targets that are likely to buy. Investing time on the ones who are unlikely to convert is only loss incurred.

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It is needless to say that not all products/services are meant for every individual. Thus to position the products, it is necessary for the businesses to identify the market segments with common characteristics. Post this, sales propositions need to be formulated which will help in tapping the opportunities in the said segment. The segments identified should be the center of focus and efforts made should always ensure efficiency of operation around these segments.

Trends in the Current Market

With the globalization making a rapid change in the market, it is undoubtedly true that the current market trends are continuously evolving. New segments are being identified with every passing day and thus it requires a proper market research before making an entry in the market.

When it comes to marketing, segmentation, sales proposition; even an apparently obvious situation can lead to damage and be expensive for the organization as it could conceal important information. An intelligent marketing is based on a simple yet golden rule which states:

“Customers do not buy products or services; they buy propositions”.

Well that’s true enough if we analyze it closely. The proposition put to the buyers not only include all sorts of information about products and its functioning but has many more as well. A successful proposition is one which is tailored according to the needs of the target market segment. 

Basics of Good Marketing

i) Segmentation ensures that the product is positioned properly to meet the needs of the specified group.

ii) Pricing the product involves taking into account the aspects of marketing mix and is finally arrived at by estimating the capacity of the market to bear.

iii) Target Audience – For a business to operate and generate revenue, it is important to make the product reach the audience. A business can operate directly by dealing with the customers or can also include a chain of distributors that ends with the consumer. Wide variety of distribution channel is available which suits the business knowing its specific end users. Businesses need to rely on distributors to find customers for them but again at the end where profit maximization is involved, proper decision making and efforts to attract the market is required.

iv) Customer satisfaction is one of the key areas to focus these days when it comes to service sector mainly. The need of the hour is to ensure the customers retain with the organization’s products and services for a long term. Proper channel for customer relations are set up and companies deal with the customer on an individual basis in certain cases. The businesses where establishing such individual contact is not possible, companies go for multi-level communications which help them fulfill their goal.

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