Last week I continued the discussion about Social Media tools, specifically Facebook. I acknowledged ways for you to reach and interact with your customers (and potentials). When I was brainstorming my next topic, it dawned on me that I have a tendency to assume that most of you have some general knowledge of marketing, yet that is not always the case. Therefore, I am reverting “back to the basics.” If you have little knowledge about Marketing or if you simply need a refresher course to generate new ideas for your business, then this is the article for you!
Every marketing principle/strategy must begin at square one: the 4 P’s of Marketing. This is a basic concept that marketing students learn in the beginning. However, by analyzing your 4 P’s, you can uncover new ways to better market your company. The 4 P’s are Product, Price, Place, and Promotion. Today I will discuss product, check back each week for the next section!
Product
Since you already have a product(s) or service, this is when you should analyze the consumers’ needs. First, who needs/wants your product and are you meeting all of those needs with your product? Is there an unmet need that you can target by altering your product? How is the quality of your product; could it be better?
How is your product packaged? Would you buy your product if it were sitting on a shelf next to the same types of products from other companies?
Do you stand behind your product? Warranties, installations, servicing, etc. are an excellent way to ensure the quality and durability of your products to your customers.
If you are a wholesaler or distributor, do you also sell the necessary display items your customers will need? This is a great way to add on sales and to ensure repeat business. You can also offer tips/ideas to your customers about how to most efficiently sell your product to their customers. By doing so, you will be building relationships with customers that are essential.
If you are a shop/reseller, do you offer complimentary items with the products? For example, if you sell personalized jewelry gifts, it would be a great idea to also sell some kind of jewelry trinket box or pouch.
To put this step in a nutshell, ask your self one question and be totally honest. Put your self into the shoes of your customer and ask your self, ” Is this product appealing?”
Try looking at your company/product from your customer’s view point, you may see something you have never seen before!
Danial
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