top 10 best business strategies should own by every business
For all business marketing strategy is required to increase the business more better way. Any business can sustain and earn to pay to its debt, salary to users and suppliers(in case of manufacturing business) only if the sales of the product or service can be increase or sustain. A business cannot be run for a long run if there is no such profits are coming from it.
Whether it a manufacturing, eCommerce, online web portal, software development, importer explorer in all of these case the required business profit required. To achieve that kind of profit some strategies have to be take. Here in that article we will discussed various proven method or strategical method every business should follow. Business strategy can be used as a powerful options for each business to increase there sales and revenue.
Its also includes a way track for the companies output along with various process to increase assets and clear the stocks.
top 10 best business strategies should own by every business
The more powerful technique will taken means more sale which suggest for more production and the cycle give the profit in return as more production more sale is equivalent to more profit.
Here are 10 examples of great business strategies which are using by most of the company for the process of growth to their business.These all are describing in details in below.
Cross-sell more products
Most innovative product or service
Grow sales from new products
Improve customer service
Cornering a young market
Improve customer retention
1. Cross-sell more products
Cross selling is sound like old age term of business Where any business man can get any required essential products in exchange of there created/ owned product. Yes i am talking about those era when the money not invented as a medium of a market. Cross sale means sale another product to the existing customer who have already take a services or product.
For that case the sales can be obviously but for that firstly business have to satisfying the customer by sale a good product which is not only good in quality wise even a high end of after sales service is required which help to satisfied the customer.
Lot Some organizations focus on selling more products to the same customer. This strategy works well for any product selling companies,financial institution,various service providers as well as online retailers. It can work for all of them who has more than 1 product or service with them which was designed for mass selling. By increasing the amount of product sold per customer, you can increase the average cart size.
Even a small increase in cart size can have a significant impact on profitability, without having to spend money to acquire more new customers. If till now you have not check our article on customized professional wordpress theme then you must check out that.
2. Product differentiation
Though features is the most important way to differentiate any product from its other models. Yet i will say you that beside features styling of the product and cost also keep differentiate from other competitors and help you to stand out from the crowd. This is a common business strategy, especially effective for business-to-consumer (B2C) businesses rather then b2b. They can differentiate their products by highlighting the fact that they have superior technology, features, pricing or styling. Though that applicable for the b2b also.In any services or product if that differentiate from other products/ services by its design,features,price and technology then the superior product is more demanding to the clients and customer. As they can get the upgraded products with less cost from the market.
3. Pricing strategies
As we already seen the product differentiation also depend upon the price but the price strategies is required by doing a perfect researched in the market for the similar kind of product. Obviously a overpriced product will no one to buy or very less consumer will be interested in it. Now pricing strategy depends upon many parameters. When a product introduced in market it simply depends upon its features. Features , no of selling , product type, quality all are depends on the pricing.
A higher price might be not good to grab lot of consumer but it might be better to bring profit instead of selling the 10 of that which is in low cost. If profit range is 5 dollar for per product and product price is 10 dollar.At that case 10 sold product can bring 50 dollars. On the other hand if the same product sold in 100 dollars and profit range is 50 dollar then to get the similar profit 1 sold product is quite enough. It can also be middle of that price range like 20$ and 50% profit sold in 10$. So in that case 5 product selling can bring the 50$. It does not mean all product price should be keep in higher stage.
A concept for pricing strategies
Overpriced product selling chance are less than compare to the cheaper product. But if the same product is selling by your competitors in 10 dollar and you keep the price of that as 100 dollar then that will be very difficult to sell. Consumers will like to purchase from your competitors rather than from you. Pricing is all about the value for the products. So if a same product which is already available in market,launch in less price then there is a huge chance it will attract the user attention.
No one like to pay extra for any products as the extra amount can be go for their saving or can be used to purchase other products.But in that case be sure the quality of the products should be up to the mark. If a product launched with lowest price from the market but the product is not durable or not cover all the common needs or features then that product will not get any success in long run.
By a experienced marketing team and selling strategy it can be sold in primary but after some month sale should be drop as there will be less requirement for that product.
So what decision need to take
When it comes to pricing, businesses can either keep their prices low to attract more customers or give their products aspirational value by pricing them beyond what most ordinary customers could afford. If companies plan to keep their prices low, they will need to sell a much higher volume of products, as the profit margins are usually very low. For companies who choose to price their products beyond the reach of ordinary customers, they are able to maintain the exclusivity of their product while retaining a large profit margin per product.
4. Technological advantage
Technology is a parameter which can be change day by day and which bring completely new innovation to the customer. Every one try to be smart and technologically advanced from other. Obtaining a technological advantage, you can often achieve better sales, improved productivity or even market domination.
This can mean investing in research and development, acquiring a smaller company to gain access to their technology or even acquiring employees with unique skills that will give the company a technological advantage.
5. Most innovative product or service
Here is the game changes. Almost wanted product or concepts or a new product/concepts can give a state of monopoly to that business. So innovation is always give a upper hand to that company in term of sales volume. Most of the companies try to introduced there pre-booking method of selling.
Many companies, particularly in the technology or automotive space, are distinguishing themselves by creating the most cutting-edge products. In order to use this as your business strategy, you will need to define what innovative will mean for your organization or how you’re innovative.
6. Grow sales from new products
Like technology advanced concept it also work similar way.A innovative, advanced product/service is mostly welcome by customer. Using that there is a huge chance to sale the new products to same people who are already using the similar products. As an example mostly people like to purchase the latest model of mobile,laptop and other gadgets,consumer electronics though they are already using the similar product for long time. So there is a huge chance to increase the sale that way.
In most house there is crt tv but when plasma tv come they like to purchase that. After that when led tv comes then they like to take that also and sale the old one or throw the old one is dustbin. Now if more new technology or innovation comes in market in the zone of television then they like to take that.
It means 1 customer can be purchase more same product is that in innovative and technologically upgraded. Some companies like to invest in research and development in order to constantly innovate, even with your most successful products.
7. Improve customer service
This can be a good business strategy if your business has had a problem delivering quality customer service. Some companies have even built a strong reputation for having exceptional customer service. Usually, companies have a problem in one specific area. So a business strategy that’s focused on improving customer service will usually focus its objectives on something like online support or a more effective call center.
8. Cornering a young market
Some large companies are buying out or merging competitors to corner a young market. This is a common strategy used by Fortune 500 companies to gain an advantage in a new or rapidly growing market. Acquiring a new company allows a larger company to compete in a market where it didn’t previously have a strong presence while retaining the users of the product or service.
9. Improve customer retention
That need lot of advertising and tracking to understand the formula how that work more better. It’s generally far easier to retain a customer than spend money to attract a new one, which is why this is a great strategy if you see opportunities for improvement in customer retention. This strategy requires you to identify key tactics and projects to retain your customers.
You could launch an entire business strategy aimed at increasing the sustainability of your business. For example, the objective could be to reduce energy costs or decrease the company’s footprint by implementing a recycling program.