Promotion of new or modified products, to overcome the crisis.
Posted on November 24th, 2022 Tags :
As promised, this is the 2nd follow-up article of the original article “Consumers are Angry”. Today, I’m going back to the basics of marketing.
We face various market challenges in today’s business world. Some are seen before and some challenges are brand-new; never experienced before. However, ‘the show must go on’, we all need to maintain a growth momentum to secure our future in the market place.
When you analyze the business operations of businesses big and small, in the recent past, many have diversified into new business areas in order to sustain. Many entrepreneurs have re-invented their business model or have entirely changed the business sector they were in.
While the challenges we faced recently may be brand-new, the theory for business growth around the situation remains an age-old concept. And the marketing theory is nothing but the ‘Ansoff Matrix’. However, I’m not going to explain the theory here because, I know that many of you know it well enough. Also, for those who have forgotten to consider it in your recent short-term marketing plans (around the crisis), you are still not too late!
Large organizations can take high risks (as the theory suggest) and diversify. But what can the SMEs do? That’s where the thinking caps should come on. I was surprised by some of the product development and market development strategies some small brands have come up amidst the crisis. It is quite common to hear how many SMEs are reaching overseas markets (knowingly or unknowingly) as a market development strategy. In many cases, such market reach is becoming more and more accessible thanks to the digital market space. Also, the increased dollar (exchange) rate is attractive for small businesses who charge in dollars for their services to foreign clients. Furthermore, it will have some impact on our country’s trade balance as well.
Lastly, think about your product development strategy to overcome the crisis? Have you modified your product/service to fit the current market conditions? Or have you found a gap, the new market conditions have created, in your sector, for your business to satisfy and earn profits from it?