Are your marketing strategies missing these fundamental points?Part 2

It is essential to research on what your existing customers are offering. Some times core marketers offer there products at unbelievable price following which you may burn your fingers. Remember top companies always work on long term strategies rather than short term gains. They have long term strategies, specific budgets, loss bearing capacities, marketing plan and of course brand value. They always focus on maximizing there nos. of customers and calculate the total revenue generated in the year.

While evaluating your product’s marketing planning you need to be very much precise, so that you can cut the market share. SME’s have some basic problem with the competition of large players. The main trouble is the sustaining power, low budget marketing, limited resources and many more.

But the main strength of a small business entrepreneur is the domain expertise and personalized services. The difference is there, Multi product companies hire professional people to develop there product, where as most of the SME’s run by the experts in the particular field. One cannot afford to loose job and other cannot afford to loose there business. One has its own limitations in implementing risky ideas to promote companies product, where as a small business owner takes its own decisions. This makes huge difference; here are some questionnaires, which may be helpful in analyzing your marketing strategies.

Know your competition:

• Are you focused on your key strength and working around that?
• Do you have domain expertise
• Do you know how many companies are offering the similar services or products you are going to offer?
• Do you have a clear idea that how many of them are having successful business?
• Do you have a better solution than what your existing competitors are offering?
• Do you have a fair idea what will be pricing to be set for new product, which will be accepted by the consumer as well as the market.
• Have you evaluated your product performance compare to the existing products offerings by your competitors?
• Do you think the user will be getting more benefits using your product compare to the existing one?
• Have you completed your product’s feature evaluations before launching it to the market?
• What extra effort or feature will give you advantage over your competitors?
• Do you think your attitude is, bit different from others?

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