While many may think that getting a new business off the ground is the most difficult thing, existing businesses think getting new customers and sustaining old ones is the most difficult thing to sustain a business venture. Whatever the case, you cannot be in business if you can’t start one; and you won’t remain in business if you can’t sell your services and products.
To this extent, here are three effective ways for product marketing and revenue generation that you will find handy and helpful at all times –
Explore internet marketing
The internet is more than a community of people; it is a world of its own…with its own economy and rules. The internet does not people and this is a great marketing benefit in itself, because you can engage in product marketing and sales during the day and at nights for people within and outside your country. This means you can sell and make profits at all times.
Advertising and promoting your products and services to people on the internet can either be free or paid for, and both have their own advantages and values. Some free advertising techniques are as effective as paid ones, but your options depend on your choices, objectives, business and product values. More and more people are getting connected to the internet daily and this means your prospective customers are increasing daily, you only need to develop an effective way or reaching and servicing their needs through your products and services in the most economic way.
Explore basic product marketing techniques
A basic product marketing technique is subsumed in the 4Ps acronym: product, place, price, promotion. So the first thing to being in business is to own a product which could be in the form of a service. The second thing is to have a place where you can produce your products or services and get customers to reach you. The third thing is the price you set for your products and services which must be guarantee profits without harming sales. The fourth thing is the promotion or marketing activities which aims at bringing in more customers via advertising efforts.
Maximize production techniques
One of the most effective ways to maximize sales and generate higher profits is by reducing the costs of production. However high your realized profits, they won’t have any realistic value if they are as high as your production and operating costs. The first rule to making profit is to buy at a lower cost and sell at a higher price, meaning you must spend as little as possible on product creation without compromising quality while selling as high as possible to break even.
You must also know when to sell below the current market rates to undercut your competitors and when to sell at the current market rates to maximize profits.