Have you ever had the great idea of inventing something and thinking about selling it? A book, a game, a computer application, it can be anything. The first thing that comes to mind is that your idea is so good that everyone will like it. But today there is a lot of competition. That's why a marketing strategy for products is mandatory.
Product strategies are always necessary, whether you are new to the market or if you are a consolidated company. Even if you are offering a product as simple as promotional hats, a perfect strategy is all you need to put life into your product marketing campaign.
In this article, we will show you what a marketing strategy on products is and how you should consider implementing it. If you are interested, continue reading.
Marketing strategy for products
A marketing strategy for products is the set of actions you do to design and carry out a product or service considering the needs of the potential customer.
Any marketing strategy on products needs to be constantly reviewed and updated due to the great existing competition. As you can see, the product strategy is nothing more than a marketing strategy.
What do you need to consider for making a good marketing strategy on products?
It is a type of analysis based on the internal aspects of companies and consisting of 4 basic elements: product, price, distribution and promotion.
For this article, we are going to focus on the product variable. Before designing any product, you should study what needs you will address. To know this, you probably need to do a market study. Formerly companies tended to focus on the characteristics of their products. However, they realized that consumers acquire products that will make them happier.
After you define the need, you must design, manufacture and market it accordingly. For all this, we must work on aspects such as brand, image or customer service, especially on after-sales services. In later sections of the article, we will look deeper into the brand.
New product introduction strategy
The strategy of a new product is usually one of the toughest parts, especially when your company is new. That's why we give you the following guidelines so that your chances of success increase:
Define your target audience: Think about who would want to buy that product. For this, you should set a demographic objective. Consider if your product is for men or women, at what age, what income and all the characteristics you can meet. In short, you must conform to the profile of your buyer persona.
Define how you will distribute your product: everything will depend on the product and the ideal customer, which you defined in the previous step.
And at the time of introducing the product in the market, what will you do? How are you going to start getting sales? For that, you can follow some of the following tactics.
Internal launch: Distribute the product among the company's staff before launching it abroad. That will be where you get the first feedback.
Advertising: In any marketing strategy, keep in mind that you must attract attention, generate desire and call for action.
Another way to get sales is through incentives and discounts, measures that we usually use considering the psychological factors.
Product Positioning Strategy
We have already talked about the knowledge of the target audience to position a product and define the value proposition. However, we need more analysis, and it’s the following:
Identify the competition: Competitors can be primary or secondary. Primary competitors are those who have a similar product. Secondary competitors do not offer products similar to ours but may affect our market positioning.
Ask for testimonials: It is always good to ask consumers for information. When our product has already reached some people, we can ask what they thought, and maybe they can even give some valid idea to position it.
In addition to this, there are different types of positioning: by price, by differential advantage or by type of competition.
Differential advantage positioning: This strategy is based on the attribute by which a product differs from the competition.
Positioning by competition: The message of this type of positioning is about comparing our product with several competing brands to show that ours is better.
Price positioning: it’s when you position the image of your product by implying that your product is better because it is more expensive. Another way to do it is the message that the product is of high quality at a good price.
Product and brand strategy
Many of the product strategies are brand based. What is a brand? The first thing we think of is a name, slogan and distinctive logo. But this is only the beginning.
A brand has to convey emotions, create action and interact with buyers. That is why the creation of the marketing strategy on products is vital for the brand to grow its identity.
A product and brand strategy involve the following:
Develop the brand's personality, a personality that differentiates your products from many similar ones. Just by listening to the brand name, you should remember the product and all its benefits.
Remind your target audience why you have to buy your product instead of similar ones.
You have to make your audience feel "forced" to acquire your product from the emotional side, not necessarily for quality or price. It doesn’t mean that price and quality are not important. The emotional relationship with your brand will always be positive.
A brand strategy can focus on presenting the product as of higher quality, cheaper or more reliable. This positioning should always take immediate competition as reference.
The product and brand strategy will directly determine the mission of the business, the values and will have a relevant meaning for the target audience.
Coca Cola's marketing strategy on products
As an example of a marketing strategy on products, here is one by Coca Cola. It is what they called “Unique Brand”. This strategy is based on the following points:
- Corporate identity: It will continue to retain the red disk, varying the graphic part of the packaging so that all types of Coca Cola have a similar and identifiable design.
- Marketing: In this aspect, Coca Cola's idea is to increase the visibility of low-calorie variants. All Coca Cola classes will sell at the same price.
- Communication: The communication strategy will focus on 50% in low-calorie Coca Cola. Besides, all types will communicate in a unified manner.
- Distribution: The effort in the distribution has the objective that the low-calorie Coca Cola (no matter what type) is in stores with the same availability as Classic Coca Cola.
The brand strategy has to feed all sectors of the business. It has to be present in sales, marketing, pricing, company mission, advertising campaigns, customer engagement and public image strategies. Do you want to know the strategy of a well-known brand product? Keep reading to learn about Coca Cola's amazing strategy. In terms of price, some companies base their strategy on being competitive because their products are the cheapest. This way of positioning is risky because the market may see them as products without identity. They might think you don’t care about being different.