First Design Of Product Or Services (TenSci)

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First design of product or services (TenSci)

Actual wants of customer for the products offered by the organization are necessary to understand, to target the needs of potential customers. It is required to be effectively connected with potential customers and gain information about their needs. This information can only be taken from competitors which are providing the best services to customers (Ascarza, 2018). In result, this market research provides the organization missing aspects of the product, which are lacking some features that give a competitive advantage to other leading product and services providers. Proper research on competitors gives information about the customers and their demands and it also helps to find out the competitors dark spot which should be targeted first (Backiel, Baesens, & Claeskens, 2016). A cheaper method of advertising strategies should be used to attract the targeted potential customers which includes Google, Facebook, and other social media networks. The most common strategies used by the companies for the advertisement includes bus stop commercials, billboard, etc. (Ma, Liu, Wu, & Chen, 2015). This targeting strategy are helpful to create value for customers, which are interested in products or services based on demographics, geographical locations (relationship status, education, age, and gender) and interest. Cater to the demands of potential customers, it is required for a company to respond to every phone call, Facebook comment, Email, and Tweets of customers. Another way to know about the needs of ideal buyers is to conduct the product messaging thorough marketing campaign. These marketing campaigns are helpful to know about the exact needs and demands of the customers.

It is not difficult to look for ideal customers because while targeting the market, it is not necessary to target all customers. It is more important to know about the reaction (relieved, scared, sad and happy) of customers after using your product. It is also required to narrow down the focus on the ideal client rather than every man, women or baby boomer. Few products should be specific that satisfy the needs and demands of the customers. Targeting strategies should be viable to create value for the customers for attracting clients. It is also necessary to keep the follow up to the needs and demands of the customers. Great conversations should be conducted with the customers to know about their needs and demands. Instant decision making by the customers is very common and those customers don’t need much effort in convincing them for the purchase of the product. This is important for a company to deal with that impulsiveness in the customers. Some customers want a discount for the purchase of any product and they don’t want to buy that product at full price. Provide discount customers attractive deals in which discount is offered to attract them (Hajian, 2017).  Some added values can also be offered to satisfy the demand for the discount customer. It is also very important for a business to enhance the loyalty of the customers; this creates a significant impact on the revenue of the company. The business can grow through the word of mouth. Loyal customers are very helpful for a company to grow the business by recommending the company product to their family, friends and other people around them. This creates a healthy stream of new customers with great loyalty. Benefits associated with the product or services are the reason for a customer to buy that product. These benefits include affordability, ease of use and safety on their usage. Customers are always attracting to those products and services which are easy to use. The distinctive features of the product from other products in the market is also helpful to create value for the customers. The uniqueness of product or services of a particular product can the organization apart from the competition. This uniqueness of the product is helpful for an organization to gain a competitive advantage in the intense market (Ku, & Ryu, 2016). 

References

Ascarza, E. (2018). Retention futility: Targeting high-risk customers might be ineffective. Journal of Marketing Research, 55(1), 80-98.

Backiel, A., Baesens, B., & Claeskens, G. (2016). Predicting time-to-churn of prepaid mobile telephone customers using social network analysis. Journal of the Operational Research Society, 67(9), 1135-1145.

Datta, H., Foubert, B., & Van Heerde, H. J. (2015). The challenge of retaining customers acquired with free trials. Journal of Marketing Research, 52(2), 217-234.

Hajian, M. H. (2017). U.S. Patent Application No. 14/963,858.

Ku, Y. B., & Ryu, H. H. (2016). U.S. Patent Application No. 14/851,133.

Ma, G., Liu, Q., Wu, L., & Chen, E. (2015, May). Identifying hesitant and interested customers for targeted social marketing. In Pacific-Asia Conference on Knowledge Discovery and Data Mining (pp. 576-590). Springer, Cham.