Marketing a product is one part art, one part science. There's an old adage that says, "If you build it they will come." It’s a philosophy held by many inventors. While it’s necessary for to believe that a product is the greatest thing EVER, it’s also necessary to be able to convey that to potential customers.
Lesson 1: Know the Customer
What are the customer demographics? What are their buying habits, preferences, objections? In marketing to the general public, the customer is the public at large. In B2B (business to business) sales, the customer is a business owner or key representative. Successful entrepreneurs and inventors do their homework. They research the audience then expand on their knowledge with each experience. The bottom line is that customer has to see the value in order to buy. Investors must to believe that a customer will want to buy in order to invest.
Lesson 2: WIIFM
This supports Lesson 1. It stands for "What’s In It For Me?" and it’s the reason people buy (or not). See things as the buyer does. Dig deep into the value proposition for the product then test the pitch with an audiences that matches the psychographic of the target group. Find out which are the most compelling and go with those. Develop a one-minute pitch that answers this question and tell it to everyone.
Lesson 3: Practice the 7 Ps of Marketing*
The seven Ps of marketing are: Product, Price, Placement, Positioning, People, Process and Physical Evidence.
1) Product is the product, but it’s more than that. It’s the guarantee, warranty and customer support plan. Explore and define the product, and answer the following questions: What is it? What does it do? Who does it help? Why? How?
2) Pricing is a complex topic but there are two key components. The first is the break-even analysis, which brings in the cost to source, manufacture, market, deliver and support a product along with an allowance for returns. The second component is the market’s decision of what it will bear.
3) Placement is about getting the product to the customer. Not logistics (i.e. shipping) but actual places or outlets for the product. Because certain marketing avenues may seek exclusivity for a period of time, it’s important to determine the best overall strategy from the beginning.
4) Positioning or promotion is everything pertaining to sales and marketing. This covers the brand strategy, commercial, packaging, PR and more. It impacts how the target audience perceives the product and should be handled by professionals who understand market trends, color theory, the psychology of a sale and other subtle nuances. And there are special considerations for the internet that differ from every other medium.
5) People refers to anyone coming into contact with the customer. This includes models, customer service personnel and others.
6) Process deals with the back end of things. It’s about customer behaviors and servicing needs. Having a good process translates into a sound relationship marketing strategy. Having a sound process can be the difference between failure and phenomenal success.
7) Physical evidence includes case studies and testimonials. Tangible evidence that supports the benefits falls into this category. The reason: people like to do what other people are doing and they don’t want to be the first to test a product. Hearing others talk about their success with offers a compelling reason for potential customers to buy now -- and that’s a successful product.
* Tracy, Brian. Million Dollar Habits: Proven Power Practices to Double and Triple Your Income. 2004. Entrepreneur Media
Nina Vultaggio - Nina Vultaggio is a prolific writer and writing coach. With over 20 years of experience creating compelling copy for marketing material, ...
