Designing Marketing Programs to Build Brand Equity
At core of building brand equity is marketing programs or strategies. Marketing activities can facilitate in increasing brand awareness as well as in creating the right brand image. Marketing activities can be weaved around product, pricing and distribution channel. But the way these marketing activities are carried out has gone under revolutionary change owing to […]
Advertising Agencies – Meaning, its Role and Types of Agencies
“The work of a tailor is to collect the raw material, find matching threads, cut the cloth in desired shape, finally stitch the cloth and deliver it to the customer.” Advertising Agency is just like a tailor. It creates the ads, plans how, when and where it should be delivered and hands it over to […]
Unethical Marketing Practices by Hotel Booking Websites
During the dot com boom, online travel agencies had taken the entire world by storm! Travel websites which offered customers the convenience of being able to compare and book hotels from the comfort of their home became bug business. Companies like Travelocity and Expedia have business interests all across the world. However, about twenty years […]
A Comparative Analysis: Product versus Service Retailing; Wholesaling versus Retailing
Difference between Product and Service Retailing Products are tangible in nature, whereas services are intangible in nature. Hence, various aspects such as quality, timeliness, behaviour, and knowledge of the service delivery professional, service customizations as per the requirement of the customer and use of technological support for improving key processes and enhancing the consumer experience, […]
Porters Five Forces Analysis of Virgin Atlantic
Introduction To introduce the article, it would suffice to say that each of the five forces that are discussed subsequently differ in their impact on Virgin Atlantic as the dynamics underlying them vary and the strategy employed by the airline is subject to the fluid and the changing external environment. Virgin Atlantic is a pioneer […]
Successful product launch does not end with merely introducing the new product in the market and then forgetting about it. Some organizations tend to adopt a casual attitude once their product is in the market and trust me; this is one of the biggest blunders to commit. Post product launch is often the most underestimated phase in new product development. Post product launch is just not celebrating your achievement but also understanding how well your product is accepted by end-users and your esteemed clients.
As an organization, you need to interact more with target audience after the product launch to ensure they are not only satisfied with your new product or service but also getting the features and benefits as promised by your marketing professionals during promotions and campaigns. Speak to customers over the phone, write them an email asking their feedback or ask your marketing team to visit them to find out as to what they think about the new product and the services rendered to them.
Design a page in your website where customers can post their comments and views so that you, as a responsible employee of your organization know where you have succeeded and in which all areas, still there is a scope of improvement.
Customer feedbacks are extremely crucial after product launch and need to be monitored carefully. Assign an individual who dedicatedly addresses customer queries and helps them whenever there is a problem.
Remember, a new product in the market definitely raises customer expectations and it is essential for an organization to touch base with their clients on a regular basis to find out whether the new product has made them happy, fulfilled their needs and has been an effective replacement of what they have been using till now. Customers are undoubtedly the “Kings” of every business. Do not ignore them just because you have sold the product. Trust me, if you do so, you will soon be out of the game.
We call press conferences; throw launch parties when a new product has to be introduced in the market but what about a post launch party? Organize a post launch success bash and invite your regular clients and also ask them to bring their friends, relatives so that the popularity of not only your product but organization increases manifold.
Ask happy customers to write testimonials or make an interesting video where they share their success stories which can be further used for marketing purposes. Believe me, relationship with customers does not end with the mere selling of the product but continues so that you create clients for life.
Keep in touch with all your dealers, outlets, stores and keep a track of sales. Monitor sales reports closely. If there is a dip in sales; it is an alert signal for the organization to quickly analyze the reasons behind the same. Find out whether the product needs a price restructuring or should be marketed more aggressively.
Remember, your clients are your biggest critics. Never ignore their suggestions or complaints. Once new products hit the shelves, visit the store frequently to not only interact with walk-ins but also understand as to why the customers are still not ready to invest in your organization’s offerings. In such a case, get in touch with your advertising agency and ask them to design another exciting advertisement with some additional features and benefits as mutually agreed by the product team to catch customer’s attention.
Tie up with external auditors who carry audit of the products to ensure everything is as per prescribed parameters and guidelines. In case of problems or manufacturing defects, organization needs to take action immediately. Any customer complaining of a product defect needs to be provided a replacement or adequate compensation.
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