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Is Your Product a Winner or a Loser?

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Have you done a market research on the utility, appeal and relevance of product, before it was actually developed? Demographics, public preferences, competitors’ activities in the area, alternative ...

Have you done a market research on the utility, appeal and relevance of product, before it was actually developed? Demographics, public preferences, competitors’ activities in the area, alternative products available on shelf, nomenclature or product branding and product pricing play an important role in deciding the features of product in its conceptual stages.

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Is Your Product a Winner or a Loser? Is Your Product a Winner or a Loser? Document Transcript

  • Is Your Product a Winner or a Loser?Some of our loyal readers requested us to write about Marketing Strategy to be adopted to make a newlydeveloped Product a Winner in Crowd. We have therefore dedicated part of Go Goal blog to share a few majorsteps to take to ensure that your Product is “ready to take on” in the market before you start selling.Have you done a market research on the utility, appeal and relevance of product, before it was actuallydeveloped? Demographics, public preferences, competitors’ activities in the area, alternative productsavailable on shelf, nomenclature or product branding and product pricing play an important role in decidingthe features of product in its conceptual stages. Market is then segmented based on these characteristics.Once product is developed, test markets must be created where the products can be tested before actualrelease. The best means to sweep the market is by incorporating into product the best options you would haveidentified during market research phase.After the product is completely tested, target markets are identified for market penetration. One of the bestmeans to achieve more visibility today is by having an online presence i.e. websites. Internet marketing is verypowerful means to reach masses not just locally but globally. Website design and layout therefore carries a lotof impact on the way product is displayed and presented before buyer. First impression matters here, ascatchier phrases or slogans and aesthetics linked to products tend to pull crowd for viewing and buying. If thewebpage layout is bad, products are not highlighted, branded or explained, URL mismatches are common or ifhyperlinks are not working it creates scope for ambiguity and failure to appeal.A good website like the one shown below will be well connected, bug free, relevant, ambient and informative.Most important product unique features in addition to other features must be explained as it is thedifferentiator based on which your pricing strategy will be scrutinized and compared with other products onshelf by your customers.
  • Usage of large fonts, large images, large video clips and heavy slangs creates an amateurish impression and theuser may like to think twice before proceeding further.One must remember that diaspora has increased and the expectation therefore is a variable quantity. WithoutCompany name the product becomes anonymous in a crowd, therefore product branding, trademarked logosand corporate strategy is important to differentiate product from its competitors’. Marketing materials usedduring promotional activities such as brochures must include highlighted product unique features, corporatestrategy and pricing information.The next very important criterion to be considered is the uniqueness of Software marketing. Indian SoftwareProduct development industry is slowly evolving and is learning through its mistakes. However, a large numberof innovators fail to understand the importance of marketing their product to gain visibility in a crowd. Morethan “lack of funds” it is “lack of marketing awareness” that kills products prematurely. Awareness ofmarketing tools already available that can reach masses must be researched. For instance, ipott.com allowscompanies to list their products free of cost and offers knowledge management services that includeintellectual property management and intellectual property sale.We have recently published blog content on Product Ideation titledNew software “Product”? What NEXT?Our next issue is on the importance of BRANDING a Product. For more information about Go Goal or tosubscribe to the blog click here