Evolve or perish, just nothing in between

Today’s market is one that is in a dynamic state of flux continuously growing and evolving. No product remains perfect, nor does it hold a stable market eternally. The situation can be attributed to the numerous changes in the business environment, the progressive tastes and preferences of consumers and the stiff competition at every level.

In order to establish yourself as an able and stable contender in the market, you need to keep your mind open and evolve with the circumstances. Moreover, you need to adopt certain procedures that will help your businesses retain a steady ground in the market. This can be achieved by a periodic assessment and appraisal of your product lines and brands.

A product line is the sale of numerous related products in a business venture. For example, a production house may possess a product line of electronic gadgets, ranging from television sets to computers, and refrigerators to washing machines. A brand is a typical feature, characteristic to a particular producer. It may include certain logos, sound effects or even the personality of the producer; which is generally visible in all the products he manufactures.

A customary consideration could help you understand the consumers’ needs, the current trends and market conditions. It could also help you rectify your outdated approach and presentation or even your errors. Besides your own products, you need to evaluate your competitors’ products. The appraisal should be made taking the following conditions into consideration:

• Analysing trends: The first step, in the process of evaluating your product line and brand is to know current trends and consumer expectations. Once you obtain the knowledge of what is in vogue or the current needs of the customers, you could alter your product line and brand suitably to reap rich dividends.
  
• Quality of line: The next step should be to assess the quality of your products you have designed and formulated according to the customer demands, across all levels. The quality should neither fall below your standards nor the expectations of your niche target audience. Your prime aim should be to cater to your consumers by ascertaining the maximum possible qualitative outcome in your products, within your financial limits.
  
• Setting targets: You can proceed, by planning your sales promotion through appropriate advertisement of your product line and brand such that people notice the variations made. Meanwhile, you must set your sales targets, within the stipulated time. Your endeavour should be to achieve the target.
  
• Competition: Study your competition at length. Consider those in the same line and evaluate the quality, quantity, availability, consumerism and popularity of their products. A comparative study of your product line, with the performance of the best and the weak brands can help you identify your drawbacks and your infirmities, as well as, your strengths. You could then work towards accentuating your strengths and eliminating your short-comings. You could also redesign your brand to make it more appealing and initiate effective promotion, to capture consumers. Moreover, thinking along the lines, of the positive outcome of the prevalent competition and examining the spirit involved, could help emanate an optimistic and fair-spirited competition from your side, as well.
  
• Share in market: Next, identify your share and role in the market of your product line so you create a niche audience for your products, as well as, gain control over the dealings and transactions. The percentage of sales of your products and the monetary value of your business, product line and brand, in comparison to that of the market, as a whole, could help you recognise the exact length and breadth of your foundation, in the market sector. If you find that your base is quite small, you could work towards re-building the same and expanding your reach. If found quite satisfactory, you should look towards retaining the same, with some innovation strategies and crucial planning.
  
• Expansion: Consider expansion of your product line to familiarise consumers with your brand. Creating new products can help you expand your consumer ship. You could also stretch your line. In other words, you could alter the price range (decrease or increase) of the members of your product line. In case your products have been positioned for the low slot, you could offer premium products to cater to your niche consumers. On the other hand, if your prices target the higher market end, you can lower them, to reach out to the other groups, as well. However, you must keep in mind that too many members in your product line could be cumbersome and difficult to handle.

Thus, frequent appraisals of your product line and brand could help you reach out to the real requirements of the consumers, and satisfy them. This in turn will help your business flourish and gain a prominent ground, in the market.

Preeti Raghunath

Courtesy : The Hindu Opportunities