Business Studies

Business Studies
Strategies for evaluating the success of the New Product or Service and Its Branding
Many factors are to be taken into account when measuring the success of the new product. The most important one is the return on investment (ROI). It refers to the revenue that a company obtains from its business over a given period. A higher and increasing ROI provides an indication that the new product is competing well in the market and that its branding is resonating positively with the needs, interests and preferences of the company’s target customers. Such a product is likely to attract a large number of clients within a short time after launch. Sustained growth in ROI results in high profits, which are crucial for effective brand development. Another strategy is keeping track of the daily, weekly and monthly number of unique customers visiting the company’s stores. By being a new brand, Alima Pharmacy’s customers will mostly be lured from existing competitors. Change in the number of these new customers will show how effective the company’s marketing communications are while taking into consideration the level of competition in the market.
Since Alima Pharmacy will be publicizing through online platforms, it will use web-based metrics to determine the success of its branding. The most vital of these considerations will be the number of mail orders made via the company’s website or through the telephone. This metric will be crucial since the company seeks to deliver its products through mail order.

All these strategies will lead to critical feedback loops, which will be an opportunity for the business to learn from its customers. The main loop will be the survey feedback loop. With this loop, the company will ask specific questions, analyze them and respond appropriately with the aim of improving customer satisfaction.