Why do we need Marketing Strategies?
The simple answer is to increase your sales by making specific changes in your business which you might have overlooked when you were finding solutions to your problem. In this article, I have mentioned some simple strategies which will provide a better service to your customer. If you really implement it, it will definitely show results for your business.
1. Call for Essential and sell Non-Essential: A Marketing strategy which you might have seen in large scale supermarkets like Big Bazaar. This strategy is used generally in festival season, displaying higher discounts on all products but here is the trick. What customers will do that while purchasing the essential product he will see that there is a higher discount on non-essential as well. So, he will take more products from you. After receiving his invoice he will see that his monthly expenses have increased even though of having great sales on products because he has purchased more than he want.
2. Personal Branding: Making your own website to sell your products or services is much better than listing on Amazon or any other e-commerce store. Because it affects your profit and there are thousands of retailers which are listed on Amazon and Flipkart. So, competition is also high. If you want to target a specific region then your personal website is the best option in which you can deliver on the same day, requires less expenditure, and gives more return.
3. Pricing Strategy: Fixed the price of your products ending with nine. For example 299, 3999. It will have an impact on the customer because the price falls in another category.
4. Store Maintenance: Have a strong store visual, keep your store in a systematic way with updating signage like on the festival season decorate the store related to that festival. It gives a call to the customer to buy the product during the festival. Make a proper safety facility for the customer like giving a free mask and sanitization.
5. Instore Convenience: Provide Convenience to your customer make available the facilities like parking area, Kids play area, Charging station, free wifi, give rewards for every purchase. So, that he will be engaged in your store and he will come again. In India, people will always remember the free rewards and also they will recommend them to others.
6. Making a scarcity: If you make a scarcity of any product which the customer likes the most he will definitely buy it because he will have a feeling of losing something. This is often used by Snapdeal and Amazon to increase sales and it works well.
7. Analyze the data: After Analyzing the data you will come to know the customer’s behavior, what he like the most, and what he is expecting to be better. You can segregate in terms of age group, repeated customers, and their interests. Also, take a referral rate of your business helps in gaining more information about new customers.
8. Brand builds your Brand: Have a classic Brand, provide the best service to the customer. Be always loyal to your customer. Do upselling and cross-selling, which means selling a product related to the product that the customer had already purchased, and upselling means to encourage the customer to buy the best product instead of an average one. Service a particular aspect of your business in such a way that you should be the best among your competitors which makes an entry barrier to your competitors like providing the best service, quality goods, etc.
9.Experiential Marketing: Experiential Marketing includes loyalty marketing, conducting free events and contests to keep the customer engaged in your store. Remember, If you give a delightful experience to your customer he will definitely buy more from you.
10. Stock Management: Stock Management is another factor that decides the sales of your business. Have a Software technology to manage your stocks helps in rack management, it will also keep an eye on the expiry of the products, it will notify you if the expiry of the goods comes near. You can also have ‘Just in time stock control’ for which you can save warehousing and inventory cost.
11. Debt Business Analyze: Three things to be remembered. Note, what is the amount, number of days, and number of bills. If you miss to record any of these things the creditor will keep charging interest and you would not even know that because you don’t have a complete record. Also, make a backup of the whole data.
12. Expansion Strategy: You can expand your business in various ways like buying more shops, hire a team and train them or manufacture the goods and become a supplier.
13. Communication Strategy: Give flexible payment options to the customer. Facilities like UPI, Cards, and Digital Wallet should be made available.
Some bonus tips for you:
- Make your product in such a way that when you give a free trial to your customer an endowment effect should be created in the customer’s mind which means the customer takes ownership of the product. It is a sign of satisfaction.
- If you don’t have sufficient funds to make changes in your business then visit my fund’s article to get a clear idea.
- Seen everywhere in the eye of customers. When he has purchased any product related to your brand. He will first remember you because he has seen a lot of times your brand.
- If you are really passionate about your business and want to grow it extensively then you should definitely visit badabusiness.com for taking your business to the next level.
- Important! If you don’t want to do business for the long term just want to give it a try make an exit plan before you begin. It will cause less damage.