Simple Marketing Part 2: Review Your Product(s)

25 04 2008

Is it too obvious to state that “your product is the most important part of your business”? Possibly yes, but then aside from manufacturing or delivering or providing it to your customers, when was the last time you fully reviewed your product?

I suspect that many businesspeople often think about their product and how it can be enhanced and developed, but to truly capitalise on these thoughts it is important to formalise the process. Here in Part 2 of Simple Marketing I am going to suggest a simple approach to help start that process, and usefully it also makes provision for keeping a track on your competitors products too.

Not for 1 second will I suggest this to be scientific, but instead particularly if budgets are tight in your enterprise it is a simple, robust way of formally keeping a track on your product and from a marketing point of veiw it will help to identify any product developments or enhancements that may be required.

To begin this process list all of your product attibutes. These could include, the number of different products, the ranges of products, colour options, delivery options, purchase options, the style of your product, the services you offer, the way you present your product, the channels you sell your product through, the warranties you offer etc.

Then try and rate your product, and whilst this may not be scientific if for example you take a look at the packaging of your product decide what you like and don’t like about it, ask if you feel it is presenting your product in the most appropriate and appealing way. And give it a mark out of 10, 5 being average, 10 amazing and 1 – not very good. Do be honest, because the next step is to do the same with your competitors products and again be as fair and honest as you can.

Do this for all the product attributes for yours and your competitors’ products, and you will build a picture of where they have a stronger proposition than you. If you can ask other people to do the same, this is a good way to sesne check your results – and as this is a review don’t feel you have to be defensive about your product. Its far more valuable to learn the truth about what you sell as this gives you the opportunity to address the areas where your product offering can be improved.

Understandably all things can’t be fixed in one day, so list down all the areas for improvement and rank them in order of importance, you then have your product “to-do” list and by addressing this you will have already made improvements to your competitiveness which will help ensure that any future Marketing activity will be more successful because your offering has improved.

This is a big step in Simple Marketing and shouldn’t be rushed or under-estimated in its importance.

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One response

25 04 2008
Chris Moran

Nice writing style. Looking forward to reading more from you.

Chris Moran

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