IT STARTS WITH MARKETING
When a business grows, finding sales is everything. The pillars of product marketing remain the price, the place, the promotion, and the marketing processes. This combination leads to the success of any marketing campaign.
Coming with 15 years of experience in product marketing, sales and design, the BMBC team join efforts to make every promotion a success. We collaborate with ambitious businesses that plan their growth and share their experiences. We help in boosting their profile, find new partners and create new business opportunities.
We combine all the required skills under one roof to ensure the right setting of a new go to market strategy.
ELEMENTS OF SUCCESS
PRICE STRATEGIES
When you are looking for new buyers, the pricing strategy not only plays a major role in the shortening of the sales cycle but it also affects the life of the product. Multiple factors influence the adoption of a proper pricing strategy (Volume and Value sales, Technology, Innovation, Purchasing Power, Competition ...)
Price skimming
It is a pricing strategy in which a marketer sets a relatively high price for a product or service at first, then lowers the price over time. This strategy is mostly suitable for value sales. High-tech products sales are a perfect example on how price degrades, transforming the value sale into a volume sale in time.
Penetration pricing
It is the pricing technique of setting a relatively low initial entry price, often lower than the eventual market price, to attract new customers. This technique is needed to establish references in a new market place. Gradually the price can be restored. This strategy can be applied equally to both volume and value products, when a company sacrifices green margins to market a newly launched product.
Bundle pricing
It is a commonly used practice. It attracts the customer to see the value of bundled products rather that an individual one. This strategy works better when the bundled products are complements and interdependent.
Psychological pricing
It is a marketing practice based on the theory that nominally different prices may be perceived differently.
Customer value pricing
It is commonly used by prestige brand names. This is done by charging the price that customers are prepared to pay.
Loss leaders
It is a strategy used to attract a large number of customers by pricing products at very low levels. The price of a loss leader is placed lower than the average product cost. Businesses use these methods knowing that they will make losses on loss leaders to be more compensated for by extra profits on other products. Their aim is to attract customers to their store due to their low prices.
Price discrimination
It is time and market-based. It occurs when a firm offers different prices on the same product when customers can be kept separate.
Discount and sales
It supports price strategies used by businesses. It sometimes includes a reduction of price for a particular group of people. It aims to encourage purchases when product might be out of fashion. It can also be given to customers who buy in bulk or in large quantities.
UNDERSTAND YOUR MARKET
It is mostly important to understand the place where it is mostly convenient to access the market.
Collect data about your target audience with the help of surveys for example. Collected data will help to better analyze your customers, create marketing initiatives, and measure their return on investment. Have a better understanding of the market that you wish to penetrate.
USE DISTRIBUTION STRATEGIES
Distribution can be done directly or indirectly depending on the business’ preference and suitability.
There are also different distribution strategies that can be undertaken
- Intensive distribution: Used for low priced products
- Exclusive distribution: Used for highly priced product and usually distributed to single outlets not more.
- Selective distribution: Usually include products like technology example: television. A small number of retails are chosen to distribute the product.
- Franchising
CRM INTELLIGENCE
Identify key market segments and target your prospects using CRM market engine.
Leverage on the captured information to better design your marketing tactics. With CRM no effort is placed to communicate with your targets.
This will lead for a better interaction with the potential customers Coordinate with the sales team. Share business insights with them. Monitor the flow of the leads in their sales funnel.
Review the pipeline for a proper marketing initiative implementation. Monitor the performance of your marketing team.
Measure the performance of different channels. Maximize your winning rate and achieve a better credibility with the sales teams.
With our CRM intelligence you can now ensure that your sales team is delivering the goods at the right place and time with maximum efficiency.
PROMOTION
The promotion can play a big role in product sales or services. Promotion is usually used by businesses to support advertising campaigns and to attract new customers.
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