Competition Strategy – Dealing with the Competition
Consumer and business markets have distinct characteristics by which they function. Earlier, importance was given mainly in understanding customer and their business. But in this age of technology and globalization companies cannot afford to ignore competition. Many companies are lowering their cost by outsourcing production to Asian countries. Companies must keep an eye on strategies […]
SWOT Analysis of Nike
Strengths The biggest strength of Nike is that it is an extremely competitive organization with its approach of “Just Do It” slogan for its brand epitomizing its attitude towards business. The company was founded on the principle that it would make shoes for anyone who could walk or run and this has been the guiding […]
Corporate Governance – Definition, Scope and Benefits
What is Corporate Governance? Corporate Governance refers to the way a corporation is governed. It is the technique by which companies are directed and managed. It means carrying the business as per the stakeholders’ desires. It is actually conducted by the board of Directors and the concerned committees for the company’s stakeholder’s benefit. It is […]
What is Brand Personality ?
Brand personality is the way a brand speaks and behaves. It means assigning human personality traits/characteristics to a brand so as to achieve differentiation. These characteristics signify brand behaviour through both individuals representing the brand (i.e. it’s employees) as well as through advertising, packaging, etc. When brand image or brand identity is expressed in terms […]
How to Maintain Competitive Edge in Service Industry
In the present times, doing business has become an extremely competitive game. This is true not only for the product industry but to the service industries as well. In case of service industry, the competition to be at the top and be the market leader is tougher simply because of the fact that service is […]
Successful product launch does not end with merely introducing the new product in the market and then forgetting about it. Some organizations tend to adopt a casual attitude once their product is in the market and trust me; this is one of the biggest blunders to commit. Post product launch is often the most underestimated phase in new product development. Post product launch is just not celebrating your achievement but also understanding how well your product is accepted by end-users and your esteemed clients.
As an organization, you need to interact more with target audience after the product launch to ensure they are not only satisfied with your new product or service but also getting the features and benefits as promised by your marketing professionals during promotions and campaigns. Speak to customers over the phone, write them an email asking their feedback or ask your marketing team to visit them to find out as to what they think about the new product and the services rendered to them.
Design a page in your website where customers can post their comments and views so that you, as a responsible employee of your organization know where you have succeeded and in which all areas, still there is a scope of improvement.
Customer feedbacks are extremely crucial after product launch and need to be monitored carefully. Assign an individual who dedicatedly addresses customer queries and helps them whenever there is a problem.
Remember, a new product in the market definitely raises customer expectations and it is essential for an organization to touch base with their clients on a regular basis to find out whether the new product has made them happy, fulfilled their needs and has been an effective replacement of what they have been using till now. Customers are undoubtedly the “Kings” of every business. Do not ignore them just because you have sold the product. Trust me, if you do so, you will soon be out of the game.
We call press conferences; throw launch parties when a new product has to be introduced in the market but what about a post launch party? Organize a post launch success bash and invite your regular clients and also ask them to bring their friends, relatives so that the popularity of not only your product but organization increases manifold.
Ask happy customers to write testimonials or make an interesting video where they share their success stories which can be further used for marketing purposes. Believe me, relationship with customers does not end with the mere selling of the product but continues so that you create clients for life.
Keep in touch with all your dealers, outlets, stores and keep a track of sales. Monitor sales reports closely. If there is a dip in sales; it is an alert signal for the organization to quickly analyze the reasons behind the same. Find out whether the product needs a price restructuring or should be marketed more aggressively.
Remember, your clients are your biggest critics. Never ignore their suggestions or complaints. Once new products hit the shelves, visit the store frequently to not only interact with walk-ins but also understand as to why the customers are still not ready to invest in your organization’s offerings. In such a case, get in touch with your advertising agency and ask them to design another exciting advertisement with some additional features and benefits as mutually agreed by the product team to catch customer’s attention.
Tie up with external auditors who carry audit of the products to ensure everything is as per prescribed parameters and guidelines. In case of problems or manufacturing defects, organization needs to take action immediately. Any customer complaining of a product defect needs to be provided a replacement or adequate compensation.
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