The companies are made up of four major functions, namely Finance, HR, Marketing and Operations. All of them are vital and complimentary. One of the major work which marketing department does for a company is to attract customers and sustain sustain the existing ones. So, one has to be serious in attracting new customers because today the customers are skeptical about anything new which is introduced in the market . This area is the one in which the companies trudge with a great deal of care. Some of the ways how companies do so are as follows.
10. Right Product at the right place:
This is the easiest way to attract customers because you are designing the product for such a market segment where the need for the same is extremely high. Many companies decide their target markets, but some of them choose the one with never ending demand for their product. Even they don’t need to establish agnation with their customers to a large degree. For Eg. – Cut-flower selling companies.
9. Right technique at the right place:
The companies who adopt the Market Penetration technique while entering into a new segment, they introduce their product at a low cost initially and slowly and steadily they start increasing their prices. Vice-versa to this technique is the Market Skimming Technique which requires Product Differentiation. Eg. – Ford Motors launched “Ikon” at a Rs. 9 lakh ex-showroom price at the beginning of the previous decade. But, by the end of the decade, it lowered the price of the same model because of the intense competition.
8. Assessing its Access:
Many companies are focused on bolstering their distribution networks nowadays. In a far-flung area, a company can influence people by manifesting the timely reach of their product and if in case, the competitors fail to do so, then the people are left with a Hobson’s choice in which either they have to take what’s being offered or otherwise live without it. It attracts customers, but with compulsion.
7. Kinship kills the Kings of the market:
Man is a social animal. Unfortunately, companies also know this fact. Service providers and companies relying mainly on Personal Selling desperately require such people who can easily integrate into the community they are targeting at. Eg. – Leading Banking and Insurance sector companies require agnation with their customers from time to time.
6. Quality and Service at any cost:
Be it pre-purchase service or after-sales service, some companies attracts customers by their sincerity and the habit of not compromising with quality at any cost. It isn’t at all ulterior that people will prefer to buy a product under such brand with trust. Eg. – Kirloskar Group, one of the world’s largest manufacturers of Pumps, Gen-sets and Oil Engines of different sizes and configurations says, “Our entire business empire is based on Total Quality Management.”
5. Entering into Web and maintaining the presence out there:
Today, even if it feels annoying when you are not able to skip any advertisement because of the long buffering time taken by the ad itself, then also you’ll not carry the same anger when you’ll go out to purchase the product of the same company. This was one issue. But many a times, you find the ad to be more interesting than the video which you intended to watch. They spread the message at a lightening speed. Also, they lead to increase in the Turnover of many companies exponentially.
4. Win-win game of cross-networking:
Who says mutual benefits are mutually exclusive in Marketing arena? Cross networking is a way by which the companies can promote themselves as well as artists, actors or other company’s products. By this way, the company can launch a new product associated with some attribute which, at the same time, may make the other party famous too. For eg. – Sharing the space in a newspaper or website with another party by obtaining an approbation from the latter, making the music composed by an artist as a tone of the company in ads, etc. This is one of the cheapest ways of promotion.
3. We’ll like if you click on “Like”:
Many companies who are there on social networking sites keep a track on the selected users, their hobbies, so on and so forth. Ergo, they then create a specific print media or video ad designed specifically for a particular individual and its obvious that the fellow will click “Like” on it. For eg. – A fan of Tourism will receive more posts on his Facebook timeline from Goodyear, Holiday IQ and many more similar websites.
2. Positioning of the Business Positioning:
Positioning of a product means designing the product in such a way that it acquires a distinctive place in the mind-set of the consumers. According to this concept, the brand has its own identity and the company starts encashing from it . For eg. – Volvo is associated with safety as this company was the first one to produce and use seatbelts in their cars. Not only this, they keep on trying how to increase the safety of their cars so that they can live up to the expectations of the people trusting them?
1. What’s the difference?:
The most difficult approach the companies try to persuade their buyers is to produce a product or render a service which is completely different from those of the competitors or if impossible, then produce/render the same product/service in an entirely different way. Indigo Airlines is the perfect example of Uniqueness. Its supreme combination which attracts millions of people is “Low fare and On time”. Even during recession and post-recession period, this was the only profit making company in the Aviation sector. One unique proposition of this company is its bizarre offers such as –“If a person books a ticket at least three hours before the scheduled departure of the flight and there is vacancy too, then he will get a huge discount on booking his seat. Otherwise, it may cost him dear”.