Top innovative killer tips for consumer planning!
Today’s globalized world is more consumer oriented market than supplier oriented. The market is more open to the consumer. They can easily find their choices from the virtual market. The world market is now in their computer screens. Consumers are getting more options for evaluations. Now company is not only competing with the local market but also with global market. Companies have to fulfill the desires of consumers to survive in the global competitive market. The needs and demands of consumer constantly are changing. So, organizations have to dance to the rhythm of consumers. Consumer is the important person to the market. In this regard the organization must prepare to demonstrate its creativity. Consumer expects that the organization will create the products as per his/her desires with added value. Consumers are kings. As kings are always treated specially, consumers are also desired to treat in the same way. Consumer helps the organization to achieve their ultimate business target “Earn Profit”. Every organization goal is to earn profit. But the profit level depends on the products demand of the consumer and product depend on the consumer’s choice. Consumer satisfied, when his/her desires are fulfilled / rewarded easily. Consumers are the lifeblood of business. Consumer assists to realize the purpose of organization life in business. The lifeblood keeps flowing through the veins of organization business.
Therefore, understand the voice of consumer’ necessities, desires, expectations, and perception of the products and services. Company should collect consumer’s requirements, product criteria and expectations.
This article is focused on the innovative ideas for consumer planning. We have to clearly understand that in 21st century we are dealing with smart consumers who well aware about their bargaining power. It is for globalization, internet facility, education, they know, what they need. So this is not easy to get consumer in the pocket. The company has to have a proper planning to attract their ultimate consumers. In the first section of this article we have highlighted on the good planning and consumer’s purchase decision criteria. Here consumer needs recognition, search for information, evaluation of alternatives, purchase decision, post purchase service etc. the company can pay attentions in these criteria when they want to capture as many consumers as they can. Second, we highlighted our main topic, innovative killers’ tips for consumer planning. I will not say killer tips but some good tips to be considered to prepare any innovative consumer planning. here I have advised to know about the customer, market research, know your competitors, evaluate other products etc. a plan will develop when you are aware for whom you have to prepare the plan. If the company is well aware about the subject, it will help to prepare plan. Finally, the article concludes with the importance to have an innovative and competitive consumer planning.
Importance for preparing a GOOD Planning:
A good planning always increases the chance of getting the better outcome. Planning is not just “Think” & “Create” something and present in the market. Before planning, organization has to think that a good product is not enough now a day; to achieve their goal they need to present the best product in front of the consumer. To do so, company will prepare a good plan from product development to product disbarment. In a god plan both positive negative sides has to be consider so that company can take support or back up plan if needed.
Criteria of Consumer Planning
In a virtual world, Consumers are more involved in products and shopping. They are conducting research more/less before purchasing any products.
Here company has to think from consumer side as well before company making any plan. There are some criteria that consumer consider to make any purchase decision. Some of those common and basic criteria of consumer as follows:
- Need Recognition: Consumer first find out their needs or desires. Here company can try to find out the desire or they can develop the products that create the desire.
- Information Search: Consumer always tries to find out options in the market to fulfill their needs. Since it is a virtual world, a click in the Google give consumer lots of options to choose. Now company has to decide the way or channel to reach at the consumer screen by finding the source.
- Evaluation of Alternatives: Consumer evaluates the options on the basis of quality, brand, color, service, warranty etc. So here company has to find out their consumer most evaluation options and give more importance to fulfill that to be in the top position in the consumer short list.
- Purchase Decision: After searching, evaluating, Consumer takes decision to purchase his/her desire products. This is most important stage the purchase decision. Company always wants that consumer takes their products. Since purchase generating profit. The ultimate goal of business. Here company has to play his/her trump card to convince the consumer to purchase their product.
- Post-Purchase service: Though company’s goal fulfill when consumer purchase the product, but post purchase service is played an important role to continue the lifeblood in the veins of the organization. Consumers sometimes go under post purchase dissonance and desired post purchase service. Here company can help the consumer to overcome from this. The post purchase service not only reduces the dissonance but also ensures or creates a committed customer for the company. One of the keys to maintaining a prosperous business is a steady consumer’s base. A successful company typically observed 80 percent of its business come from 20 percent of its consumer. Add to this the fact that the cost of attracting new consumer is significantly more than that of maintaining a relationship with existing ones, and the company has a powerful incentive to keep that core group of consumer happy. Yet too many businesses neglect this loyal consumer’s base in pursuit of new consumer.
Tips for Innovative Consumer Planning
Consumer planning depends on the type of products and other related criteria. A food company’s consumer planning will not same as a car company’s consumer planning. And I have mentioned before that consumer planning is from product development to product disbursement. Company has to convince the smart consumers to purchase their products. There are some sections that a company can apply their innovative or creative ideas for preparing consumer planning. Some of those are shared below:
Know your Ultimate Consumer: First of all, the company has to have a proper idea about their ultimate target consumer group. They have to update themselves as per their target customers. The company will collect information in regular basis regarding their ultimate consumer group in terms of their taste, desires, fashion etc. If the company is not aware about the need/desire of their consumer, they cannot create their desired products. Since internet make it easy for the company to reach their consumer with a click. It has been found that, it is the customers who give innovative ideas for the products.
- Conduct Market Research: In the globalized world consumer taste, practice, need is changing rapidly. So, here company can do a research regarding the consumer’s desires, taste etc. It will help to find out the position of the company in the consumer mind and also help to invent new products. Sometimes market research helps the company to take better decision.
- Monitor/ observe your Competitors: Company is not only keeping an eye on their local competitors only but also on the global market players. For virtual market and credit card make it easy for the consumer to get the best things. In the research the company may find that they are the best in their local market but in the global market they are not in the top list. Since all are competing in the global vast market. So to be in the top list of the consumer the company has to take a step ahead from their competitors at any level.
- Evaluate available options: The Company also have to evaluate the available same or similar category products in the market. From there the company finds out the strengths and weaknesses. This also helps the company to aware about other company’s product and also their product position in the market. For example: now a day our mobiles are more/less substitute of a computer. Now the computer company should be aware about this. As people get computer in the mobile they will think before purchase any computer separately.
- Continuous Product innovation: Every company should have a product development section to continuous development. Today may be your company product is the best and fulfill customer’s need. But there is no guarantee that it is always like this. In future may a product can came which will make your current product useless or part of museums. For example: when computer came in the market and need of typewrites vanished. So you have to be in the consumer selct list, and to do so the company has to dance at consumer desire.
- Branding/ Promotions: Lots of options are moving arrounds, it is difficult for the consumer to remember all options. Virtual world make it easier for the companies in terms of promotions/branding of their products by cutting cost. Now just a click will give the company opportunity to send their product information to the e-mail. The important thing is to notice by the people. The product has to be printed in the mind of the consumer. For example: mobile phone Samsung galaxy came in the mind. As much as you expose your products in front of the consumer, it will help to be a part of the consumer mind book.
- Earn Consumer’ Loyalty: If Company business's goal is to live long and prosper, then any efforts toward building consumer loyalty will certainly pay back. Whether it's an email, a reminder card, or a holiday greeting card, set up a system for reaching out to the consumer the company already have. One thing has to remember that, all the activities will not only for product advertising. Good consumer service means going the extra mile to meet consumer needs. Consumers remember being treated well, and positive consumer experiences result in repeat business.
This article has highlighted the innovative consumer planning. For that we have discussed the importance of good planning, criteria that consumer consider for purchasing any products. To be keeping pace with the consumer the company has to think as a consumer. Again some tips here have been advised that company may consider preparing any innovative consumer planning. This article also highlighted the change for the globalization, benefits of virtual world, change of the consumer taste etc.
Finally, The Company has to treat their consumer as King. You can have every product that anyone could possibly want, but if you don't treat your consumer well, you can say goodbye to your business. It is found that, new customers are more expensive that the existing customers. So to get earn profit simple formula is less cost. So every company wants to bring new customers, but the company has to think about the existing customers as well. For better result company will consider both new and existing group for any planning. A simple thank-you note after a major purchase, inviting them to contact you with questions, feedback, or to discuss additional requests can played a vital role in this cases. Again Innovation doesn’t have any end. Gradually the boundaries between producers and consumers are breaking down. Consumers are able to communicate directly with the product company, thanks for the internet facility. So they are giving their feedback directly to the companies. Again the global world aware the consumers about their right, power in the global market. In the 21st century company has to prepare themselves to face the smart consumer group. This group wants new, fast, user friendly, value adding products to make life easier. They are more concerned about the service rather than brands. So to survive in the global market and be the market leader or leader among the consumers; has to have found out innovative planned for consumers. Innovative consumer planning help to achieve business goal.