How to keep consumers interested in your products and services?
Once the business is started, we embark on the journey to make it better which is, making it grow. Growth of the business is dependent on several factors and spending a huge capital is not the primary one of it. If you have invested huge capital in your venture and haven’t followed the business plan properly then the chances are high that it may not survive in the market for long, for, the competition is high and market is ruthless.
Here are some of the ways that may ensure growth in your business:
Through brand extension you can keep the consumers interested in your products.
What is brand extension?
In brand extension the name of the brand remains same but a new category of product is introduced under that name. For example, Nike was essentially a shoe brand but it later went on to introduce jersey, t-shirts and sportswear as well water bottles under the name of Nike. This strategy of Nike could be used in Indian brand also.
The advantage in this kind of strategy is that there is no extra labor to be put in building the brand as the people are already knowing of its existence. Again brand extension will require research and development work and improvisation too. Before starting off to extend the brand, it is important that the reports in the current market scenario are obtained from reliable and trusted business consultants.
Your business may become stagnant in terms of strategies. It is important that you do a follow up and check if the previously applied strategies hold any importance now or not. New business strategies may be difficult to chalk out. In such situations you can have consultation from business consultants. These firms are going to charge you based on the service you take. If you need a full business plan then hit them up. These firms are helpful when you need advice on small areas too.
New Distribution Channels
While doing the follow up if you come across the fact that the current distribution channel that you are applying is obsolete then it is time that you go for the new one.
Some of the companies have been working through independent distributors and changing the pattern of distribution may be difficult for them. The distributor channel here the consumers go to the physical store and get the products only after they have tried it. This channel is still very strong in all parts of the world. An important thing noticed in the behavior of this category of consumers are that they become loyal to stores and consequently to the brand. They believe that shopping is therapy and that the products quality can only be assured when you walk down the store and try the product as touch it , feel it , taste it or wear it.
While, on the other hand, there are still a huge number of buyers who are addicted to online shopping. Online shopping has more options than what you can have in a physical market. Your products is going to decide the distribution channel that you are going to pick. Often, in mostly fashion goods, both the distribution channels are needed as customers divide their choice based on situations and offers they get.
Through loyalty programs you can assure the consumers of how much they are valued and how their decision to choose you can make a valuable difference to the brand. Each customer is valued and this must be communicated to them through innovative ideas. Loyalty programs have several methods that range from loyalty discount cards to shopping points.