- Determine what the product is, its purpose and audience.
- Place your product in the appropriate market.
- Promote your product through all acceptable means.
- Price your product accordingly, so people will see and want its value.
Product can be anything. It can be tangible items, marketable skills or expertise, experience and background.
Placement of product depends on what the product is. Some products have more than one place, while others cater to niche markets.
Promotion of product relies on perception of product. Some products do well with hands-on promotion, while others gain popularity through grassroots, word of mouth efforts, advertising media and social networking.
Pricing product varies with the marketplace. If the market is saturated with a particular product or products of its kind, the price should reflect this. If the product is original, unique or rare, its value may be elevated, dependent upon the economic principles of supply and demand.
Naming a product requires an intense process. Names should be catchy and easy to remember. They should also reflect what the product is or does, without leading consumers astray. Creativity is important, but not to the point of confusing or misleading one’s audience.
Product identity should be incorporated in the naming process. Logos, badges and insignias should be designed with simplicity, so they are easy to identify across the board. Colors and backgrounds should not obstruct the emblem or symbol representing a product.
Consider the many names and identities of products we all know and love.
Monopoly – The Banker gets his due.
Coke – Ribbons of letters displaying the words, Coca-Cola create a feel good moment.
This article is one of many participating in the Online Marketing Symposium 2014. To learn more about marketing, please visit the other participants in this exciting and educational event.
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