How to Test the Market for Your Products and/or Services

 Shalom.

I want to live on earth as in heaven. I know you want to live on earth as in heaven too. Together we want to live on earth as in heaven.

If all human beings want to live on earth as in heaven, then evil will wane quickly. And that's when peace comes down to earth.

Matthew {6:10} Thy kingdom come. Thy will be done in earth, as [it is] in heaven.

I am happy. You are happy. All humans will be happy. :)

How to Test the Market for Your Products and/or Services

Source image: https://www.pexels.com/id-id/foto/mode-industri-perancang-gaun-3965543/

It is enticing and intoxicating even, feeling of creating the new product service or wanting to share this with the entire world. It is a part of the reason you have decided to get in the business for yourself, the thrill of making something that the world has not seen before. However heady rush of creativity will fast turn into failure if you do not market test.

Why Is Market Testing Very Important

Testing is a large part of finding what works prior to jumping in the idea in the business world. No matter whether planning the postcard printing campaign, totally new business idea, and launch of the new product and service; all the business decisions must get tested before completely exposed to the target audience. By market testing your product or idea, you can save yourself from a lot of expense and bad PR, if it is not popular and required.

Test on the Small Scale

Market testing generally involves taking the small-scale description of the business idea as well as getting your customer feedback. Some people constantly make crazy and new projects to prove –and more likely disprove. However, they hardly build the complicated product at full scale right at the gate. But, they scale this down and build a model that will demonstrate the idea but will not cost lots of money and time if they are wrong. Then they fine-tune this concept before ramping up to a large, and generally explosive, finale. You must market test for the same reason and build the small-scale models. Also, you cannot afford to get wrong on a large scale. Suppose it is a new restaurant venture, then you may have perfected all recipes, but till you know how some people may respond, it is dangerous to purchase everything necessary to open the new eatery.

Goal Practice Makes You Perfect

As an entrepreneur, it’s simple to become a little defensive to your idea. It is a good idea and the world has to hear this. But there is something about the incubation process that will distort reality as well as ruin the perfectly good project. You are exposed to the project for long that you have lost an ability to stay objective about this. Each mom thinks that her child is very beautiful. Each small business owner also thinks their idea is just perfect. But, the reality is it is not perfect, and not yet. And suppose you rush all imperfect ideas to the market, you may not survive the time it takes in perfect things.

Ideas for the Market Testing

But, work on a small scale, know the blemishes that have to get corrected, and you may ramp up the production with a lot of confidence. Not each market test has to be the same; stay creative and do what is good for you & small business. 

Here’re some suggestions that will spark your creativity:

·       Give away the prototypes of the product in exchange for the people answering the questionnaire.

·         Use social media that will solicit ideas from friends online.

·         Cater the event for a local organization that will test the market for your restaurant menu.

·         Send the postcards to select an area with a link to the online survey about the business idea.

·         Run the beta test for the services. Offer discount with the exchange to feedback.

·         Set up the website with product and service described or have a survey at the end asking for the feedback.

But you opt to test for the small business, take criticism constructively. When people have negative things about your idea, then it is because you have created something that has forced them to react. Take an idea you may use, dismiss ones that you cannot, and make the idea the best it may be.

Introducing the new products and/or services without testing the market is just like jumping off the cliff in a sea, blindfolded and unthinkable, treacherous, life-threatening, and risky. Lots of new ideas as well as products are quite successful only because their creators have identified the unmet need in the market & verified the viability of this concept.

Your money and time are very valuable for you--you cannot afford to waste this by investing it in producing the product and service, which fails in a marketplace. The more you have tested the product prior to you produce or sell it, the more likely you can earn the profits and sales you desire. Remember, each dollar that you spend in the market testing can save you plenty f dollars of the losses later in the marketing process. Through right and the vigorous market, you will uncover the following information:

·         Sales figures within the market for particular products and/or services

·         Demand for the product and service in the market

·         What these customers think of your product and service or what they think of your competitors, thus you may capitalize on the strengths

·         Who are your customers

·         How much your customers are keen to pay, thus you may figure out the competitive rate for them & realistic profits

·         Where or how customers buy the product and service, thus you may establish effective distribution & marketing channels

·         How you can position the products and/or services so you take benefit of the unique selling proposition

·         Who you're direct & indirect competition is

·         Which advertising, sales, promotion and display methods are effective

·         Which governmental rules your products and/or services can be subject to the local, state as well as federal level

Here is how to start:

Develop the prototype, model, and description of the product and service that you may show to others. Many ideas for the new products and services do not work for the first time. With the model and prototype, you may photograph this and create a picture of some type and demonstrate this to the prospective buyer. It allows you to try this out yourself to ensure it works out. (Make sure you keep the right notes of all your research; you might come up with a better idea later.)

Know the price you may sell your product for in the current marketplace. You can get accurate prices as well as delivery dates from the suppliers, particularly if you are purchasing any product for resale. Determine all costs that are involved in bringing product and service to market: costs of the offices, shipping, equipment, breakage, loss, transportation, insurance, salaries, and more. Include the personal labor costs in the hourly rate as the cost of doing the business. Ask all your friends & family if they would buy the product at a price you may need to charge.

Go to the potential customer with a sample and/or prototype and ask what he/she would buy. Make sure you call on an individual who makes the buying decisions. Ask them how much he would pay for the product. Suppose people criticize the new product idea, you can ask them why and ask how the product can be modified in order to make it attractive.

Compare your product with many other products in the market. Ask, "Why will somebody switch & buy from me?" You can solicit negative views of others. Never fall in the love with your idea--be an optimistic pessimist just by looking for flaws in the marketing plan.

Visit the trade shows & exhibitions—they are a terrific place for getting immediate feedback on the new product. You may get in the trade show just by signing as a manufacturer / wholesale buyer. When are in, find what is available that is similar and that performs the same function as your product. Some companies marketing the same products may have their own products on the display—take a hard look at what they need to offer. Talk to the product buyers—the sophisticated buyers at a trade show will tell you whether your product is successful.

The only test of the product is the market test, and where you will take your product and service to the customer who will buy this to see he likes them. When you know the cost, make the sales call on the potential buyer. (An ability to sell a product is very important than other skills—it can give you the chance of sharpening yours.) Listen very carefully to objections and comments of a buyer—as their feedback is totally priceless.

Then when you have determined there is a large market for the product--at a price, you will need to charge in order to make the profit--immediately start thinking of the ways to improve the product & marketing. Continually tweaking the plans—then sticking just with the original ideas—can help to ensure the product's success.

When you choose to move ahead with the idea, you will have to start to do market testing on the small scale. Suppose you are creating a physical product, have the prototypes made so people will test this out and give feedback on the design & functionality. On the other hand, if you are creating a service, business online, and mobile app, make a simple and streamlined version or have the people start doing the beta testing, giving thoughts on the interface, overall satisfaction, and ease of use.

If you want to get high-quality articles then please do not hesitate to contact me at richard.nata@yahoo.co.id.

I Can Create the First Page of Google Ranking for $300 per Article. 

Do You Want to Be Number 1 on Google? Hire Richard Nata! 

131 Tips to Increase Your Website/Blog Traffic Fast. 

How to Set Marketing Goals for Your Business

  Shalom.

I want to live on earth as in heaven. I know you want to live on earth as in heaven too. Together we want to live on earth as in heaven.

If all human beings want to live on earth as in heaven, then evil will wane quickly. And that's when peace comes down to earth.

Matthew {6:10} Thy kingdom come. Thy will be done in earth, as [it is] in heaven.

I am happy. You are happy. All humans will be happy. :)

How to Set Marketing Goals for Your Business

Source image: https://www.pexels.com/id-id/foto/pria-dengan-sweater-biru-duduk-di-samping-wanita-dengan-sweater-abu-abu-5922677/

You might have a great marketing plan in your mind, however, have you set any goals, or have you decided how you can measure the success of each effort that you and your team put in?  

Creating this can be very difficult sometimes, however, it's important to align the right marketing goals with the business goals to get the buy-in from the team as well as to know what metrics are required to track it.  By setting the right goals that are measurable, specific, realistic, attainable, and time-bound, you & your team may know what you’re working towards – without any questions.  Firstly, to know what a good goal looks like, we must start with the poorly defined aims.

Some Examples of the Poorly Made Marketing Goals

Here’re a few examples of the goals that require more work:

·         I like to generate a larger email list.

·         I like to rank number one in the Google Page Rank.

·         I like to have more site visitors, sales, and leads.

It is very simple to say you would like to get more leads, however, how many leads you want to attain your goal? How many contacts would you like on the mailing list or what you wish to rank at number one in the Google Rank for?

Examples of the Well Defined Goals:

Here are goals turned into well-defined business marketing goals. (The marketing goals are totally based on the overall goals of a business.)

·         We want to generate two customers from the current client list by using email marketing. We also want to add all the qualified leads to the mailing list. And allowing us to keep the leads warm for future sales.

·         We also want to rank at number one for keyword term named "widget consultant," as we estimate it may generate over 300 visitors to our website every month.

·         We require 20,000 visitors, 12 customers, and 500 leads within the next 12 months from the inbound marketing efforts to achieve the revenue goal of over $600,000 from the inbound marketing.

Effective marketing begins with a considered and well-informed marketing technique. Then you can plan your business goals, vision, and mission. 

You can outlines these steps you want to take in order to achieve the goals. The marketing strategy affects in a way you want to run the entire business, thus it must be developed and planned in consultation with the team. 

It’s the wide-reaching & comprehensive strategic planning option that:

·         Explains role and position of the products or services in the market

·         Describes the business and products or services

·         Allows you to build the marketing plan as well as to measure the effectiveness.

·         identifies marketing tactics you may use

·         Profiles customers and competition

The marketing strategy sets an overall direction as well as goals for the marketing. Therefore is different from the marketing plan that outlines specific actions you may take to implement the marketing strategy. 

If you have the right goals it will make things much easier for you. There are lots of people who know this and keep this in mind.

Write a successful marketing strategy

The well-developed strategy can help you to realize the business's goals as well as build the strong reputation for all your products. The good marketing strategy also helps you to target the products or services to people likely to buy it. This generally involves you making one and two powerful ideas that will raise awareness and sell the products. This is a very important thing and you should keep this in mind in all cases. Once you do that then things will be very simple.

Knowing your business goals

In order, to develop the marketing strategy, you need to identify the overarching business goals, and then you can define the set of marketing goals that will support them. 

The business goals may include:

·         Reaching a new customer segment.

·         Selling more of your products from a certain supplier

·         Increasing the awareness of products or services

While setting the goals it is very important to be targeted so you may effectively measure all outcomes at what you are setting out to accomplish. 

The simple criteria for the goal-setting is a SMART method:

1. Specific - state what you wish to achieve

2. Measurable – You can set the tangible measures and measure your results

3. Achievable - set the objectives that are within your budget and capacity

4. Relevant - set your objectives that can help you to improve aspects of the business

5. Time-bound - set goals you may achieve within the time you want them.

State the marketing goals

Define the set of specific marketing goals that are based on the business goals that you have listed. The goals can motivate you and your team as well as help you benchmark success. 

The examples of the marketing goals include higher market penetration (selling existing products to the existing customers) and market development (selling current products to the new target markets). The marketing goals can be long-term and may take some years to achieve. But, they must be measurable and clear and have the time frames for the achievement. Ensure your strategies are measurable and practical. A good marketing strategy won’t get changed each year, however, revised when the strategies are achieved and your marketing goals are met. You might have to amend the strategy if the external market changes because of a new competitor and new technology, or suppose your products change.

Research on your market

Research is an important part of the marketing strategy. You have to collect information about the market, like the size, growth, and social trends as well as demographics (the population statistics like gender, age, and family type). This is very important to keep eye on the market so that you’re totally aware of any kind of changes with time, thus your strategy stays targeted and relevant.

Profile the potential customers

You can use the market research for developing the profile of customers that you’re targeting or identify the needs. The profile may reveal the buying patterns and include how they purchase or where they buy or what they buy. Once again, review the trends so you do not miss out on the new opportunities and become irrelevant with the marketing message. Whereas you can try to find some new customers, ensure your marketing goals allows you to maintain the relationships with the existing customers.

Profile all your competitors

In the same way, as a part of the marketing strategy, you must develop the profile of all your competitors just by identifying the products, pricing, supply chains, as well as marketing tactics. Use it to identify the competitive benefit - what will set your business far more apart from all your competitors. You also might have to identify weaknesses and strengths of your internal processes in order to help to improve the performance when compared to your competition.

Develop the right strategies to support the marketing goals

List down the target markets as well as a device set of the strategies that will attract & retain them. The example goal can be to increase the young people's awareness about your products. The corresponding strategies can be to increase the social media presence online just by posting regular updates regarding your product on Facebook, Instagram, Youtube, and Twitter; advertising in the local magazines that are targeted to young people; as well as offering discounts to students.

Use '7 Ps of marketing'

You need to identify the tactical marketing mix by using the 7 Ps of marketing. Suppose you may choose the right combination of the marketing across product, promotion, price, people, place, process as well as physical evidence, the marketing strategy is likely to be a great success.

Check your ideas

When deciding your tactics, you need to do research online, test new ideas as well as approaches on the customers and staff, as well as review what will work out. You will have to choose many tactics to meet the customers' needs, reach to your customers within the target market as well as improve the sales results.

Setting Right Marketing Goals

Here are some steps to set the well-defined goals, which are in sync with the business goals:

Know-How Much Of Revenue You Want to Generate

It is simple. Suppose your business has done over $2,000,000 of sales last year. And your CEO said he wishes to grow the business by over 30%. You know you have over $1,800,000 on books for the next year & expect other $200,000 from any other marketing efforts, like trade shows. This leaves you with a gap of over $600,000, which you want to close within the next 12 months.

Understand How Many Sales That You Want to Hit Revenue Goals

Take the revenue gap & divide this by the value of an average sale. For instance, if the revenue required is over $600,000 and the average sale is over $50,000, you require 12 new customers.

If you want to get high-quality articles then please do not hesitate to contact me at richard.nata@yahoo.co.id.

I Can Create the First Page of Google Ranking for $300 per Article. 

Do You Want to Be Number 1 on Google? Hire Richard Nata! 

131 Tips to Increase Your Website/Blog Traffic Fast. 

How to Turn Your Ideas into A Product Prototype

 Shalom.

I want to live on earth as in heaven. I know you want to live on earth as in heaven too. Together we want to live on earth as in heaven.

If all human beings want to live on earth as in heaven, then evil will wane quickly. And that's when peace comes down to earth.

Matthew {6:10} Thy kingdom come. Thy will be done in earth, as [it is] in heaven.

I am happy. You are happy. All humans will be happy. :)

How to Turn Your Ideas into A Product Prototype

Source image: https://www.pexels.com/id-id/foto/kantor-laki-laki-teknologi-pertemuan-3912477/

One of the important steps in inventing process is to create the prototype—that, defined, is the 3-dimensional version of your vision. Creating the prototype also can be the rewarding and fun steps that you will take. That is because developing the prototype will give you an opportunity to tap into your creativity, and using these skills that inspired the invention idea in the first place.  Whether you are making a prototype in the home or hiring services of the engineer, seamstress, and machinist, it is very exciting to see that your idea transformed into something real and tangible.

Thus, what What exactly the prototype must look like? Firstly, this depends on the idea. Secondly, this depends on the budget and goals. Suppose possible, it is good to start with the handmade prototype, doesn’t matter how rudimentary. For example, I have seen prototypes that are made from the simplest of household items: diaper tabs, socks, empty milk containers, household glue, you name it. Suppose it works for initial demonstration purposes, then it is as good as most costly materials. Eventually, suppose you choose to move ahead with your invention, probably you will need what is called a "pre-production" prototype—particularly if you are planning to manufacture this yourself rather than license it.

The prototype provides some other benefits, also:

1.       You have a chance to refine your design. Definite, your idea works rightly in the theory. It is not till you start creating this physically that you will encounter some flaws in the thinking. That is why another good reason to develop the prototype is testing the functionality of an idea. You will not know any design issues or challenges till you start taking the idea from theory and reality.

2.       This can encourage people to take you seriously.  you will get viewed as the professional with purpose when opposed to the inventor with the potentially good idea. You should have a clear idea in mind. Once you do that then things will be much easier.

3.       It makes this possible to test the performance of different materials. For instance, your heart might be set in using metal—till you test this and realize, for example, plastic performs better at a lower cost for the particular application. The prototype stage can help you to determine the best materials.

4.       This can help you to describe the product very effectively with the team, including your packaging and marketing expert, attorney, engineers, or potential business partners.

Developing Your Own Prototype

Now you know that creating a prototype is the important step in the invention process, how do you move ahead and do it? The stage in inventing process is a period of higher learning...and also is my favorite one. I love the creative exploration that the prototyping inspires! It is where your thoughts and words change from " I Can?" to "How I will?"

Making the prototype is a great way you can start bringing the product to life. Keep in mind, they're not any rules! You need to give yourself a little permission to experiment. You can look over your house and select the materials that you may use and test to see in case your idea works out. Suppose you anticipate the product can be made from plastic, there is a great product I discovered that is perfect for creating home prototypes. It is named Shapelock, and this was released in the US market. While heated in a microwave or hairdryer, it gets pliable, type like clay, thus you may mold this any way you want. When dry, this becomes hard plastic. The best part is it is just around $14.95 for a container, and one can reheat this and reuse it again and again.  This is something that you want.

Obviously, your product can be made from many materials and range from chemicals or metals to textiles. While using any of the material, open to the alternatives you might not have considered originally. For instance, you are convinced that you would like to use cotton. Suppose it is a case, then challenge yourself "Why?" Perhaps other material may work better, like stretch material Lycra. And how about using canvas, mesh, nylon, and leather, or what about taking the leap and trying a Neoprene? It is a time to allow yourself complete freedom to explore everything. Put aside the original thoughts--you might end up coming to them, at least then you will know you have made the best decision.

Bringing this to Pros

When you have developed the prototype, it is time to think of hiring a professional who will help you with the next steps. They're a lot of avenues you may take at this stage. Complexity & materials used in the specific product can help to drive this decision. The budget may be the consideration-- handyman and machinist, for instance, will charge very little for an hour than an engineer, and the services might be sufficient if the design is straightforward.

Suppose you decide to go with the professional prototype developer, then there are some ways you can find them. I have found a prototype developer at Yellow Pages or the internet because at that time I did not know what resources were accessible.  You must also do your own research and consider some new technologies. For instance, when prototyping my plastic products, I have discovered a new method of prototype production, which saved me plenty of dollars. It is the process named rapid prototyping that uses a technology named stereolithography. This allows you to have the plastic prototypes made fast from the computer-aided drawings by a large tooling machine, instead of from the expensive injection mold. Fast prototypes will cost some hundred dollars (depending on the complexity), but they are often the bargain considering alternatives. For instance, creating the injection mold for the product in the United States will cost $10,000 - $100,000.

The prototyping stage is the best time you can use all the untapped creative ability as well as to explore all possibilities available in the market. Never limit yourself to any preconceived notions—no matter whether this comes to the material use or types of the professionals that you may consult—or explore a lot you can when you start bringing the product idea.

Ensure You're The invention isn’t Patented

Because you have never heard about your invention ideas earlier, it doesn’t mean that you are the first person to come up with them. Thus, you must first conduct the patent search. Suppose somebody else may lay claim of coming up with the idea before you, then they will lay claim to money from sales.

 

    * Carry preliminary patent search. You can visit the Patent & Trademark Office site and search if anybody else has patented your idea. Also, you must do it without a lawyer.

    * Look for prior art. Although no patent is filed, if any design or artwork illustrations related to your invention exists, then you likely cannot patent it.

Do Research to Ensure Your Idea Has Market

It is simple to like invention ideas or just assume that other people will fall in love too. However, the only way you will know this is by doing thorough research on the market. You can ask what the potential customers want & LISTEN. Knowing what people are keen to spend their money on can give you the confidence to move ahead with the idea. This is a very good option. Once you research well things will be very easy.

Make Prototype (prove your idea will work in the real-life

To next step is to complete the working model of a product. The process is essential to work out flaws or come up with new features. Do not file the patent till you have completed the prototype, says Gibbs. Also, you will not own rights for any changes that you make in your invention just after filing the patent, thus it is very important to ensure you have got the product that you are very happy with.

·         Sketch. In order, to start the prototyping phase, illustrate your ideas in the inventor’s journal.

·         Model. Create a full-working model.

·         Mock-up. Build a 3D model of the design using any of the materials.

File Patent

There’re 2 main types of patents: utility patent (for the new processes and machines) or design patent (manufacturing new and non-obvious designs). Whereas you can start a patent application yourself, don’t file this without the help of the patent lawyer with the right technical expertise. Suppose your invention is worth money, then others eventually will infringe upon the patent. Hiring a proper attorney helps to ensure that your patent is completely protected and you can avoid costly legal battles. When you are sure there is the market, you have built the prototype and filed a patent, next step will be fleshing out the business plan.  So if you have a good product, get yourself protected by filing a patent. Once you do that then there will be no problem.

If you want to get high-quality articles then please do not hesitate to contact me at richard.nata@yahoo.co.id.

I Can Create the First Page of Google Ranking for $300 per Article. 

Do You Want to Be Number 1 on Google? Hire Richard Nata! 

131 Tips to Increase Your Website/Blog Traffic Fast. 

How to Create the Value of Your Product and Services

 Shalom.

I want to live on earth as in heaven. I know you want to live on earth as in heaven too. Together we want to live on earth as in heaven.

If all human beings want to live on earth as in heaven, then evil will wane quickly. And that's when peace comes down to earth.

Matthew {6:10} Thy kingdom come. Thy will be done in earth, as [it is] in heaven.

I am happy. You are happy. All humans will be happy. :)

How to Create the Value of Your Product and Services

Foto oleh Anna Shvets dari Pexels

People purchase based on quality and not on price. That is what you have heard marketers say? Well, it is true. People buy based on the value so in case you wish to sell more then you need to know what value is. You need to think of the value as the equation. The value equals perceived benefits over the price. Thus if know your algebra then you know suppose you increase perceived benefits of the product/service or hold price constant, then your value may increase. Conversely, suppose you increase the price without increasing the perceived benefits of the product/service, the value will go down. Thus, your job as the business owner is to increase the perceived value of the product and service to a point that it becomes irresistible. 

Here’re a few ideas you can do that:

1.   1. Put a value on premiums/freebies that you will include in an offer, but stay careful do not to bloat the value. As people can see that. Place the values on premiums that are quite reasonable.

2.   2. Ensure you sell resulting advantages of using your service or product rather than features. But you need to be careful. Keep in mind that the benefits you will emphasize should be very important to the prospect. Suppose they’re not, then they are not benefits.

3. 3. Have third-party people or experts give their comments on the product and service. Listen, there is the reason that over 50% of the air time of many infomercials are customer testimonials. People who would like to hear credible and unbiased options on the product and service.

4.   4. Possibly, provide one trial run of the product and service to your prospect so that they will feel their benefits themselves.

5.  5. Try and implement the mechanism for telling the “whole story” about the product and service. You may do this by using the recorded phone messages, video or audio CDs and tapes, or long-form letters, and content-laden sites.

Whenever you take the time to build perceived benefits of the product and service or give proof that these benefits exist, then your sales will increase dramatically so look over the products or services and ask, “How I can use such tactics to increase perceived benefits in using my product and service.”The concept of value-added selling is the popular one for many years. Actually, I have many friends who claim they’re inventors of a concept known as value-added selling.

The real issue is that in the market place today where a lot of products or services are seen as the commodity, an ability to add a little value to the product and service is the absolute necessity. There’s not any doubt that in absence of the value-added components any product and service is driven down to the bottom line – price. Because when you are selling price you cannot sell high margin sales & that is where the profitability and long-term growth or sales success resides. Let us take a look at some ways you may add value to the product and service doesn’t matter what you are selling. Many times people will argue by saying that you do not understand, as my product is very different, and my service is also different. The truth is everything will have the value-added. Thus, let us take a close look at some specific ways you may do that.

·        - Bundling & packaging.  I am not just talking about the way your service and product actually looks, I am talking about putting together all desirable packages, buying levels, and a series of some added benefits, which are important in the value and are much more valuable than a product itself.

·       - Providing some expert advice and a tremendous level of professionalism. Plenty of consulting organizations, medical professionals, and accounting firms are paid a tidy sum for the level of advice they provide. But, as the sales professional, to provide value, you just have to understand that you need to provide a level of advice, which is a bit higher, sophisticated, and much more valuable than your competition. What it means is a higher level of sophistication, understanding, and wisdom about what it’s that you do.

·        - Frequent programs. It is tied in the concept that more somebody buys from you more valuable service, costing, benefits as well as related items that they receive. It’s like the frequent flyer that miles with the airline. People who fly thousands of miles out of the way to stay at one particular airline just because they like to build up miles!

·        - Service levels. It’s possible to differentiate yourself by not just providing a higher level of the service but also adding different service levels based on someone’s size, the amount of the purchase, and frequency. For instance, you might want to have the gold or silver, or platinum levels of the service that many people qualify for, and are also keen to pay for, or receive whenever they do business with you.

·        - Recognition & reward levels. It is a bit different from the frequent buyer programs in that with the particular concept behind the value-added you give recognition to the clients or the customers based on the ability to use your product and service, maximize the potential, buy some levels from you, and more. What it means is they themselves will be recognized for being an outstanding customer. Many years before we included the Hall of Fame in our newsletter and had many clients interested in appearing or becoming part of the Hall of Fame. It is a fantastic way you can use good relationships & goodwill.

·        - Transition & education. As the new customers come to the stream with your business or organization, you might have to provide action and transition teams that will help them to utilize your products and services that you want to sell them. By the same token, the more education that they have about those products and services more capable they will be in utilizing them.

·        - Dedicated personnel. It works very well if you have the technical product and service and one that needs support. It’s not difficult to know that more somebody is familiar with other person’s products, account, equipment, machinery, a way of doing the business, far it is easier to do the business with that firm. In such a scenario, you just assign the dedicated account people for handling the customer’s accounts personally.

·     - Qualitative preference. This is based on the level of purchase, interaction, or involvement, you give a higher quality of the products, maybe the sophisticated level of the service, dedicated fax lines, phone lines, dedicated personnel, or like, it gives them the higher opportunity to get treated better than run of a mill consumer happens to be. Also, you can use it for the introductory customers as the value-added component.

·        - Insider information. It is common when the people are selling their information since it relates to the bonds, stocks, financial information and anything related to the information and time-specific data. Using such a process that you might want to consider the regular newsletter (printed or electronic) that updates the customers on a regular basis since it relates to important information they need to have.

·        - The speed of the service and delivery. One important way of differentiating yourself is guaranteed some type of faster or on-time delivery. It is known & accepted that in-time delivery is a key component in charging full and maximum pricing. It’s the component since it relates to offering value-added products and services.

These ways to add a little value can be applied in your daily sales activity. There’s a little doubt that this requires innovation, creativity, and willingness to work for your competition. However, the sad truth is supposed you continue in selling a way you have, the price may continue to rule & I guarantee that you will have the competitor that can take these ideas & put this in the proper place.  The price that you charge for the product and service is the important business decision that you make. The setting price that is very high or very low - at best – will limit the business growth. This can also cause some serious problems for the sales and the cash flow.

Suppose you are starting a business, then carefully consider your costing strategy before you even start. Established your businesses will improve profitability through regular costing reviews. Whenever setting the prices you should ensure that sales and price levels that you set may allow your business to get profitable. You should take a note of where the product and service stand while compared with the competition.

The guide shows how you can build a pricing strategy or how to work on your pricing and costs to ensure your business is highly profitable. It looks at the different costing tactics & changing your rates.

·        Covering fixed & variable costs

·        Difference between the cost and the value

·        How to build a pricing strategy

·        Cost and value-based pricing

·        Raising and lowering prices

·        Different cost tactics

If you want to get high-quality articles then please do not hesitate to contact me at richard.nata@yahoo.co.id.

I Can Create the First Page of Google Ranking for $300 per Article. 

Do You Want to Be Number 1 on Google? Hire Richard Nata! 

131 Tips to Increase Your Website/Blog Traffic Fast.