Why is the product the most important thing for a successful business strategy? - Newport Paper House


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Why is the product the most important thing for a successful business strategy?

Now, more than ever, the world is filled with hundreds of different products to choose from. As consumers, we have many options. But these days, the best marketing in the world can't mask a bad product. That's why the choices we make about products have drastic marketing implications for the business.

Each new product carries advertising messages that try to convince us why it represents the best purchase decision. While we have choices to make, we are also faced with an endless amount of campaigns promoting products to our overloaded brain. These campaigns become increasingly intrusive, with their messages invading our social media feeds, web browsing, display media, and more. Ads are everywhere, and escaping from them is almost impossible.

But behind the veil of such messages, we find a product that most of the time we don't need or want, a truly remarkable product is missing. Marketers can do all the promotion and advertising they want, but if the product isn't remarkable and doesn't fulfill a need or want in a unique way, then as consumers we will mentally ignore it.

I think this highlights why the product is the most important aspect of the four P's of marketing: product, price, point, and promotion. Without a product, none of the other three elements in the marketing mix can be implemented. And great products are easy to market because they fill both a need and a want.

What is a product

Let's start by defining exactly what a product should encompass. It is reasonable to assume that a product is something tangible or intangible for which, in most cases, a consumer is willing to pay money. The product brings us back to the basics of marketing. It is the income stream and lifeblood of any business. Satisfies the need or desire of a consumer.

Products come in numerous forms. Convenience products are popular and allow consumers to make quick purchase decisions (most of the time usually). They usually satisfy basic needs. One example is milk, a simple product that consumers don't worry too much about. With these types of products, branding and recognition can make the difference between success and failure.

Other products involve a difficult purchase decision, like a new car. People spend more time researching and evaluating options when the product is more expensive or valuable. The third type of product is specialized, which appeals to a certain segment of the market, for example, protein bars for gym enthusiasts.

Your job before developing any product is to decide what kind of product you are building. What is it for? Is there a specific demand? Is there a gap in the market for this product?

A special product type is preferable for most new SMEs due to the competitive environment. Such a product allows you to cultivate a certain niche market serving a small but passionate customer base. These customers will then spread the word about your brand as they become passionate advocates for it. Which culminates in the fashion of the product and is finally witnessed by its massive exposure to the market.

How to create a product

Before delving into the world of entrepreneurship, you need to decide what needs your product meets that are currently not being met in the overcrowded marketplace. How will your product be different? Any product worth developing must provide additional benefits on top of the basic function in order for it to stand out.

Additional benefits may be intangible. This is where marketing and storytelling come into the equation. While the product is the most relevant part of the marketing function, you need other intertwined elements to be successful, such as promotion, location, and price. For example, Starbucks offers coffee, but when consumers go to Starbucks they don't just buy a cup of coffee, they buy all the additional benefits that come with it, such as perceived high-quality taste and a relaxing environment. Other added benefits come in the form of after-sales service, warranties, free delivery, installation, etc.

How to market a product

For your product to be successful, it is convenient to carry out market research to find out if there is a market for it. Researching the market will help you find unmet needs. This is a good starting point for finding your target customer and their demographics. If you discover only a very small segment for your product marketing, it doesn't mean you should abandon the project. Instead, tailoring your message might be the best idea, and promoting it to complement these people's worldviews. Aligning the personality of the brand to match the self-image of said people will always be a good marketing strategy.

In conclusion

The next time you make an announcement for one of your product lines, you need to take the bigger picture into account and dig into the core of the product. Does it really satisfy an underlying need or want? Is it noticeable, and if so, what makes it so?

What are the unique selling points? What can make your product better than that of your competitors? These are the questions, as marketers, we need to ask ourselves. Without a really good product, all the promotions and price changes won't make your product successful. Probably the best strategy to use to sell a product is to create an innovative product that actually solves a problem or a need.

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