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With today’s fast-moving world and the wide range of availability of everything in the general market, it is a challenge for organizations to attract consumers to their products. It is also extremely tempting to make claims that mislead the customer into thinking they are getting a good deal as well as to not perform the required amounts of research and tests in the production process to cut costs and provide consumers with a cheaper product. However, such actions along with being strictly illegal and can cause the company not only their reputation but also heavy charges as fines and case settlements. Companies need to resist temptations like these, but how does that then make your product stand out from other similar ones in the market? What are the strategies a company can employ to achieve their sales targets and become the best in the market?
This is where advertisements come into play. True and honest advertising informing the consumer about the product in an attractive manner can do wonders when presented to the right audience at the right time via the right platform. One such example can be seen at UK ISO approved safety signage, which is used to warn of potential hazards.
However, this is another challenge faced by and organization, how to choose the right platform to display their product at the right time to the right audience? The answer in today’s technologically advanced world is simple, DSP (Demand Side Platform), a software developed for organizations finding the answer to the question above. To gain more knowledge about DSP, what it is, how it works, and why you need it Click here.
Now that the obstacle of choosing the correct platform and time has been solved let’s discuss some “do’s” and “don’ts” of the business realm, things which can make or break a company’s image and cause a huge benefit or loss to the company depending upon how they operate their business.
*Picking a unique company name or trademark is the first crucial step to developing any company. As choosing one already registered will be a hassle when there is a clash of names of two organizations. Choosing both the company name and the product name after doing ample research is important.
*Registering the company with the appropriate state officials is the second important step in the process; this helps you when one of your claims has been challenged. Having the correct paperwork and being registered with the concerned officials proves to be beneficial in such cases.
*Ensuring to protect your products, services, and expressions from copy cats is also important. This can be done by trademarking your products and ensuring you own the copyrights to your company’s expressive statements. This will ensure you have the right to take legal action towards those who violate your copyrights.
*Making sure your organization is well aware of the state laws regarding consumer protection, business management, and business creation is essential. If an organization violates any state laws, they will be faced with not only heavy fines but might also face ceasing of business activity. Therefore, it is important to look into all the state laws a business should be following.
*Another crucial point is the health and safety requirements, as well as the employee well being. A business needs to take care of their employees, not only when the physical health and safety is concerned but also take care of the mental health of their employees. Many companies fail to recognize the stress put on their employees by mismanagement of workload, which leads to the employees feeling overworked and stressed.
*Performing ample testing to ensure the product or service being offered can stand up to the claims made by the company is also an important part of the product development and image building process. If the product fails to deliver what it claims, the company can lose its image and the trust of its consumers, and once a company loses this trust, it is extremely difficult to gain it back as there are numerous options available in the market for consumers.
*Lawfully advertising your product is also crucial. Having content aired on national television with content suitable for adults only will be against the law. Or choosing a platform known to be used by a younger consumer base to market alcoholic drinks or ads for family planning education will stir up conflict with parents or guardians.
*Making false claims is the number one way to lose consumers for a product. Therefore, when making claims such as having a product that is the best, the cheapest, and so on it is essential a company carries out ample research to prove that claim true.
*Having a marketing plan and a budget dedicated to marketing will help the company choose the best options and strategies for marketing their product and reaching their customer base. This will also limit over expenditure on the marketing of a certain product and in turn, will save the budget from being disturbed.
*The most important thing to keep in mind is to not copy someone else’s idea for a product or service. Bringing a unique product or service to the market is appreciated in the industry and copycats are frowned upon.
*Do not make claims about your products or services that you cannot back up with proper and legitimate facts. For example, if a tea company claims to be selling a slimming tea, they need to be able to provide proof of that particular tea having ingredients that promote such an action in the body. Fake claims will lead to nothing but distrust from consumers.
*There are laws protecting consumers from misleading advertisements and companies that advertise deceptively can be held responsible for their actions. Making statements such as an energy drink giving you enough energy to be able to push a 14 wheeler truck can leave the company with heavy payments of lawsuit settlements. This will not only cause monetary harm to the company but the reputation of the organization will also suffer.
Following these few simple rules can help an organization get the most out of their company even in the initial years of starting up the business. Moreover, this can save the organization from major losses in terms of legal fees and fines.