Inconsistency is one of the most fatal flaws in the business world. Without a solid base of principles on which to build your company, it will be difficult to make the best decisions for the company, marketing efficiently, and develop the general feel of the business.
Things to Consider When Developing Company Principles
There are several aspects that you must consider when developing consistent company principles.
Marketing your Products or Services Appropriately
Who is the target audience to whom you will be marketing your products and services? It is important to pick a target and stick with it; otherwise you will confuse the consumer base. If you create a product that is meant for teenagers, you must consider that in your marketing techniques, pricing, distribution channels, etc.
Differentiating Yourself from Your Competitors
How will you stand out against competing products and services? If you own a paper towel company and start out by saying your towels absorb more than the other leading brands of towels, you need to stick by your argument. Make sure your towels remain the most absorbent and incorporate the competitive absorbency into your overall marketing campaign.
Understanding Your Consumers Needs
What will you sell/what services will you provide? If you decide to market to small children, you should pick a product that will interest them: toys, games, etc. Don’t pick a product or service that does not match the company’s primary target. Additionally, if your company is based on fun, you should make sure to consistently sell fun products.
What will your message be and how will you share it? There are so many different methods of communication, TV, billboard, Internet, etc., that it can be difficult to choose which to focus on. There are different creative advantages to each and you should choose carefully which you pick. If you’re opening a car repair shop, it might make sense to choose the billboard route so that the target audience (consumers with cars) can clearly see the message.
Product Pricing Plans
How will you price your product? If you are targeting the teenage audience, marketing a high-priced item does not make sense. Price the product based on the audience to achieve a maximum rate of consumption.
Distribution Channels are Key
How will you distribute your product or services? Pick a distribution channel that makes sense for your target audience. For example, the elderly are not going to want to walk around a busy shopping center. Consider your company principles as well. If your company prides itself on convenience, offering your product online might be a good choice.
Good Customer Service is Imperative
How will you handle customer service? Consider delivery options for stores based on convenience, personalized service for stores based on individualization, etc. Customer service is one of the most defining parts of keeping a steady customer base, so always keep your target values in mind.
Pick your core values, always keep the aforementioned aspects of business in mind, and keep consistent and you’ll have satisfied and comfortable customers that will keep coming back for more.
Sources Cited: www.marketingpower.com