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Just 5 – In And Have Thousands Out Of Your Inventory

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‘Marketing’ and ‘advertisement’ are the two most established domains of practices for branding, making sales and earning profit or market share. There could be many tested strategies and techniques for giving expected yields to the companies. However, not only the new startup, but many leading MNCs does not want to walk on the conventional paths. They have started doing things differently, not merely as ‘strategy ‘to gain competitive advantage, but as own ‘biological instinct’ to survive and grow, which is genetically coded in their DNA. The following are such FIVE most important BUSINESS INSTINCTS which will help a brand or product to reach out to millions of customers.

1.     Identify your TARGET population to create a NICHE SPACE: Since the concept of ‘customer segmentation’ has been equally relevant as ‘product segmentation’, it is imperative that every new venture must set its target population to offer something new.

2.   Embark on INNOVATIVE idea: Either innovate or quit. It is as similar as the proverb, ‘do or die’. The scope of innovation should not be limited to, gain strategic advantage over competitors. Rather, it has nothing to do with competition or strategy. It is something, which is the essence of business success.

How to make the players emotionally attached to an online game? It was the most inspiring questions for Mr. Asar Dhandala and his team of college mates. They have developed an online game ‘JUST BORN’, which sensitize gamers about ‘female feticide’ in India and deals with how a woman would handle her emotions and depressions during the course of forced death of the newborn. The team has won prestigious ‘Windows Azure Challenge’, organized by Microsoft in Russia in 2013. According to Microsoft, the game possesses huge potential to be a hit in the market. Another example is Microsoft’s recent endeavor to create a separate MS-Office for iPad.

3.   COLLABORATION and BENEFIT sharing: ‘Going alone’ is more a feasible and intelligent decision in business. It’s an age, where we have to go for ‘strategic partnership’ and ‘collaboration’. The main objective is ‘benefit sharing’ and ‘sustainability’. Recently Airtel and six others joined hands to share infrastructure across Africa and West Asia. This collaboration will not only reduce the cost of mobile services, but also pull millions of new customers into the fold.

Microsoft is planning to enter into a partnership pact with OEMs (Original Equipment Manufacturers) in India. The company is discussing the matter with Micromax. Already Lava and Karbonn have been included as new Windows phone partners. This partnership will certainly strengthen Microsoft’s capability in Windows phone segments. Simultaneously the partner OEMs will largely benefit from the shared responsibility.

4.  BUDGET PRICING and RELIABILITY: New age customers are price sensitive. Especially millions of young people either own or want to own a mobile phone, much before they start earning. Hence ‘price’ is obviously a determining factor in a brand’s success. Recently Spice’s new Smart Flo, Poise Mi 451target young customers who want a budget device.

Smart Flo-Spice

Apple Inc, has launched a new, cheaper version of the iPhone 5C with less memory in the UK and Europe markets. The new iPhone 5C has 8GB memory and is priced at £429 ($712) compared with £469 for the 16GB model.

IPhone Cheaper

5.  DIRECT SELLING: As per 2013 estimate, in the domestic market, there is a Rs. 10000 Crore opportunity in direct selling. It helps the company in cutting costs, building reputation and engaging customers directly with the company. Future Group’s ‘Big Bazar Direct’ has come up as a franchisee-based direct selling model. A Delhi based ‘Juvalia & You’ has engaged 50000 women direct sellers. Each of them makes more than a lakh per month by selling jewelry directly to customers.

The above FIVE instincts, if used in right mix, will definitely change the fate of a company.

Resource:

  1. The Hindu, Coimbatore (Edition), 18-3-2014, pg.13.
  2. Business Line, Coimbatore (Edition), 19-3-2014, pg.17.
  3. Business Line, Coimbatore (Edition), 18-3-2014, pg. 18.
  • Digital-Marketing


  • There are 2 comments


    • 3 years ago

      Tarun   /   Reply

      Very nice insights with remarkable examples. The high involvement products like jewelry hold a huge selling potential through the direct selling method because customers are very particular about such “once in a while” purchase and need every minute details about the product. In such cases, engaging customers and building a rapport with them is of utmost importance for the sales to take place. Similarly, as discussed also, new age customers look for value for money. They need to be targeted through the “Best Price” strategy where they get a quality product at reasonable prices. Brands like Amul have done it quite beautifully where the brand is differentiated as well as aptly priced.

    • 3 years ago

      suraj   /   Reply

      In the long run, after sales service and support is also very important for a company to have a hold of its target market.

      Nowadays most of the product are becoming use and throw (Chalta hai to chand tak ya sirf raat tak) and because of which the reliability on a product is depreciating. This is the reason, customers always switch among brands due to loss of goodwill.

      When all the above 5 business instincts are supported by a strong after sales service support, customer loyalty towards your brand/ Product will improve our longevity/ survival in the market.

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