The marketing mix consists of the 4 Ps: product, price, place and promotion. Businesses can use these four pillars to define their marketing strategies, allowing them to create a tactical plan to launch and promote their products.
Product in the Marketing Mix: Define What You Sell
It's not enough to simply articulate your product's key features; you must be able to explain how it will benefit your core audience. Simply describing the features of a line of dresses, for example, would just be a list of colors, materials and hem lengths. To explain how the dresses will benefit your customers' needs, consider their need to feel beautiful, comfortable or professional. By doing so, you can help demonstrate that this particular product offers both emotional and tangible benefits.
When developing your marketing strategy, it's crucial to keep your customers in mind. After all, they are the ones who will ultimately choose your products over those of a competitor. As such, your marketing strategies should be based on the products' appeal to your customers and how you can communicate with this audience in a clear, persuasive manner.
Developing Your Strategy: Questions You Should Ask About Your Products
As you prepare your marketing plan, you should think through the following product-related questions:
- Who buys or uses my product?
- Why do these customers choose my product?
- What are the best features of my product?
- How does my product benefit the customer?
- How is my product better than others on the market? What makes it stand out?
- What other products could someone buy as an alternative? Could something easily replace my product?
- What should I name my product?
- How should I package my product?
- Is there a way to bundle my product with other offerings to make it more appealing?
You may want to write down the answers to these questions in a draft document, which you can then use as a foundation for developing your marketing plan. This information will help you define what your product is, how you will brand it and the steps you can take to make it more appealing to customers. Depending on how you answered the questions concerning the threat of competitor products, you may or may not find that you can use the next section of the marketing mix, pricing, as an additional point of leverage to help spur your sales.
Your marketing strategy should be constantly changing and evolving. When you think about product in the marketing mix, you must refine a variety of different points and repeat this process as you increase your offerings.
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