Everybody in this country is searching How to grow their business? How to boost their sales? How to market their products? But at the same time they should also think whether they have started their business plan properly. Nowadays everybody thinks they are entrepreneurs but they don’t have the potential, intelligence, mindset, risk taking capacity. Hence, they fall in the big unrecoverable debts amounting to huge losses in business and resulting to very less working capital which stops the day to day transactions of the organization. So, today we going to talk about four most basic but worthy methods not only to start a business but also to scale in and make it a brand image in the perfectly competitive market.
Every business which comes into the market should know the demand of the market so that they can have a proper idea of the products which suits the best. Every organization should plan i.e. to forecast their things earlier whether the product which they are selling has a monopoly or a perfect competition. In case of monopoly markets, it is naturally fond that the products which are sold by the company does not cost feasible and requires a huge amount of capital like government railways, electricity suppliers. In case of perfect competition, the products have a huge variety and specifications which is sold by multiple sellers and the same bought by plenty of customers. Such examples lie everywhere from the food we eat to the clothes we wear. But on a wide basis, the whole market is monopolistic so we need to analyze the competitors and also customer’s taste and preferences we need to provide according to the customer’s needs, desires, requirements.
Solution: Customers always tends to buy products which suit their pocket and also have a brand value.
In economics, we have studied that price is the factor for the change in demand i.e. when the price falls, the demand increases and vice versa. We need to hit on the bullseye with this quote on our heads, i know it sounds a bit complicated, but customer is the king who has less money to spend not intentionally but has the mindset of whatever they spend is less . Every product should be priced in such a manner that the markup should not be noticed by the customer at the first glance. The pricing should not result in the quality compromisation as the customer satisfaction makes the business profitable and sustainable in the long run.
Solution: Every product should be properly analyzed and compared with the standard market pricing of the similar products. Pricing should not affect quality. Every business should focus on profitability which secures their sustainability and hence it can easily be scaled up in the long run. The markup should be fixed such that it supports lifeline of the seller as well as manufacturer i.e. it should be twice more than the operational cost of the seller.
The people in every organization is not only the customer but also every human resource which is the part of the ultimate objective of the business. A manufacturer sends their products to distributors and distributors sends it to wholesalers, and wholesalers to retailers ultimately sold to the customer. In every stage, their is some mediator and all those mediators should have a proper information about the products which they are dealing so that they can share this information to the other party. Sometimes misrepresentation of the product information leads to return of the goods or unsatisfied customers which can delay the scalability of the organization in the long run.
Solution: the seller should have proper information about the products which they are selling, customer feedback should be heartily accepted and implemented on priority basis. The seller is as important as customers and it should be very well understood by the manufacturer.
These were the three P’s of the organizational goals which sometimes most vital things for every start-up and some other P’s include profitability, planning, etc. Growing sales of a business is not as hard as it seems but it should be prepared for the initial stage of the business, proper management and sales target can somehow boost up your sales temporarily but until and unless your product doesn’t have good feedback of the customers the company will come to break even point or even shut down point in future and even all things can be bought by money but customers honest feedback and satisfaction is priceless.