5 Reasons why your products or services are Not earning the revenue you deserve [& How to Fix This]
Marketing is a continuous endeavor in business. It is one of the most important factors of a successful business, especially for new entrepreneurs. Strategically placing products or services on the market opens many opportunities to reach your target market. It is important to understand the basic elements of marketing and how it will affect the growth in your business if not executed properly.
The four P’s in marketing are product, price, position, and promotion. Understanding the importance of each will help you thoroughly plan your marketing strategies. There are 5 things that you must present effectively or you risk losing sales.marketing are product, price, position, and promotion. Understanding the importance of each will help you thoroughly plan your marketing strategies. There are 5 things that you must present effectively or you risk losing sales.
Your products or services are not fulfilling a need
Understanding what you sell is important to your business and your customers. Your product (or service, depending on your business) should fulfill a need or needs of your customers. Your product should be customizable in order to satisfy the needs of the customer. For example, your product should come in the various sizes and colors your customers demand. It should be durable and offer longevity. If you offer a service, it should fulfill a purpose for your client. You must phrase your marketing descriptions in a way that appeals to the customer. You must know your products and/or services inside and out. What is the demand in your industry? How does your product or service fulfill this demand? What is the product or service features your business offers to your target market?
Resolution: Go back to research. Take a look at online forums, comments, and questions to see what your target market needs or demands. Look at competitors in your industry to understand what your market demands. Audit your products and services consistently to make you are fulfilling your customers’ demand.
Your prices don’t appeal to your target market
Understanding how to price your product helps with your positioning and promotion (the last two P’s). Your price reflects the value you offer to customers. It reflects many different factors including your expertise, the quality of the materials, your experience in your field, and the time it takes for an outsource company to create your product or the time it takes you to complete or create the product. Research is needed for the standard in industry pricing for every element that creates the content you offer.
For example, consider the amount you’ll have to pay to get the materials for your product. Calculate the time it takes to complete a job or to make your product. Consider what it costs you to ship the product to customers. Once you have your totals you can double or triple the amount for retail.
Resolution: Evaluate your prices compared to others in your industry. It is helpful to research the pricing of other companies, locally and outside your area, who offers the same thing you do because you’ll understand what your target market is willing to pay. Familiarize yourself with the features and benefits that your competitors offer in their pricing, and compare it to what you have to offer. Adjust your pricing, only if necessary, to appeal to the market.
What you offer is not positioned effectively
What you offer must be clearly defined when you present it to your target market. Strategically positioning your product or service in the same places that your target market shops is the goal. Think about the places on- and offline where your target market would go to purchase your product. If you are not sure, you have more research to do! Your product or service should be at the places that your target market goes to find them. You can reach your target market by distinctly positioning your products, services, or business in its entirety in front of your target market. You must be informative, helpful, and clear when you present what you offer!
The social media population is growing each day. Social media accounts are free which means free marketing! If your business is on a social platforms, present the kind of content your audience needs and likes. Learn what your target market likes to read, engage in, be inspired by, and learns from. Measure the performance of when what you post. When you understand the feedback from the content you post, you’ll learn what to post more of and when to post it.
Here are a few things to remember:
- Post to your target market first!
- Post consistently within 2-4 hours, about 3-5 times per day. Take into consideration the different time zones your market may be in.
- Post engaging content. Ask questions such as preferences, what plans they have, how they found your business, where are they from, etc.
- Post inspirational quotes.
- Post reviews and testimonials.
- Post quality client “selfies” and photos. [Be sure to tag and thank them personally!]
- Repost quality content.
Resolution: Make note of traditional and nontraditional places that your target market goes. Create a system that places what you have to offer in front of your market. Execute this system by creating a business platform that serves your customers first. Serve by giving away free stuff. You can do this by creating a blog that educates, social media accounts that increase engagement, and post content that helps your audience. Use webinars or live chats to engage with people who need what you have.
Your promotional tactics are affecting your message
Let’s say you understand the importance of your product, price, and position and now you need to promote. Promotion of what you offer will be the catalyst of what takes your business off the ground! It is how you will reach your target market through communication. Promote how you are helping solve a problem. Promote what your brand stands for. Promote and connect to build relationships with people and communities.
The first 3 P’s contribute to how and where promotions take place. The quality of promotion affects the type of customers you’ll attract. Remember: you must first market to your target market. Choose platforms your target market uses and place your products or services in their laps! Effective promotional tactics have great design and visuals. It has attractive pricing and provides enough information to entice your target market. Be sure to create clear value to your target market through different forms of promotion.
Resolution: The resolution is very simple. Start with the end result, the end value. Teach the things they would walk away with such as confidence, productivity, knowledge, enhancements, etc. Then show what you have to offer. Promote at the right times. This calls for more research!
Your photos are not appealing
Among many important factors, high-quality photos are very important in marketing. Photos that are visually appealing to your target market are more likely to gain more attention than those with poor lighting, angles, or focus. There are many times I’ve visited an online shopping business and immediately left their website because it looked cheap or as if there was little care placed into it. People like nice looking things. We all do! If there are several distractions going on in the background of your pictures, the pictures are dim, or have weird angles, I have some suggestions for you!
Resolution: You can purchase stock photos from websites like Shutterstock or Fotolia for professional-looking photos. Be sure to find photos that relate to what your promotion is about and are aligned with your brand. You can also use your own photos from a professional photoshoot. Decide which approach is best for your business and implement a great promotional marketing plan.
Product, price, position, and promotion are all strategies of the marketing mix. Every business needs to understand its importance and how all are interrelated. Each component tremendously affects the other. Create the most incredible product with the most amazing price. Position and promote the hell out of what you offer. Place it in the target market’s face and create the revenue you deserve!