Business growth doesn’t happen by hiring a bunch of consultants and spending lots of time creating reports and presentations.
Profitable sales happen when you implement different marketing strategies, work with alliances and develop great products by understanding your customer’s needs. With this in mind, what steps can you take to grow your business?
– Understand your customer motivations.
We will help you find the underlying triggers that cause your customers to buy your product and then can make your brand more meaningful. With this important information, we will help you develop a product portfolio that is relevant and messages more persuasive.
– Redefine your product portfolio.
One of the easiest things to do is to create a single product based on a customer request and then try to sell it to our full customer base. But does it make financial sense to invest in a single product because you got one customer request? Will this new product will help to accelerate growth for your business?
If you did some background research and found a strong market segement that would respond favourable to your new product, then kudos on the job. However, most companies I know don’t bother to assess the sale potential and determine where to invest in their next product development.
– Address the 4 Ps, Price, Product, Price and Promotion.
Start by identifying key barriers for each of your four Ps—product, price, place, and promotion. This will help you understand if you must address a product issue, like Blackberry which needed to get into the app market and lost its market share quickly.
Look to The Marketing Boutique to help you prioritize and develop your road-map by understanding customer needs. This will help you define in clear terms how to drive growth and improve the bottom line as well as show the critical barriers to achieving your growth.