Marketing for Successful Trade Sales! What do you research? by Video
Hello, this is Iino.
In this video, I would like to explain marketing for successful trade sales, including my personal experience.
What is marketing for successful trade sales?
When it comes to starting a trade business, it is dangerous to proceed without any information. If you are working to profit in business, not as a volunteer, then the products you handle must sell.
So how do you get your products to sell?
One of the activities you need to do to achieve this is marketing.
When you sell your products to other countries by exporting or selling other countries’ products to your own country by importing, the first thing you need to do is, to use marketing to develop a strategy.
Marketing to sell products
Because the word “marketing” is used in so many places with so many different meanings, some people may think they don’t know what they should do.
So, let me explain the specific activities of marketing simply. It is “research” and “planning.”
What is the Marketing Mix?
When I put it this way, you may be thinking, “What should I research?”
“How do I plan?”
First, let me give you the textbook details. There is a marketing textbook called “Marketing Mix.”
• Place (distribution system)
• Promotion (sales promotion)
The idea is to examine each of these four P. I think it can be used as an indicator for research or as a framework.
What to focus on in marketing
However, I think that using this marketing mix for research is insufficient.
It is because something important is missing. Here are some of the most important points that I focus on when I research marketing.
• Your products
Let’s go into more detail.
Know Your Customer!
First, you need to know your customers.
There is a very high possibility that you will not be able to sell the product you think, if you can sell without thinking about your customers.
I have the impression that many business persons do not know their customers.
If you have fallen in love with your product and the only one who thinks it is a good product, in many cases, you cannot sell your products, because you do not know the customers who will buy them.
So, “What do you find out about your customers?
If you ask me, I could make a whole video on this topic alone, so I’ll tell you the most important point.
It’s about the customer’s
Your product must solve the customer’s problems or satisfy their needs. And if you don’t have these two points in your products as selling points, it is hard to sell.
Know Your Product!
Next, find out about your product.
As I mentioned earlier, you need to make sure that your product solves their problems and satisfies their needs.
In addition to that, you need to make sure that your product is,
• Is it affordable for many people?
• Does your product have a compelling story?
• What makes your product better than others?
• What is the benefit and offers to your customers?
Price determination is management
Price is one of the most important factors. You have to understand the customer has a budget.
No matter how great the product is,
• You cannot sell it if it is less valuable.
• You sell only a few targets in the market if the price is so high.
Mr. Kazuo Inamori of Kyocera Corporation also said, “Price determination is management.” Don’t forget that price is very important.
Know your competitors!
Finally, let’s talk about your competitors. How much do you know about your competitors?
If you don’t know your competitors and are running a business, you are likely to lose.
If your product’s strengths are totally in conflict with your competitors. The one with more capital will win.
Also, it is useless to only look at the No. 1 company in your industry, without looking at your competitors in your business area. It can be a waste of time.
Fight in areas where rivals are weak. This is very effective for small and medium-sized companies with limited capital.
On the other hand, if you are the No. 1 company in your industry, you can use your brand power and capital to acquire companies in areas, where your company has not been able to do so.
You need to pay attention if there are no competitors at all. You may think that since there are no competitors, it is a blue ocean!
However, it is more likely that someone else entered the market in the past and failed to produce results, so there are no competitors.
Sometimes the most important business strategy for small and medium-sized companies, is to aim for a niche among the rich.
What happens after research?
As I have outlined, these are the important points of marketing research. Based on what you find out in this research, you can plan your product.
You have to make the promotion plan which target you aim for; it has to be something that your competitors cannot do.
Also, how will you promote the benefit of your product?
The quality of the information you get from your research, will affect the quality of your plan.
So I focused on research in this presentation today.
So, let’s summarize today’s topic.
Research and planning are important in specific marketing activities. You could use a Marketing Mix.
However, my recommendation is to research
• Your products
There are many things to research in each of these areas.
I’ve only briefly explained them in this video, but I will explain in detail in another video.
Whether you are exporting or importing, let’s use marketing to distribute your products widely strategically.
That’s all for today. Thank you very much.