Most of us in marketing think of strategy as deciding what to say, how to say it, when to say it, where to say it and to which target we should be saying it. But when you’re as involved with your clients as we are at Envision Works, strategy starts much earlier – with the product itself.
The Name
A product name just might be the most important element of its future marketing success. After all, the name will always be a major part of every communication. Does the name say what it is? Is the name unique? Is the name memorable? The detergent name Tide is short, easy to remember and gives a visual of laundry being washed with the power and freshness of the ocean (before the oil spill, of course). Similarly, Apple has always tempted gadget lovers, much like the original apple tempted Eve. Do yourself a favor; come up with a name that tells a great story and gives you something to work with for the next 50 years or so.
The Price
Now that you have a great name, how do you determine the price? On the low end, you have to come up with a number that provides a profit. If you sell millions, the low end might just be the right number. On the other hand, if your product is used only occasionally, or only by a small number of people, you may have to price it high to make your profit goals. Sometimes a low price causes the product to be perceived as cheap. Sometimes a high price causes the product to be perceived as the highest quality. It’s a tough balancing act, and something that should be not taken lightly.
The Competition
Where does your product fit in with the competition? Even if it has it’s unique benefits, you’re still trying to get people to change from something they already use and like. How do you appeal to people to change their mind? And if there’s nothing unique, as marketers, we have to find an angle – some tangible or intangible reason for this product to be tried.
The Distribution
Trying to get a new product on store shelves is no easy task. In some ways, this is the most valuable real estate in the world; sometimes, millions of dollars are lost or made according to the whims of one store brand, like Walmart. In addition to a product strategy and marketing strategy, you will need a strong distribution strategy. You will need to convince enough retailers (online or brick and mortar) that your product is something that will please their customers, that it fits in with the store strategy. Because if you end up advertising something your customers aren’t able to buy, you’re throwing your client’s money out the window.