As consumers becoming product savvy; you as a manufacturer or promoter of a product, need to work an extra mile to ensure that the product comes in its best form. With internet marketing attaining a new high, certain mistakes need to be avoided, in order to gain a viable share of the market.
1. Not highlighting your USP (Unique selling point)
As multiple producers vie for the market share, not highlighting your unique selling point can prove to be disastrous. To stand distinct in the market and grab the ever increasing share, you need to work on your strong points.
Highlight the advantages of your product be it related to technology or management issues. Make sure that you add a distinct feature to the product, in order to make it stand out.
2. Not understanding the need of the customer
This is a vital mistake that needs to be avoided. Not understanding the need of your customers can lead to product failure, even before it gets established in the market. This happens due to poor understanding of market prospects.
Share your thoughts and visions with your management, before you think of launching a new product. Failure to do this can lead to disastrous consequences with imminent business losses.
3. Not communicating with your regular clients
Understand that the core of any successful business is a long list of satisfied clientele. Doing business without recognizing the worth of your customers will harm you in the long run. Prepare a list of clients who deal with you regularly and are satisfied with your products.
Promoting the new product through existing clients is a viable method of generating revenue. As satisfied clients go around promoting the product in their friend circle, you will be able to make your presence felt with the masses.
Not communicating with your satisfied customers on a regular basis is a serious sin, you must avoid.
4. Not doing effective marketing
Failure on your part to promote the product effectively can lead to a notion that the product is not customer friendly. Ensure that all the product details, technical specifications and customer reviews form a part of the marketing endeavor.
This applies to product marketing at multiple levels, be it visual or brochure based marketing. Not having a fixed budget for marketing endeavors is a mistake that needs to avoid. Failure on your part on having a fixed amount for marketing endeavors as brochure printing can lead to quality degradation that reflects badly on the potential customer.
Be clear with your vision and thoughts and have an effective marketing strategy in place.
5. Not being distinct from competitors
It is quite possible that the product you intend to promote is being simultaneously being manufactured by your competitor. Getting ahead of your competitor is the only method that can make you stand apart.
Be innovative and come out with a distinct solution that makes your product stand apart from everyone else in the market. Customer is knowledge savvy and will take your initiative will open hands, making you a winner in the category.
Take the above measures into consideration and ensure your distinct presence in the market.