In the IT sector today, dozens of new and innovative devices are gaining a competitive advantage. Many companies are designing more and more sleek, elegant products that serve their clients needs. While these companies are primarily focused on meeting the market’s demand and operating like a product development house, they need to start operating more like a full-service business. This is necessary even more in geographies like Europe, where the consumers’ trust lies largly within a companies reputation and market perception.
A large portion of capital is invested initially in a new business venture in the product reserarch and development stages to market the first successful product. To drive awareness and sales, companies also invest in marketing efforts (e.g. website, collateral, online ads, tradeshows) and appoint sales teams where needed. However, when a new product enters the market and begins to gain attention, competitors are quick to move and right behind every step. With more competitors entering the market, consumers soon revert from their impulse buying habits and begin comparing products, which leads to slower sales. Companies need to reposition themselves in the market to adapt to the market demands, their consumers changing needs, and their competitors next move. But how can companies stay one step ahead of their competitors?
You can begin by looking into your customers expectations, demands and buying habits. Start by:
- Identifying and segmenting your clients by personas or titles, and conducting market research
- Engaging your clients on a segmented or individual basis on pertinent topics, challenges or interests
- Creating solutions that meet your clients demands with existing and new products or services
- Making it easy for your clients to shop online, select, purchase and use new offers with logical packaging
- Developing a friendly relationship, follow-up periodically with cross- and upsell opportunities and offer incentives to long-standing, loyal customers
Companies will need to reallocate their funds from, soley focusing on the product, to incorporating other marketing-centric efforts that fous on their customers. Sales-supporting functions, such as business development, customer and data prospecting, localozation can be outsourced to reliables partners to ensure your fast-growing company focuses on its main goal – sales.