Hello, I’m Jim Glover, "That Branding Guy" for Once a Day Marketing™. Today
we’re sharing Part IV in our series on the fundamentals of marketing using the
7Ps with a discussion of Product.
When you are
creating product strategy, put yourself in the mind of your target audience. The
customers and potential customers you are trying to reach will appreciate your
product and brand if you deliver faster, better cheaper.
Faster – Delivering the product to the
customer more quickly. When someone wants your product and you are able to put
it into their hands immediately it results in a great customer experience.
Better – Statements like “new” and
“improved” are used in marketing across a broad array of products and services.
Consider how to make your product new, improved or perceived as better in the
minds of your customers.
Cheaper - There are two elements to
consider, reducing the price or adding more perceived value to customers for the
same dollar. We prefer the second approach because competing on price alone
usually doesn't bode well for the success of the brand.
Faster,
better cheaper will allow you to enhance your brand and drive more sales. Seek
out opportunities to deliver faster and make your product better or cheaper. You
might use profit margins as a selection criteria as to which tactic you will
pursue first. Once you have accomplished the initial strategy, look at
implementing additional changes and, over time, you will improve all three
elements of your product.
Once a Day Marketing™ inspires
clients to brand bold. Visit our website at www.onceadaymarketing.com. Contact James Glover at (505) 501-1330 or email glover@onceadaymarketing.com. Listen to Ask Those
Branding Guys™ every Monday at11:00am (MDT) streaming live on SantaFe.com
KVSF 101.5 FM.
© 2017 Once a Day
Marketing™. All rights reserved.
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