MARKET
"Common sense marketing rules"
Prasanna Perera
In the present challenging business environment, common sense is an
essential attribute. Unfortunately, common sense seems to be so
uncommon. Businesses have forgotten the basics and try out fancy
strategies, only to fail. So in this article, my endeavour is to
encourage businesses to practice "Common Sense Marketing."
Prasanna Perera |
Common Sense Marketing - Rule No I, the product or service marketed
needs to be of acceptable quality. Quality as determined by the target
customer. Don't go overboard with , specially in inflationary economies.
Consistency of quality is really important. Common Sense Marketing -
Rule No II, spend marketing budgets wisely. There is no room for
wastage, as resources are invaluable. Let us not forget that
word-of-mouth (WOM) and Word-of-mouse (WOM) are still the most effective
methods of generating publicity. This method of publicity is virtually
free! Common Sense Marketing - Rule No III, ensure regular product
availability. (Right product, right place, right time). Hence, a good
distribution and selling strategy is required. Product non-availability
is a major lapse in competitive markets. Common Sense Marketing - Rule
No IV, no sale is completed until the payment is received. In today's
context we find marketers not paying adequate attention to collect
payments. Needless to say, this will lead to financial issues. If credit
facilities are granted in any form, a collection plan is required.
Common Sense Marketing - Rule No V, price increases are inevitable
and are part and parcel of doing business. Marketers should not be
afraid of price increases but points. Common Sense Marketing - Rule No
VI, awareness about competitors and their activities is really
important. If any marketers are found wanting in this area! Competitors
and customers are vital elements in any industry or market. Marketers
need to keep track of competitors, through a competitor intelligence
gathering system. Common Sense Marketing - Rule No VII, understanding
the balance between price and quality is essential. Delivering the
correct value proposition is really common sense. But across many
markets and industries, value is being destroyed or unnecessary value is
being delivered.
Common Sense Marketing - Rule No VIII, excessive discounting is
counter-productive. Customers get used to it and it is virtually
impossible to reverse discounts. Further, discounts reduce profit
margins. In discounting, quantity is the name of the game. (Quantity
discounts)
Common Sense Marketing - Rule No IX, understanding of customers and
their needs are really essential. In the rush of achieving targets, the
customer focus is sometimes lost.
Keep customers under the radar at all times. Know their present and
future needs and understand their behaviour. Common Sense Marketing -
Rule No X, regular communication with customers is another essential
aspect. Out-of-sight leads to out-of-mind! The "pull" aspect must be
balanced with the "push." In this brief article, I have addressed 10
common sense marketing points. Keeping these aspects under focus is
important for marketing success."Don't make Common Sense uncommon." |