In today’s world, business is always looking for new ways and tactics to engage new customers, and even if the company has been running for years, this is one methodology that any business can start using from now onwards.
There are three stages any business should keep in mind while working on a product:
Stage 1: Product should be something people want.
Stage 2: Market product as the public wants.
Stage 3: Scale your venture around the product.
Stage 1: This stage focuses on product, building, and designing the initial product. This stage also concentrates on reaching to the customer through various medium like a talk show, Blog writing, E-mailing your database and business conference to reach your audience.
Stage 2: After you have got the product ready, that means you have a product that matches customers’ needs. Now you have to market the product so that it reaches potential customers. Use all the possible techniques to spread awareness among the public for a better audience reach and excellent positioning of the product.
Stage 3: After product designing and establishment of your product in the market, the next and the most significant step is scaling both product and marketing to take the venture to the next level and towards profit.
Different stage different strategies:
Stage 1 is all about reaching a few potential customers. Stage 2 concentrates on gaining more customers for sustainability, and Stage 3 focuses on increasing business earnings and making a significant effect on the market.
Every stage doesn’t work with the same strategy, a strategy which might be fruit filling your business requirement in stage 1 might not be a good strategy in the second stage or later stages. Therefore, the business is required to keep on changing the approach as they grow their stages for remarkable growth.
Bull’s eye circle:
With so many channels available in the market to acknowledge understanding, the best one to keep an eye on one is tricky. Using the bull’s eye method one by one is important because when you complete one level, it opens the door to the next.
Level 1: Brainstorming
The main motive of brainstorming is to think about the best possible way to market your product for reaching the first stage where your business concentration is reaching a few potential customers for your product. Maybe you prefer offline marketing where you should do it and how? May be advertising via hoardings or public speaking.
Every business should think of a minimum of one idea for every channel to promote your product. It’s called brainstorming because a business is supposed to research the market with similar domain and their strategies to success. The most important aspect of a business is to understand how other firms have acquired customers over time and other companies why they failed.
Level 2: Ranking
Ranking all the ideas which you came across after level 1 effort is the next level. This level helps you to think about the ideas in-depth and prioritizing them after determining the promising level of idea.
Assign each of the ideas into one of the three-circle of the target, where every column represents a different effect level of strategy in the Bull’s eye:
Inner circle: As in the target circle, the innermost circle has the most of the point the same goes here, this circle has the most promising idea in it.
Second circle or The Middle circle: This circle has those ideas which could work and show the result. The second most potential idea for every channel lies in this circle.
Third circle or the Last circle: There might be few ideas which a business thinks might show result but still have confusion because it seems to display the result, in the long run, all such ideas come under the third circle.
Level 3: Prioritizing
After ranking the strategies, start implementing them as per the priority level of the circle complete Inner circle, then the middle one and at last the last circle.
You might notice that the idea which you though is excellent and kept it under the inner circle is not giving you the expected result. Draw the line at the very moment you see a drop-off and, according to priority, choose another channel.
Never work on many experiments at the same time because it might impact your focus, and you might lose one of the best ideas because of it.
Bull’s eye marketing is a continuous process. Small-scale businesses need to take care of that they are regularly meeting the needs of their target customers. Customers’ taste keeps on changing with the launch of new products and services in the market.
Following these simple strategies helps any business to have a grip in the market and grow their business with this proven strategy.