Promote experiences (not things)
Selling “stuff” limits your ability to compete on price or specs. Because people are willing to spend more money on experiences, you can charge a higher price if you’re selling a great experience, and customers will be happy to pay for it. Therefore, always remember to sell experiences instead of things.
For example, Patagonia offers outdoor clothing, but if you look at their marketing efforts (such as their website or Instagram), you’ll find that most of their images are of people having fun outdoors—there are no product shots. that are found. Another example would be the Bitcodes trading platform. It grew in popularity just because of the amazing trading experience it provides to investors.
Cannibalize the goods or services you are providing
Cost cutting is frequently used by failed organizations to make up for lost revenue, however it is usually a Band-Aid (temporary) solution that does not treat or cure the underlying problem. The best strategy to regain your product’s competitiveness is to occasionally launch a new product or service that directly competes with your current range of products/services. The bottom line is that you should think about cannibalizing your current products or services if your sales are falling and you’re constantly losing market share.
Introduce a free trial (if possible)
Without a doubt, a funnel that offers a “free trial” will convert more leads into paying customers than one that doesn’t. How come this is the case? The free trial significantly reduces this risk in the eyes of the customer and allows you to prove that your product is superior to your rivals. A great example of this is the trading platform. bit codes which provides a demo feature to its users so that people can practice trading and experience the market dynamics before investing money in it.
The truth is that free trials work because people are more inclined to keep a product they use for a longer period of time (buy it).
Paid advertising often gets a bad rap, but ineffective marketing efforts are usually the result of inadequate planning and execution, not inefficiency of the advertising channel.
Since paid advertising is the closest thing to a “shortcut” in marketing, it’s generally not a good idea to employ it in your strategy. Advertising and other paid marketing tactics should be part of your marketing mix and growth strategy if you want fast results.
Avoid “price wars”
Your ability to maintain a minimal profit margin is directly related to your ability to prevail in a price war. Unsurprisingly, big brands and established companies frequently prevail in price wars, making it a viable strategy for them. The last option for everyone else should be to engage in a price war.
Stagnation is a part of establishing a business. It can happen to anyone, sooner or later. As a business owner, you need to make sure you don’t let stagnation prevail any longer. Give compliance and governance top priority and follow the 5 tips above to get out of this phase as quickly as possible.
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