Three reasons why you should rejuvenate your product

You have established a new product. You marketed it very well to an extent that its sales have increased drastically and you’ve earned a huge Return on Investment (ROI). At a later stage, someone comes and tells you to add new features to the very same product that has made huge returns. You might be thinking…Is this person crazy?

I’m not mad at you for thinking that way, but let me give you 3 reasons why you should rejuvenate your product, then the choice will be yours.

  1. Customers like trying new things

Just like kids, customers get bored by one thing all the time when there is an alternative. No matter how strong the relationship you have with your customers, the minute they see new product features with better performance, they are likely to switch to that product. So it’s best if you get to be the one making a change before your competitors do.

2. New competition is coming against your product

Someone, somewhere has seen your product. He analysed it and tried to figure out how they can make it better. When the answer to that has been found, they copy what you have done and add new features that are better than the ones you’ve added to your existing product. As mentioned previously, customers will easily switch to an advanced product without hesitation.

Another thing, people are always looking for ways to make money. Once they see an opportunity in a product similar to yours, they quickly jump to it. Some are likely to monetize their passion and your product might be matching with it.

3. The Marketplace is constantly evolving

Given the new technology, business and app developers are always coming up with new trends that match with the current times. If you want your 10year old business to continue existing, you better adapt to new trends in your industry. All of that involves adjusting your product and try to make it look new all the time.

The moment you see your sales decreasing drastically, opt for product rejuvenation. Make your product better, quicker and up-to-date.

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When is Marketing Needed in Business?

Five Situations where Marketing is Needed

You were brave enough to turn your great ideas into action and came up with your business. You love your business so much and you want to see it growing. You know that the growth of your business depends on marketing. But, when do you really need marketing?

When most people start a business. Marketing is the last thing in their minds. They only think about it when they are ready to make sales. In this blog I have compiled five situations when marketing is needed from start to infinity…

  1. When Your business idea pops into your mind

The moment you see a gap in the marketplace and the moment you decide to do exchange relationships with your audience, is the very same moment marketing comes in. Marketing is the mother of your business. It starts when your business is born, and it lives with it forever.

  • When the Idea seeks Development

Here you want to develop your idea to its physique. That is, turning it into something useful. You start planning your business. Doing things like digging deep into your intended business, finding out who you want to serve, how you will serve them, and perhaps the pricing strategy. That is marketing on its own. It is called research marketing.

  • When your business needs to appear in the public eye

Now, you have done all the thinking, it’s time to give your target a taste of what you’ve been cooking. Launching your new product requires a lot of marketing activities such as promotions, selling, advertisements and public relations. At this stage, marketing must be aggressive.

  • When your Business grows

To ensure that your business is not in one place, you will have to stay ahead of your competitors. Find out what they do differently from you and see if you can make it better. This is called competitor analysis that also forms part of research marketing. This situation needs a lot of maintenance with consistent marketing.

  • When your Business is Old

People are always looking for ways to get money, some are looking for ways to monetize their passions. So, no matter how unique your business is, in years to come there will be people offering the same services as you, even better.

This means more competition for you. With more competition on your side, rejuvenating your product becomes the best option. You will then need to do a number of marketing campaigns, showcasing new product feature, new performance, and new benefits.

With that being said, marketing is needed all the time in your business. Basically, your business should be marketing first and marketing last.

Traditional Marketing versus Modern Marketing

Ever heard of these two concepts? Ever wondered what they are or what’s the relation between them? Well, you are not the only one. This topic is debatable among many people. In this article, you will discover the differences and similarities between these two concepts, then you will get to choose what works well for your target.

Traditional marketing is the oldest concept which existed for many years. It is the process by which companies promote and advertise their offerings to a very large group of customers without identifying their ideal customers. On the other hand, modern marketing focuses in a small group of customers and put its promotion and advertising efforts only to that group. Unlike traditional marketing, modern marketing engages more personally with customers.

Traditional marketing includes promotional and advertising methods such as radio and television commercials, Magazines and newspaper ads, letters, brochures and similar material. Modern marketing consists of communication methods that reach customers faster. For example; Mobile apps, websites and social networks (Facebook, twitter, google+).

  • Traditional Marketing Act

The traditional marketing act consists of three concepts namely; Production concept, Product concept and selling concept. Let’s look at them closely:

  • Production concept

This concept happened way before companies realise the importance of heavy marketing. They focus more on producing their products and wait for customers to knock at their door to buy whatever is available in store.

  • Product concept

Here, companies believe that high performance, high quality and great features in their products will definitely win the hearts of customers. Therefore, they put more effort in product improvements.

  • Selling concept

In the selling concept, companies are product-oriented. They search for buyers and sell what they already have in store. Most of their efforts goes to promoting and selling aggressively.

  • Modern Marketing Act

Marketers now have to work extra hard before they can sell. Here are some of the modern marketing concepts:

  • The Marketing concept

The marketing concept says the knowledge that the company has about its target customers determines its profit. The more knowledgeable it is about target customers, the more sales and profits it receives. This means understanding customer needs and wants in order to satisfy them.

  • The societal Marketing Concept

Societal marketing concept brings the idea that whatever you choose to satisfy your customers with must again be able to maintain and improve both the consumer’s and society’s well-being. For example, if you carry some goods using a plastic from the shop, it must then be recyclable.

With that being said, traditional marketing and modern marketing are different acts from different times. They can both be used but one has to be dominant over the other. It all depends on your target customers. For example, if you are targeting local customers, it makes sense to use billboards and posters (which is part of traditional marketing), and if you want online buyers, you can advertise on your website (which is part of modern marketing).

Modern Marketing Defined and What Makes It Better

The marketing concept has been alive for a very long time and it is constantly evolving. At first, organizations did not see the importance of marketing. They were only focused on producing and making a sale. In today’s world, marketing is the most important philosophy for any organization. This is where modern marketing comes in.

In modern marketing, Customer needs and wants are prerequisites to company’s satisfaction.

First, what is Modern Marketing?

Modern marketing is a process by which companies or organizations attract their prospective customers by promising them a good value proposition and, creates loyal customers from the existing ones by keeping them satisfied at all times. In modern times, customer needs and wants are prerequisites to company’s satisfaction. Meaning, the companies must first invest time in identifying and understanding target customer’s needs and wants before they can think about making a sale.

Modern marketing consists of new marketing approaches such as social networks, mobile apps, imaginative websites, internet chatrooms, online listings, etc. These approaches aim to reach target markets in a friendly manner. Not only do they reach markets in a friendly manner but they answer the questions “How can we reach our customers, and how can our customers reach us?” Now, we can easily tell that modern marketing is customer focused.

Next, why is modern marketing better?

Customers have a lot of market offerings competing for their attention. Inventors and businesses are always coming up with fresh ideas, new products, services, information and experiences. All of that can be a bit overwhelming to customers, since they are the ones capable of choosing the right offerings for themselves. So, the arrival of modern marketing has put them at ease. They are now able to form expectations about the value and satisfaction that these offerings can deliver, and then they buy according to that.

Modern marketing is also helpful to companies. The more the competition, the more they strive to make better products for their customers, which in turn results in customer loyalty and retention. Not only does this help companies, but the economy as a whole.

So, next time you tap into marketing, just think “Modern Marketing” and be ready to unleash your business’s potential to the correct target market.

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