“Nitin went to a grocery shop to buy some stuff for his monthly ration. His total bill comes out to be Rs. 1,565. He gives the shopkeeper an amount of Rs.1600, and the shopkeeper returns Rs 40 as a change since he didn’t have Rs. 5”.
What did just happen? The shopkeeper compromised 5 rupees for the customer in order to deliver the customer, the products. Such incidences are quite common in our everyday lives and if you have noticed it carefully, customers rarely compromise, but organizations do it often.
Every company’s prime motive is to sell their product along with winning customer confidence and earning money. Therefore, as an entrepreneur if you compromise a bit on your part to reach back to your customers, then trust me you are doing it the right! When you reconnect with your customers, you need to work upon little things at your end so as to attract customers who failed to convert in the past.
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This article is an attempt to tell you how compromising on a few things while Remarketing can bring you new business. Here are the 3 major ways:
1. You compromise on your price or offer discounts
Often businesses try to set high prices in order to earn more but this leads to relatively high competitive prices. The price factor is important to consider your product, when you introduce it in the market. In fact 80% of the purchasing decision is driven by competitive pricing. It is usually the price of the product which decides the purchasing power of the consumer. This means the more is your product price, the less will be the purchasing power of the customers and vice-versa.
Remarketing, gives you the opportunity to reset your product price, thereby compromising a bit on high prices and in turn fixing a legitimate amount so that the purchasing power of the customers automatically increases. This technique of price compromising helps you to widen your clientele base.
2. You compromise by investing more on your product
No matter, how much the price of your product is, if the quality experience of your product is bad, a customer will never come back! In fact, 56% of the customers are driven by the product quality. This could include the durability of the product, what customer requirements it manages to fulfill and so on.
With Remarketing, you earn a chance to rethink and redesign your product and improve it thereby, matching the customer wants. Warning: This may include a lot of investment at your end. Understanding your customers requirements and then reconstructing your, takes your effort and cost. Remember! The customers want more and more benefits in less cost possible. Therefore, you need to balance that out by compromising on your profit margin and delivering as much quality as possible.
3. You compromise by not listening to your employees only, but also customers
Before I extend this point of argument , let me begin with a question, “Whom are you making the product for?” Well, the answer is quite simple! The end goal of your product is to satisfy the wants of the customers. But usually we discuss the product strategies among our employees, rather than asking our customers’ feedback. Correct?
So here’s your chance: Remarketing helps you to reach back to your customers and ask them about what they expect out of your service and accordingly you’ll be able to proceed with your marketing strategies. I know this needs a lot of effort and time, but if you really want to excel with your product among your customers, trust me this is the right way!
We usually say that too much compromising can land you up in trouble. But, Remarketing allows you to do this in just the right amount so as to generate more and more customers, therefore increasing sales!