For any business the basic rule is to sell your product to your customer. And to find the right customer, who will benefit your business is the most difficult task.
The Indian retail industry accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world’s fifth-largest global destination in the retail space.
India’s retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, driven by income growth, urbanisation and attitudinal shifts. While the overall retail market is expected to grow at 12 per cent per annum, modern trade would expand twice as fast at 20 per cent per annum and traditional trade at 10 per cent.
India’s Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020.
But for a new business might not find this easy, to acquire or impress certain number of customers. Some startups even fail to launch them properly, which is why they do not stand the chance to meet the customers’ eyes and face the downfall too soon.
Here are a few steps to help startups in reaching out to their potential customers:
1. Market Study:
A thorough market study is required to identify the potential customers. It might consume a lot of time in finding the right customer, which will consume or use your product or service.
The leg work will let you identify the loopholes, faults and defects within your own product, which you might be missing. It will help in connecting with the customers and forming a bond.
2. Rivals’ Methods and Products:
Before you set your foot in the market, there exists a huge customer base, which is being taken care of by your rivals in the market. Unless you identify your rivals and figure out your rivals’ methods, you won’t be able to come out with a better product in the market.
Know your rivals’ strategies and methods and adapt the ones, you find helpful. This will help in developing a better product in the market, which indirectly will attract more customers.
3. Networking and Referrals:
Use your network in spreading the word about your product, let them use the free samples and give honest feedback, as well as to spread the word among their friends.
Ask your friends, relatives and colleagues to use the reference of the product in their conversations during the gatherings or get together, this way the product will reach to some of the potential customers.
4. Advertisements and Marketing:
Advertisements through different media will help in letting the mass about the existence of your product.
A large number of crowds get exposed to these ads through big banners, television, radio and hoardings at different intervals on road. Try to come up with scripts which will connect with the customers. These are small time investments, which will repay later with profits.
5. Social Media Marketing:
Social media has made its presence felt by almost everyone in the country, which is why the online ads are making and meeting a lot of customers through various ads being displayed on their screen.
If you are going to open an e-commerce site to sell your product or service, then you can share your ads over Facebook, Twitter, Instagram and Youtube.
Make sure to respond to email queries and take the feedbacks with open heart, this will help in making a bond with the customer. This will also make the customer feel important and will remain true to your product or service.