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What are the aspects make a business profitable ?
Let's find out which are the aspects drive a business profitable
1. Understanding the market
Market research :-
When you are going to start a business it is very important to do market research , like what is the customer behavior ? what is the present trend in the market ? what is the current valuation of the market ? and where is the gap ,from which you can earn money you need to make sure everything happening in the market you are aware of it .A deep market research is must and should be done if you want your business to be profitable
Competitive Analysis :-
one of the major aspect to be consider , analysing your competitors strategies , weak and strength points . It allows you to position your business and make strategies with respect to them if they their are strong often why are their strong what is their business model ? make sure to study your competitors thoroughly .
2.Value Proposition
Unique selling proposition (USP):-
It is the thing which differ you from the your competitors what it is ? is it your innovation or adaptability or superior quality of product or exceptional customer service make sure you have something in the form of USP . show the customer it's worthy to be loyal customer of them brand or company
Customer Experience :-
what ever we do for the product building at last the most important thing is customer experience it plays vital role for every business even if it a small grocery store everything which is the part of customer experience is important, remember one thing, the satisfied customers are the repeated customers eventually they leads to the loyal customer for the brand.
3. Price strategy
Competitive pricing :-
Here comes the attraction of the customer , in India customer are driven by the pricing of the product regardless anything it is the first thing which makes a customer to attract or to move away. In this case we will face the problems like if we price the product at high the customer will move out , if we price at low it will effect our profit margins , if we want customer to buy it only happens by value-based pricing .
Value- Based Pricing :-
Rather than solely focusing on the price we need to also focus one thing which is basically, what are the significant value does we are providing to the customer in the form of product or services .we need to make the customer feels " It is worthy to pay for this product or services "
4. Innovation and Adoptability
Innovation :-
In whatever the Industry you are ,Innovation is must and should to survive your business it is not possible like we are going survive on only one product or service . To make more revenue or for the survive innovation is important . Big giant are the one who are innovated a lot of things or services
Adaptability :-
Adaptability ,your business model should be highly adaptable to the market changes like chameleons to its environment colors . The market trends ups and down even if it is a lockdown all over the world you need to reach your customer whatever it takes hard work .if you are aiming to build a giant company Adaptability is must and should be included in your business plan .
5. Marketing and Brand awareness
Marketing strategies :-
Comes to my favorite topic marketing , Imagine your in a crowd in a dark room and a light falls on you are head which makes you the main attraction of the crowd , like wise marketing is like a light which separates your company from the rest of the crowd . marketing is done by social media which is also called as digital marketing . And coming to the offline marketing it may be the traditional method by bill boards or through other ways . if you want be separated by your competitors your marketing strategy should be very unique and most reachable . THE best example company for its marketing is Redbull . It spends 25-30% of its revenue on just marketing .
even if you are product is similar to the competitors it is not a big deal but your marketing needs to very unique
Brand Loyalty :-
Building a strong brand that customer trust and reliable which gives them a assurity of the product the best example is TATA motors . The brand which is trusted by the customers is its self removing the competition from the market . so having a loyal customers is the best advantage to capture market share
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