Sometimes we can find ourselves struggling with our business to obtain good results or even to meet our goals. In this ever-changing economy, competitiveness is high and with today’s market circumstances it’s even harder. We have been experiencing the pain of having to share our customers, especially those companies who were more accustomed to conducting their transactions in a face-to-face scenario. This is why Twelve12 and our team at the leading marketing agency in Orange County want to share with you some pointers on how to increase the value of your product in slow-growth scenarios.
If this is your case, you need to pay close attention and adjust your strategies to increase the value of your offer. Whenever there’s a need for this, in this type of scenario, you choose one of three paths or a combination of them; however, I would say that I am a fan of focusing the efforts towards one goal at a time instead of trying to fix all the problems at once. This is not a must, and you should decide if your company is capable of doing so or if you have a marketing team that can make it happen.
The first path is to increase the use of your product. This may sound obvious, but there are different ways to achieve this and not just by reducing your prices. The main goal is not to sell more, but to develop your customers. You can do this by adding services or products, by stimulating the client’s fidelity through politics and other actions, and by increasing use by up-selling.
Another path is to attract new clients by increasing the market penetration and there are many ways to achieve this. For example, adding new versions of the products, adding enhancements or upgrades, and even developing interesting and new accessories that can only be used with your product and pose a high value to the market. I cannot tell you anything more specific in this area since it will depend on each particular case.
The other path is to increase the life cycle of the customer or reduce the abandonment of your brand or product; you can only achieve this if you truly understand your market and if you can place some predictive policies to avoid losing customers before your product starts to decline and regain strength by renewing your offer.
If you want to know more about how to deal with a slow economy and keep on growing even now, give us a call today, the marketing agency team at Twelve12 is waiting for you to decide and become a star.