6. Product differentiation This is a common business strategy, especially for business-to-consumer (B2C) businesses. They can differentiate their products by highlighting the fact that they have superior technology, features, pricing or styling. 7. Pricing strategies When it comes to pricing, businesses can either keep their prices low to attract more customers or give their products aspirational value by pricing them beyond what most ordinary customers could afford. If companies plan to keep their prices low, they will need to sell a much higher volume of products, as the profit margins are usually very low. For companies who choose to price their products beyond the reach of ordinary customers, they are able to maintain the exclusivity of their product while retaining a large profit margin per product. 8. Technological advantage Obtaining a technological advantage, you can often achieve better sales, improved productivity or even market domination. This can mean investing in research and development, acquiring a smaller company to gain access to their technology or even acquiring employees with unique skills that will give the company a technological advantage. 9. Improve customer retention It generally far easier to retain a customer than spend money to attract a new one, which is why this is a great strategy if you see opportunities for improvement in customer retention. This strategy requires you to identify key tactics and projects to retain your customers. 10. Sustainability You could launch an entire business strategy aimed at increasing the sustainability of your business. For example, the objective could be to reduce energy costs or decrease the company footprint by implementing a recycling program.
pentareddy n Founder and c e o of pentareddyn.com
Who Am I? I don’t know who I am. Neither you know who you are, or, do you? really?! You simply associate your past memories and think that it’s you. Think about it for a moment. Okay, that may sound weird, so let me tell you who I am. I am one of the billions. I am stardust, gathered and showing up in human form on planet earth for a short while. Well, you are no different than me in that aspect. Hmm, but you are not here to read these spiritual views, isn’t it? 😉 WELL I'M PENTAREDDY N FROM KARNATAKA INDIA volunteer and global BUSINESS CONSULTANT! DIGITAL MARKETER! global IT CONSULTANT, LIFE COACH! , Blogger, & MOTIVATION SPEAKER AND Freelancer! Helping Indians to choose right credit cards, pick right offers and enjoy luxury vacations for less. Day & night exploring the spiritual reality of our human existence.
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