I had a tough time understanding the term “analytics” when I heard about it from a friend of mine who happens to work at LightCastle Partners. The rapidly changing business landscape of Dhaka is spewing forth newer startups bringing in new, cutting edge and previously unheard of products and services. Be it a web startup providing website designing (yes, there are STILL many who respond to their pitches with blank faces!), or hedge funds, and even insurance. The Bangladesh business ecosystem, in its attempts to meet the needs of a new tech savvy generation of customers locally and globally, is seeing newer and newer kinds business on the pages every day. Given an environment like Bangladesh, you will find different demographic groups in the market giving you blank faces when you pitch an idea. Lack of comprehension, needless to say, can affect their decision making and mess up your marketing strategy. So here are some measures for you market a complicated product or service.
1. Identify The Need that your product fulfills:
Your business is all about the problem it aims to solve. Not the product itself. Identify what is the problem that your product is designed to solve. Conduct thorough market research to understand the extent of the need that exists in the market. Study the nature of the need, and find those whom it plagues.
2. Find out what makes your product so difficult to sell:
Let’s assume you sell ice cream making machinery for homes. It’s unlikely that too many people will be buying when they can just get ice creams from stores. There are lots of factors that affect sales. It can be the economy. It can be lack of infrastructure (i.e, internet penetration. Best of luck selling Digital Marketing Services in Bhola.) It can even be lack of knowledge about the product on part of your customers. Find ways to counter (or simple by-pass) these obstacles to strengthen your marketing strategy.
3. Identify Your Target Audience:
My mom still has problems ordering foods by Foodpanda despite me showing how its done about thirty times now. I’ve even had to do order soup off a friend’s smartphone while on a stay over because my mom’s not very tech savvy. There will definitely be customers who don’t understand your product, or like it. Don’t expect divine intervention when you promote your tandoori chicken to a vegetarian. Marketing to certain people. Marketing to a certain portion of the crowd will be a waste of time and resources. You need to narrow your pursuit down to the few who get it, who need it, and definitely would buy your services.
4. Work On Your Elevator Pitch. Find Ways To Make it shorter and simpler:
You won’t always find hours of time to explain your services, or fill TV spots with infomercials to introduce your product. Be creative, come up with the shortest and simplest possible ways to pitch. The internet is crawling with resources to help you build one.
5. Use Competitive Pricing to lure buyers:
Nothing as magically makes eager buyers out of thin air than does smartly placed discounts, bonuses and privileges. Incentivizing is one of the oldest methods of engagement. Be generous with passing your customers take-aways that will keep them coming back. Transactions matter, revenues are necessary, but it is the relationships with your customers that will ensure your success.
6. Study Your Competition in home markets and Abroad:
Take a look at how your competitors are going about marketing themselves. There is a lot to be gleaned from their strategy. You could study their messages, their adverts, their emails, their website, and even their engagement. It’s not like you’ll be copying them, but understanding how they get themselves out there. And that should give you a head start.
7. Tap into your team’s sales skills:
No matter how earth shattering your USP is, there is no sales without a creative, persevering, and dedicated team. Hire well, train right and watch where things go!