One of the key ingredients of success in the business world is pricing products and services correctly. Pricing what you sell correctly will boost your sales and create a foundation for your enterprise to succeed. When you implement the wrong pricing strategy, you will create huge problems that your enterprise might fail to overcome.
Read MoreTopics: Marketing, Business Management, Retail
Brand awareness is the extent to which customers recognize your brand name when seeking out a product. For example, have you ever asked for Coke when you just wanted a soda? Or Tylenol when you just needed a painkiller? You might not be poised or planning to take over the world like these two brands, but building brand awareness can be as simple as ensuring customers know your business, choosing your product over others that might be cheaper, or searching for your specific business or product name online.
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Designing and manufacturing a great product is crucial to your business being a success, however, it’s only half the battle. In order for your business to make significant sales and generate real profit that will allow your company to grow and evolve moving forward, you need to ensure that your product is easily accessible and is put in front of as many eyes as possible. For many retailers, the best way to achieve this is to get your product into the stores of the big-box retailers.
Read MoreTopics: Marketing, Packaging Design, Retail
First and foremost, people are willing to pay for the best. If you already have a strong brand reputation for luxury products it is easier to launch additional products. When you are an unknown brand you have to build a “high end” image and reputation. Existing brands moving into luxury category have a head start but still have to consider how to effectively add the luxury price category to their reputation.
Read MoreTopics: Marketing, Packaging Design, Market Expensive Products, Luxury Packaging
Growing is essential to your business. So, why wait for sales to level off? You should find ways to increase your sales to be on top of your game. If you are not growing, you are losing new business opportunities with your competitors being constantly ahead of you. COVID has changed the equation of sales in 2021.
Read MoreTopics: Marketing, Business Management
Running a retail business is hard, regardless of whether your store is online or in-person. The industry continues to change as technology pushes forward and stores stay beholden to customers’ expectations that also change over time.
The past year drastically changed how customers view and interact with retail shopping in everyday life, but there are ways to work with the recent changes rather than fighting against them. The typical landscape of retail businesses might be different from what we knew a few years ago, but that is not necessarily a bad thing, as change can bring new opportunities or avenues that you might have never considered otherwise.
Read MoreTopics: Marketing, Ecommerce, Point of Purchase Displays, Retail
When sales of your product start dwindling, your first thought might be to find a way to reach out to a newer, different audience. This is especially true of larger, established brands that in the past have seen strong sales within a loyal consumer base. It may appear by connecting with a whole new base may provide the seed for a future turnaround.
Read MoreTopics: Marketing, Business Management, Brand Loyalty, Retail