Fresh Facets

Developing a Unique Marketing Proposal for Products

A critical aspect of product marketing is to determine the unique selling proposition and present it as having advantages over its competitors. The initial most effective first step is to have factual, in depth product knowledge. Only by knowing the product well, can you make it sell. You should also thoroughly understand your target audience/segment and tweak your marketing strategy accordingly. Familiarity with the expectations and desires of consumers of a particular product will capture the interest and maintain the business of your customers.

An outstanding marketing proposal is specific and clearly outlines the business strategy. It should have goals that are measurable statistically and yet be flexible enough to allow for strategy changes midway based on market circumstances and responses. A market survey can determine the requirements and help determine the pricing and positioning of your product. Also, the results of the market survey can often produce to ideas to help design a special offer for each audience segment, giving you a greater edge over your competitors and help generate a lot of buzz for your product.

Advertising should be undertaken using a multi-pronged approach which includes using direct and indirect methods of reaching out to customers through flyers, social media, email, billboards, cobranding activities, print, media ads etc. The type of methods utilised is based on the budget available and the product category. Market your product as something that adds value to the customer, has a distinct identity from its competitors and is the better choice.

Launching the product is not the end of the marketing strategy. It should include scope for customer feedback and satisfaction. The ultimate goal of any business plan is to achieve market penetration, growth and loyal customers. If the initial launch does not follow anticipated lines, a backup plan should kick in. Therefore, monitoring the market is extremely important. All relevant reviews and feedback should be analyzed. Every customer complaint should be addressed as soon as possible. Constant innovation and course correction can steer a promising product into a product that can overtake its competitors and become the market leader.

The plan should include goals that are monitored in a measurable way and revised as and when needed. Constant reviews help develop future marketing strategies and numbers help track the success of your strategy. The secret of attaining market success lies in creating a need for a product that fulfils a gap in the marketplace. It should deliver a positive customer experience and stay ahead of the competition. Always keep an eye on the changing dynamics and benchmarks in the industry. Only by having your finger on the pulse, can you remain one step ahead and ready to plan your future course of action.

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