Companies protract because of their strength in product value with strong networking complimenting its sustainability. And most startups have come up with new ideas, successfully carving their way into the market, breaking all traditional rules. An entrepreneur need not fear if the project is new to society. But market research and getting background information on the project is a must. It allows entrepreneurs to know what steps they need to be take and where to start.
Before bringing out a product in the market, though, identification of the right customer is the first thing a company should work in. However, the task does not end there. Company needs to equip itself to determine the right value of the services they to offer to the customer. So, making a marketing strategy that best fits the demand saves the face of the product value.
As a company, the operator needs to sharpen his/her attention and the company strategy needs to be communicated through appropriate channels. The major strategy is to find prospective clients wherever their presence is, rather than making them find the products or services. The adoption of the value proposition rescues a company from going bankrupt.
Working on product value proposition
While coming up with a value proposition an entrepreneur needs to be a king/queen of his/her goals. They need to consider that the product value should cover production costs while including the market price.
There are two types of investments to consider while determining a product value— raw materials and production cost (including wages). These basic investments a company makes play a key role to determine the product value. After knowing all the expenses to run the company or business, an appropriate margin is set. And the price should be determined and brought down to a single product.
We have a stereotype that if the product is expensive in the market, it automatically assures the quality of the product. But brands don’t guarantee product quality in fact, the product value determines how good the brand is. However, only the value and quality will not sustain the business. It will also depends on how the product is positioned. So, selecting a proper, powerful word to describe the product and the company works wonder.
It is also important to find out prospective customers. Some customers go for quality, some seek value for money and some only seek the product. When an entrepreneur identifies the type of customers they want to serve, they can set the appropriate product value. This will determine how long a company will go to.
Take example of The Factory Team, a leather goods producing company produces premium shoes, and Goldstar, a shoe manufacturer produces budget shoes. Both brands have their own niche buyers. The two companies have different products, values, and visions. Observing the brands, we get an overview of how right values and knowing the target customers helps the business.
Marketing to extend the network
Once you set the product value, the next step is marketing and networking of product. The advancement of technology has made marketing accessible to all including companies and audiences. Marketing is the key to a company’s success as it introduces the brand to people. Marketing is all about promoting the product’s quality and shows how reasonable a product is in relation to the quality given.
It is a way to connect with like-minded businesses, individuals and eventually helps a company to be strong in the market. Digital marketing through social media platforms caters to a wider audience, wider platform. You can put together attractive, creative presentation using easily accessible information and guides, through portable devices and various platforms; this is the new face of marketing in the 21st century.
Entrepreneurs ought to think outside the box. That is what they are expected to do, and are known for doing, in the past. Entrepreneurs step forward to make things happen when it seems impossibly difficult for anything to happen. But they can also excel by using common means in a common way.
Khukuri House Handicraft Industry (KHHI), a knife manufacturer claims it is using digital media to the fullest. “Basically we have foreign customers,” says Gopal Subba, manager at the KHHI. “But we never forget our local customers, they drive our products and our products’ value.” The company also has an online chatting system on the website and the marketing materials are informative. “We use almost all social media apps for communication because we have international customers and also because customers’ demands decide which app or medium to use. And the use of such networking mediums have really boosted our sales,” he further added.
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