Your market and product marketing strategy for 2022, by Ola Emmanuel –
About nine weeks ago, I wrote about the possibility that a bottle of water would be offered for sale at a unit price not to exceed 100 N. The same bottle of water in a restaurant or hotel can be sold. sell up to 250 N. In a four or five star hotel, the same bottle of water can sell for up to 1000 N. This is a function of the value attached to the product where it is to be sold.
The value attached to the product or services you are selling goes a long way to talking about the target market for the product.
This is a very fundamental aspect of starting a business. Before starting the business, you need to know what your customers want and how they want it, and what price they are willing to offer for the product or service. Roadside markets and malls are both retailers, but they have very different niches: Roadside markets serve the needs of shoppers who want to haggle and haggle over prices while malls are in the market. available to buyers who will not compete for prices.
Your business or product may not be for everyone. In fact, no business, whether micro, small or large, can be for everyone. The more specific, concise, or narrower your target market, the better for your business. If you are able to achieve this, you would have successfully created a niche for your business and this is the key to success even for the largest companies. But rather than creating a niche, many business owners make the mistake of trying to be in business for everyone, believing they can meet the aspirations and needs of all consumers. They quickly find that this is impossible and learn a hard lesson: Serious high-end customers / customers are unable to identify with the business and low-end customers / customers struggle with the selling price of products. .
The positioning of the product in the market is very important for the success of the company. How quickly and easily a new business can get established will be influenced by clearly identifying who really needs the product or service, by placing your product for customers for easy access, by the degree friendliness between you and those who hear about your business, by empathy, by sense of belonging, by location and by identification.
A business can struggle for a long time simply because there is a gap between a product and the people who really need it or because the business owner is seen as too distant or ambivalent by users of the products or services. that your business wants to sell, especially if economic conditions and circumstances have caused the product or service to be in a buyer’s market (where buyers dictate the price and can afford to choose from other products from replacement or outright refuse the use of such a product).
Therefore, it is inappropriate for a business to start without a proper concept and marketing plan. The marketing plan is the roadmap to business success. It is made so that it can help guide and direct the marketing initiative and help achieve business goals. An unknown product always struggles to succeed in the market. Marketing is therefore all you can do to discover large numbers of consumers of your product and find out exactly how they want you to serve the product to them.
Since you can only earn profit when customers trade your product for their money, it is very important that you provide them with what they are looking for at the price they are willing to pay. You’ll also be concerned about how best to make the products available to them and get them to buy.
In order for your marketing plan to be the right one, it is important that you do very thorough market research. The result of the market research will help you fine-tune your business idea (the what, who, who and how of your business) and help you develop a good market penetration strategy and plan.
. Emmanuel is a consultant in business and cooperative planning. He works with a team of international consultants to conceptualize and plan agribusiness and housing projects. As a certified trainer authorized to use the Business Development Modules of the International Labor Organization, he trains entrepreneurs and conducts workshops and seminars for potential and incumbent entrepreneurs as well as business leaders and managers. cooperatives. He also gives lectures and conducts leadership and management workshops by invitation. His book, Business Planning Made Easy: Step by Step Guide On How To Turn Your Idea To Profitable Business’ is the last of the books he has written. Phone. : +234 (0) 9068602954 (call and sms), +234 (0) 8023257707 (WhatsApp only).