There is no business that can work without planning and modelling the format of structures. This is a clear indication of how important it is to have a strong business plan, without which it is not even possible to initiate. There is no point of investing time and money into a business which gives no result and have no customer or user base present. If you need to encourage the customers into buying your product you must apply some profitable strategy which is beneficial for both, the industry as well as the user. No user wants to buy a product with bad quality and hence first of all the quality of the product must be taken care of. You can compromise with anything but not the quality as it speaks for your brand and has a capability of promoting itself.
According to a survey, there are many organisations who have no insights of the proceedings. When you plan on starting up a project, you must plan of how to reach out to the customers and what is the demand of the product in the market. Who must have an estimation of how many products it is possible for your organization to sell out during an early stage? Even though sometimes, the companies do have a strategy, they are unable to execute that properly which results in the lack of the output. This means, your organization even after working hard and have a capability lack an exposure and recognition. There are certain things you must keep in mind:
You must know your target customers: While selling out a product, you must know who all would willingly like to purchase your item. If you would ask a common service class man, to buy the cement for cheaper price. Unless he has plans to renovate or build a new apartment, he would be least interested. While if you would tell the same to a contractor, he would be more than willing to listen and accept the scheme.
You must know about your competition: While the whole game is about fighting a competition to stay tall in the market you must be aware about your competitors. You must know about their latest schemes and strategies and you must think of a better idea then them to jump a step forward. You must never think less about your competitor; you might not notice but they have equal possibilities to beat you in the field and hence must have an idea of their weaknesses and strengths.