Case Study: Business Success Eequires Creativity, Flexibility and Marketing
It's always exciting when you are presented with a seemingly insurmountable problem that threatens your business, only to have it turned into a new opportunity for success.
We're going to explore a real life example of this and use it to highlight one, super important point from the perspective of marketing your business: know your market.
More often than not, thinking creatively about your online business, your offering and who your target market is can help you to understand where the opportunities lie. Armed with that knowledge, it is a lot easier to target the market, position your brand, and drive growth and success.
Bad business news
The Amazon sales rank tracking and analytics service, RankTracer was left in a bind when Amazon introduced its own Point of Sale tracking service for authors. Until that point, RankTracer had been succeSsful in attracting thousands of authors to its service because it was the only service in the world that provided actual sales figures, based on analysis of the Amazon sales rank over time.
With Amazon now providing that information direct to authors for free, RankTracer seemed like it might be pushed out of business. It was definitely a blow.
After thinking about the problem for some time, the people at RankTracer realized that, in fact, their service was not going to be made obsolete. If anything, the increased awareness of the importance of monitoring sales might even help. All it was going to take was a bit of creative repositioning.
Business analysis
One of the key selling points of RankTracer's service was that customers could track any product sold anywhere in the world on Amazon. This meant that you weren't restricted to tracking your own books (like you are with Amazon's service). Instead, you could gather sales information on your competitors at the same time. This is invaluable market research information.
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