Activities over Assumptions: Testing New Marketing Strategies
So, you are making too much marketing assumptions. Well, that’s great, you’re in the right direction. Nothing can go up without conjectures. Let’s say science; the domain is not free from conjectures and testing. Scientists make a conjecture and then they do testing on that particular assumption. But be very careful about assumption, it should be relevant, educational and made with the vision of progress and success. After coming up with the conjecture or assumption, it should testify. Assumption and testing are both important. The assumption is the first step, and testing is second and its verification which tells how valuable or function the assumption you’ve made or should you need to change it.
In marketing, keep this in your mind that you’re selling products to the different people who may have different preferences. In this way, you cannot go without making a strong assumption and its testing. So, here are some suggestions to test your marketing assumptions:
Decide About Your Product
Marketing is all about selling products, so decide what your product should be and what it should have or have not. Think about your interest, whether you want to sell some foodstuff or some technical types of machinery. After picking the genre of the product, research about the other products that are related to your product. See how they get popularity.
Decide About Your Customers
You cannot appeal to everyone. You have to be specific about your customer demographics. Select customers that are relevant to your product. After selecting, start to study them – their preferences, likes, dislikes or every possible thing.
Your Product Should Solve Some Problems
There are thousands of products available in the market. In this competitive market, you have to make your name prominent enough to get some eyeballs.
After you have completed the things mentioned above, measure the levels of consumer awareness, market share, repeat purchase, product trial, and sales volume. The test market gives some sign of the efficiency of the elements of the marketing plan. These measures are the basis for making some crucial decisions. Test marketing is a good option which can tell you if you have a loser, a medium success, or a giant success
While developing a new marketing strategy for a business, testing assumptions carry out in a logical way can give you the best chance to make course corrections timely — and not waste time and money.