Anyone in the online world will tell you that when you are buying and selling online, you never know just what you are going to get. Of course, you should be able to rely on the words of another individual but when you are talking about online, there is always that "what if" factor.
As an online retailer, you need to be prepared for others to have the same thoughts about you. Have you even considered much about your inbound product-marketing scheme? Have you considered what your inventory would look like were there a sudden run on your product? How about an interminable glut in sales? How are respectable online retailers supposed to handle themselves?
When it comes to marketing your product online you need to be prepared to jump in with both feet and really take your efforts as far as you can.
In the online world, tastes are as fickle as anything. As a marketer, you need to be prepared to push your products, promote them strategically, and in a timely manner. You never can tell when an item will fall from favor and you don't want to be the one left holding the bag. Even if your product has longevity, and when the demand lessens; aggressive advertising of a staid product only makes you appear out of touch without marrying the advertising with a solid inbound marketing game plan.
Through product management, you can help allay all of these concerns. But whatever products you have you should be ready and eager to push these out the door through innovative and strategic marketing campaigns and a value adding digital presence.
One way you could introduce online marketing is to make sure that you are always presenting products as if they are available now but need to be purchased in a timely fashion—introduce urgency. In essence, you need to escort your website visitors through the buyers journey opposed to standing by and hoping they will follow the digital lead.
If your marketing is able to convey a strong sense of urgency then your customers will sense that urgency and respond in kind. The truth is that the products on your virtual shelf may not be here tomorrow so this tactic is not without merit. But by ramping up customer urgency, you can create a frenetic pace around your product and get people excited and buying.
What You Need: When you are talking about the land of product management in the digital world, the question of “what do I need?” can be open-ended.
How much do you need can be more adroitly asked as:
“How much can you handle?”
“What is the level of intake you can stand while keeping your sanity?”
“Do you have a warehouse to store products?”
“Is that space required for other things besides these products you are holding onto?”
“Is your office really your studio apartment?”
“How much can you keep inside shared living space?”
If you are the one doing the repackaging and distribution then you are going to need to give over a corner of your warehouse or a corner of your apartment to keep a stock of merchandise on hand.
If you get a huge order and you find out that your supplier is backed up four weeks, your customers are not going to be happy. If you have given up some space to keep supplies on hand though you can send these products out without delay; making your business a cut above the competition.
Backup Plan: One more factor to consider when you are trying to keep track of your stock is that you should always have a product management backup plan.
Say you have a stock of 20 widgets on hand. Suddenly you get an urgent order for 300 widgets. There is no way that you can deplete your supply to honor this order. Even if you did take your products down to 0, you are still 280 widgets short. As the leading supplier of widgets in your county you can't turn away business like that, can you?
Examples like this are the primary reasons why having a backup plan is essential to making sure your business can survive and thrive. Who else do you know who deals in widgets? How can you siphon off supply from some competition without showing desperation? What else can you do to placate the masses?
Sometimes redirecting a request you know you can’t fill to another supplier endears you to the supplier as well as the customer. People remember when someone goes above and beyond to aid them in their needs. Good karma is never something to be in short supply of.
If all this sounds like a lot to take on, it is! If you need help with your marketing strategy and product management plan and you don’t know where to turn, the team over at Direct Images Interactive Inbound Marketing Agency can help.
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