Retail Mechanism – How does retail work ?
Retailing is defined as the process of selling merchandise to the consumers for their end use in small quantities. The retailer sells products to the end-users either in single units or in small quantities as per their need and capability. Retailer ……………………………. Consumer (End – User) Retailing How does retail work ? Let […]
Using Social Media Channels with Multiple Business Objectives
Social Media Marketing is the latest game in marketing. Whether you have a product or a service to market, you have no option but to be present in various social media channels for this is where your existing and prospective customers are. More importantly your customers are talking and sharing their ideas, experiences and information […]
Corporate Governance – Definition, Scope and Benefits
What is Corporate Governance? Corporate Governance refers to the way a corporation is governed. It is the technique by which companies are directed and managed. It means carrying the business as per the stakeholders’ desires. It is actually conducted by the board of Directors and the concerned committees for the company’s stakeholder’s benefit. It is […]
The Need for Effective Organizational Policies on Social Media and Personal Devices
The Need for Effective Social Media and Smartphone Policies In these times, when Social Media usage and Smartphone ownership is pervasive and has seeped through all the people who are online, it is essential for organizations and the HR (Human Resources) managers to devise effective policies regulating the use of Social Media and Personal Smartphone […]
Measuring Customer Satisfaction
For improving customer satisfaction it is essential for the supplier to measure it. It is purely believed that if anything is not measurable then it is not authentic. Customers are the most important asset for any organization as they are only responsible to drives the business. Measuring customer satisfaction helps in identifying specific customer information […]
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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