marketing strategies
| There are only three essential factors
that marketing strategies should satisfy in order to reach the end of
growing your business. The three essential marketing strategy factors
are as listed and explained below: Increase the number of customers Increase the average transaction amount, and Increase the frequency of repurchase. Every marketing strategy that is implemented by a company should be analyzed and measured by its ability to directly impact and improve upon each of the above listed three factors. Increasing only one of the above listed factors will produce linear business growth. However increasing all three factors will ensure a geometric business growth. Increase the number of customers: Increasing the total number of customers is usually the very first step that most business owners and managers resort to in order to grow their business. However, this strategy can backfire because losses can occur when inexperienced sales personnel are put in charge of designing and implementing a marketing program. If executed efficiently and cost effectively, basic marketing strategies always produce new prospects who are ready, willing and able to buy products or services. The main purpose of any marketing strategy is to generate new prospects that the sales personnel can convert into paying customers. Increase the average transaction amount: A large number of owners and managers spend most of their time operating their business and searching for new customers. Most of them often overlook their own existing customers. These repeat customers are usually taken for granted and left to conduct entire transactions without ever being asked if they would like to buy more product or service. These are the customers who can be tapped further through cross selling and upselling. It is through systematically offering customers more value via additional products or services at the point of sale that business owners can take to increase their average transaction amount. Increase the frequency of repurchase: A customer’s repeat business is usually only earned by the business that gives the customers what they want. Without putting in place basic marketing strategies or processes for consistently offering customers more of what they want, the repeat business is earned less frequently. ~ Category editor Sakina Kadiwala. copyright data indianchild.com |
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