Chhauy Pisal, a marketing expert: "The Three Key Pillars that Determine your Business Destiny"
Chhauy Pisal, a marketing expert and entrepreneur in Cambodia, mentioned that in order to grow a business, no matter what challenges you face, you must focus on three key pillarr: (1) pricing strategy, (2) product innovation, and (3) customer focus.
First, the pricing strategy: Price strategy is a way to determine whether or not to raise prices according to each individual situation in which an entrepreneur is facing to make sure that our product or service will receive attention or still have customers buying for usage. The pricing strategy needs to be clearly defined, otherwise it could become a price war. If it becomes a price war, those who have more money will survive and those who have less money will be dead.
Second, product innovation: innovating a new product is very essential because it helps promote your business and attract more interest and attention from consumers in the market. If your business has nothing new or unique and different from other competitors, it may lead to hesitation, lack of confidence and indecisiveness to purchase the product. The launching of a new product will keep the company stable and prosperous if that product has been produced through research in accordance with the customers' demand.
Third, customer-focus: It's a strategy used to decide how or at what rate your business should go about increasing the number of clients. It also emphasizes on the types of clients that should be prioritized in order to ensure that your business will be able to perform according to the current market supply and demand.
Please note that the sharing of the three business pillars was done at a workshopa afew years go organized by the Cambodian Marketing Association under the theme "Transforming Competition into a Co-Brand" held at the Cambodia-Korea Cooperation Building (CKCC).
By: Tang Somphors