There are 2 reasons why products or services don’t sell. The first being that businesses have the wrong product and the second is that they have a good product but it is badly marketed.
For the purpose of this blog I am going to refer to services as product as just products. They are distinctly different but they both require similar marketing strategies
The fundamental aim of business is to make money adding value and solving problems. Many would be businesses neglect this when choosing what to sell. They haven’t identified their ideal customer their product falls between two markets leaving them without sales.
If your problem is marketing you will need to look at one of the three selling propositions to identify your ideal customer. These are Quality, Reliability and price. If you want your ideal customer to be wealthy with lots of disposable income then you need to go for quality. Make what you do as good as possible and do not compromise on price. Think of the worlds top cars. They are very expensive but they have years of orders on their books.
The second customer is the one that wants convenience They will forgo quality providing you are reliable in the selling process. This appeals to our lazy nature. We are too busy to work hard to purchase a product so the vendor who can provide the product with the least fuss will win the business. These products have good after sales services.
Finally there is factor of price. These customers are bargain hunters constantly ,trying to pay less for everything, They often but not always have less money than the other groups. Sometimes their money is tied up in expensive items like mortgages of school fees. Any disposable income has to be stretched so they will fall for discounts, bargains, two for one etc.
When looking at your business which of these four items should you change. Change your product, improve quality, improve reliability, or slash price. Note only change one at a time and see how it improves your business. Test the new factor before you change anything else.
The difference between success and failure is often tiny, so slight adjustments will make all the difference.