Marketing strategy: How do you sell your products??
In this era, marketing strategy is very important for branding any company & its products. Every company has its own marketing strategist, so they rely on that for the highest possible outcome. Companies look for the best possible way to promote their products & interact with customers. The study says over 67% of companies' success depends on their marketing strategy. The reason is that a straightforward, well-defined marketing strategy provides more sales and provides the best possible way to reach customers & fully fulfill their demands.
Suppose two companies have the same products & they want to expand their business. Most of the companies don't follow the DKRWOD method, which defines companies' vision & success. That's why many companies fail to perform & get vanished from the market very fast. You all might be thinking about what DKRWOD is; let's get on to that first,
D- define your customers briefly
K- know your products according to its customers demand
W- research your competitor's
W- write down your unique selling proposition.
O- outline your marketing resource.
D- define your marketing strategy
So, these things should be done in a proper way to gain the best outcome for any company/organization. It's hard to start a business, but it's much more difficult to maintain it. I am not an expert, but this is all my thoughts.
Assume two hawkers are selling the same products, for example, a pair of a toothbrush. They both have their own strategy of selling the products. The production cost of the pair of toothbrushes is the same.
Hawker-1 was very optimistic; when he started selling the product(pair of toothbrushes), he was totally trying to show the customers that these brushes are very cheap. He was asking the customers that they all should buy the product. Some people bought the price, but most customers don't pay attention to what the Hawkers were saying or offering.
Hawker-2 is very clever & knows how to attract customers. The first thing he did grab the audience's attention through his intellectual speech, then he started giving the advantage & reasons to buy the products. Basically, he used some medical terms to explain what is good or bad and what doctors suggest to his patients to buy expensive brushes and buy the brushes, which includes some features that define good brushes. He didn't ask his customers to buy the product; rather, customers began to ask for the product. And guess what he sold those brushes at a higher price from the hawker-1.
This is all about the marketing strategy, how you promote, train your sellers, analyze the competitor's everything that counts for running any successful business. I am not a professional marketing expert; all these things are described here from my personal perspective.
Thanks for reading and getting here, see you in the next post. You can give me feedback by commenting below. Your feedback will be an inspiration for me.
