How can you increase sales revenue for a product that has limited application market?
We are searching for ways to promote and sell an electronic ship with limited application market in consumer electronics. How can we expand this business? Thank you.
You must find the right target and increase the value by means of a good marketer.
Go vertical for application and secure highest percentage of referrals for your product and offer complete range for the prospecting clients and existing customers.
For expansion find out of box application on your product and promote is aggressively to reach to existing market.
Understanding competitors is important. I would like to address the word "Limited Application". Is it product or service. Strategies are different for Service Industry and Manufacturing industry.
Its important for any marketer to know the product better so if you would share insight or enlighten me about your product we can plan better.
For increasing the Sales Revenue, of any sort of product, and absolute requirement would be to understand Target Audience, Demographics. Past Sales Record and any sort of Customer Feedback that can provide some insight as to why the Sales are low.
An in-depth analysis about the Product and I think Jeff shared really good points to look into and then move defining sales strategies. Complementary Services or Co-operative Sales Agreements and incentive plan for Sales Partners if any can be few ways to boost Sales Revenue. However, the Product Goal has to be sorted first.
1. Not enough information in order to give any valuable and usable advice.
2. Define expansion. It can mean a whole lot of things, for example going from a region in India to the whole country, it could be regional or global growth, it could be line extension or a host of other meanings like expanding profit.
3. Have you clearly defined the target audience (demographics, geographics & psychographics) for this product? Have you learned (a) where they go to get their information, and (b) their purchase triggers (messaging, pricing, etc.)? Answers to these questions will provide you the insight needed to develop your blueprint to success.
Electronics is best sold when you have a good distribution network. Start on boarding distributors who sell similar or complementing products . Give them good margin initially till you get traction in business. Try selling at Online Marketplaces too
Mm it is difficult to have bulk revenue what I would suggest you is to make / maintain minim profit level. Never think of making huge amount out of such least market value / demand. To push the product to the market you may have to use extensive advertisement techniques that would reach directly to the end user of the product.
Since you mentioned consumer electronics which itself is quite large - presume that you are looking at certain niche areas in consumer electronics and your chip becomes a part of it. This is a real tricky situation wherein there is dependency on the consumer electronics product itself in terms of scale, growth and high levels of acceptance and so on.
You can start looking at this chip itself and see if there are ways to make it economically but of super quality - like your brand becomes synonymous with chips of these kind. Maybe some kind of quality improvements so that you can position this chip as an ubiquitous aspect of the consumer electronics product.
On ways of expansion, try to connect with other players and related electronic equipment manufacturers and position your chip as part of it. In parallel, try to think outside the box and see if there can be some little modification done to this chip and which can suit a large target market.
Suggest you do a fishbone analysis with a cross functional team in your company like people from admin, HR, customer service, sales, production, IR, purchasing, SCM and so on. I had seen excellent results from fish bone analysis of these kind
All the very best. In case you have more information and need support, please feel free to do so
There are three ways to increase revenue:
1. Increase customer value and thus increase price
2. Create efficiency to lower cost
3. Introduce a new product at a higher margin
Sense I am not super familiar in your industry I can't say which is best option for you. My guess is that you can utilize all three to increase revenue. Financials and systems are very important to understand to increase revenue. I hope that helps.