How to create a market for a product is an important skill that all entrepreneur should have
This skill is very rarely available in books and is usually obtained from a series of business experience.
Well, in order to meet the need for ways to create a market for your business products, this post going to explain with an example.
How To Market a Product Example: Company A, Heavy Machinery Provider
The heavy machinery business is one of the most competitive and difficult businesses to survive.
Let’s say, company A, trying to be a major player in the business products it markets, especially construction and quarry.
The CEO catches that small and medium scale contractor prefer to use heavy equipment from China because the price offered is more affordable than heavy equipment with well-known brands.
Offering the one brand from China of heavy equipment, company A has its mainstay products: back hoe loaders, wheel loaders and mini excavators. In addition, company A also has a motor grader and road roller.
Company A does not only market Chinese products but also from Sweden (rammer and bretec).
Heavy equipment excavators of 20 tons and above are now experiencing an increase in demand due to the attractiveness of leasing supported by the rapid production of mini excavators. Because of this, company A is increasingly aggressive in marketing this mini excavator.
The selected brand by company A is a heavy equipment manufacturer since 1993 which already has 19 subsidiaries and has a total of 7 thousand employees. It manufactures the main components of heavy equipment such as torque coverters, hydraulic components, driver shafts, gear pipes, gearboxes which are all manufactured with robotics mechanisms.
Company A main challenge is to fend off accusations of the quality of Chinese products. In response to this, the selected brand product in the form of a wheel loader is a clear proof of the durable quality of this heavy equipment made in China.
Based on the experience of company A, the brand manufacturer’s pays special attention to the quality of its products as well as services to its business clients. Company A applies the same thing to consumers in the country with high quality customer service, providing quality products to excellent after sales services.
Currently company A has 7 branch companies in one particular country. To reach its current position, company A has learned a lot from such big companies. From this learning process, company A captures the importance of establishing an integrated, real-time information system that aims to provide accurate and fast services.
To maintain the quality of its after sales service, company A created a product support division which includes a training center for marketing employees, mechanics, to machine operators for buyers.
The resale value of heavy equipment products made in China still takes time to form. Nevertheless, Company’s consumers always make repeat orders which are believed to be a positive effect on the after sales service provided.
The brand manufacturer’s also didn’t just sit around looking at his business partner, company A. Taking into account the development opportunities that China is currently doing in another country, the manufacturer has also assigned a technical advisor to the company along with two sales personnel at company A to serve Chinese consumers who come to that country to complete various projects.
How To Market a Product Example: Company B, Multi Products Brand
Creating a market is a must, especially in the era of the free market. This is what the owner of company B believed in.
An important element in creating a market for your business products is creating a business brand that people will like. To be able to create such a brand, entrepreneurs are required to continue to be innovative and creative, especially in capturing business opportunities.
You must captivate what kind of consumer you are facing. The best way to capture business opportunities from consumptive consumer is with the latest products that follow consumer desires.
In addition, you must have a clear target market. To strengthen this sector, human resources will play an important role. As a business owner you must know the art of increasing employee morale because in the end employees will transmit that positive spirit to consumers. Employees who are satisfied with their performance will work optimally so that a product that is sold at an expensive price will not be a problem for consumers.
CEO’s professional prediction seeing future business trends is that the hotel, tourism and culinary businesses will increase. These three business sectors are closely related. For the CEO’s own business group, the tourism sector is the main focus, considering that 70% of its business income comes from that sector, while more than 25% comes from the FO business.
Implement How to Create a Market for a Product
Learning from the experiences of the two companies described above, you can at least catch the best practices to create a market of a product, including:
#Focus on marketing quality products. If you already have a product then make sure it has quality in its field.
#Focus on listening to what consumers want. This is implemented by Company A by implementing quality after-sales services.
#Focus on educating consumers. This is also applied by company A to ward off the bad image of heavy equipment products made in China.
#Focus on observing demand. Neither company A nor company B see a growing “demand” in their respective business sectors. They focus on developing quality products related to that line of business.
That’s how to create a market for a product. A way that is the experience of entrepreneurs who have been in business for a long time and achieved success from their business. Ready to create a market for your business products? All the best.
