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 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?

  1. 1. 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 newly developed Product a Winner in Crowd. We have therefore dedicated part of Go Goal blog to share a few major steps 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 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. Market is then segmented based on these characteristics. Once product is developed, test markets must be created where the products can be tested before actual release. The best means to sweep the market is by incorporating into product the best options you would have identified during market research phase. After the product is completely tested, target markets are identified for market penetration. One of the best means to achieve more visibility today is by having an online presence i.e. websites. Internet marketing is very powerful means to reach masses not just locally but globally. Website design and layout therefore carries a lot of impact on the way product is displayed and presented before buyer. First impression matters here, as catchier phrases or slogans and aesthetics linked to products tend to pull crowd for viewing and buying. If the webpage layout is bad, products are not highlighted, branded or explained, URL mismatches are common or if hyperlinks 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 the differentiator based on which your pricing strategy will be scrutinized and compared with other products on shelf by your customers.
  2. 2. Usage of large fonts, large images, large video clips and heavy slangs creates an amateurish impression and the user may like to think twice before proceeding further. One must remember that diaspora has increased and the expectation therefore is a variable quantity. Without Company name the product becomes anonymous in a crowd, therefore product branding, trademarked logos and corporate strategy is important to differentiate product from its competitors’. Marketing materials used during promotional activities such as brochures must include highlighted product unique features, corporate strategy and pricing information. The next very important criterion to be considered is the uniqueness of Software marketing. Indian Software Product development industry is slowly evolving and is learning through its mistakes. However, a large number of innovators fail to understand the importance of marketing their product to gain visibility in a crowd. More than “lack of funds” it is “lack of marketing awareness” that kills products prematurely. Awareness of marketing tools already available that can reach masses must be researched. For instance, ipott.com allows companies to list their products free of cost and offers knowledge management services that include intellectual property management and intellectual property sale. We have recently published blog content on Product Ideation titled New software “Product”? What NEXT? Our next issue is on the importance of BRANDING a Product. For more information about Go Goal or to subscribe to the blog click here

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