Explode Your Sales By Differentiating Your Product
Regardless of whether it is intentional, if you are trying to sell a product, you have established a market position. You have chosen a price based upon the perceived benefits of your product, and are aggressively prospecting for customers. With this in mind, have you given any thought to the possibility of positioning your product for even greater success?
It's a given that small businesses open their stores with an intent to sell, and have at least a little idea of what their likely client is like. However, hardly any spend the time to determine how their particular merchandise or approach to promoting the product will differentiate them from competitors. This differentiation is their place in the marketplace, and typically determines the company's triumph.
A company frequently positions itself to fully pull their merchandise and their market. Whether they are the "Low Price Leader," or "Premium Brand." The company's position determines advertising strategy, sales cost, and the company's approach to promotion. Subsequently, determining a how your company should be positioned within the marketplace is one of the first steps to product positioning and differentiation.
As you develop your business strategy, fully characterize your normal customer. Define their all of the demographics that make up your potential customer base. Next list your competitors, and list exactly how they are positioned to service your client. Do they realize sales by deep discounts; do they imply prestige and quality? What differentiates your competition to your customers in your market?
Now take a look at your own organization and offerings. What features of your product are superior to your competitors'? Can you compete in value? If not, can you offer more luxury or prestige? Do you offer more physical benefits? How about added safety, security, or benefits. How may you position your business where the competition can't compete?
The position of your company and merchandise in the market is principal to your success. Choose your position wisely and gear both your price and marketing around this position. Make a conscious decision to position yourself and under no circumstances allow the market to make this decision for you. Only by properly positioning your company can you effectively differentiate yourself from the competition and maximize your sales.
It's a given that small businesses open their stores with an intent to sell, and have at least a little idea of what their likely client is like. However, hardly any spend the time to determine how their particular merchandise or approach to promoting the product will differentiate them from competitors. This differentiation is their place in the marketplace, and typically determines the company's triumph.
A company frequently positions itself to fully pull their merchandise and their market. Whether they are the "Low Price Leader," or "Premium Brand." The company's position determines advertising strategy, sales cost, and the company's approach to promotion. Subsequently, determining a how your company should be positioned within the marketplace is one of the first steps to product positioning and differentiation.
As you develop your business strategy, fully characterize your normal customer. Define their all of the demographics that make up your potential customer base. Next list your competitors, and list exactly how they are positioned to service your client. Do they realize sales by deep discounts; do they imply prestige and quality? What differentiates your competition to your customers in your market?
Now take a look at your own organization and offerings. What features of your product are superior to your competitors'? Can you compete in value? If not, can you offer more luxury or prestige? Do you offer more physical benefits? How about added safety, security, or benefits. How may you position your business where the competition can't compete?
The position of your company and merchandise in the market is principal to your success. Choose your position wisely and gear both your price and marketing around this position. Make a conscious decision to position yourself and under no circumstances allow the market to make this decision for you. Only by properly positioning your company can you effectively differentiate yourself from the competition and maximize your sales.
About the Author:
Realtors rely on Redex Real Estate for sales tools and expired listing leads. Visit RedX today to discover how this great tool can help grow your listings.
posted by Vittoria @ September 23, 2011
0 Comments
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home