When you browse in Amazon.com, hundreds of thousand business management books advise you on boosting your business in sales, market share and profitability. Then you start to develop a new product  or service which you expect to rock the business by selling them. But here is the questioImagen: Does your customers really need this latest, coolest and best product? While you are eager to promote the latest product or service to prevail your competitors, you might put yourself in danger  or even be out of the market.

The giant white brand

Haier, consumer electronics and home appliance manufacturer, ranked the top spot of global major appliance brands in 2012 for the fourth consecutive year (Euromonitor). But this giant brand, which controls the majority market share in China, was in trouble in the past when they promoted the first washing machine in rural areas in China.  Guess what? Customers bought washing machine with a different purpose –washing vegetables. Put in detail, the occupation of these customers who lived in rural areas are farmers; thus, using the washing machine to wash vegetables did bring great convenience.  Now, this smart brand has a good understanding of their customers’ needs, they launch a new “vegetable washing machine” to satisfy their lovely customers.

How to nail the “next best offer”?

Four steps are recommended before building your NBO strategy (Harvard Business Review).

1.      Defining Objectives

Make a clear road map and specific goal, such as increasing market share and revenue. Be ready to face changing circumstances.

2.      Gathering Data

Be serious in collecting detailed data (demographic and psycho-graphics; purchasing history; social and location information) which helps you to have a better understanding of your customers.

3.      Analyzing and Executing

Use statistical analysis to match your customers and keep your eyes on the circumstances.

4.      Learning and Evolving

Collect customers’ responses in follow-on offers. Take this as a consideration in designing new offers.

<<Takeaway>>

Build or sharpen your NBO strategy through these four steps. Understand your customers better before they do. Be ready to rock your business!

Scribers, an ISO 9001 Certified Translation Company and a leading provider of high value localisation and translation services, creates and manages an extensive repertoire of services.

pic source: Vertical markets

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