Marketing 101: the 7Ps of Marketing – PRODUCT

Improving Your Product will Enhance Your Brand

Hello, I’m Jim Glover, “That Branding Guy” for Once a Day Marketing™. Today we’re sharing Part IV in our series on the fundamentals of marketing using the 7Ps with a discussion of Product.

When you are creating product strategy, put yourself in the mind of your target audience. The customers and potential customers you are trying to reach will appreciate your product and brand if you deliver faster, better cheaper.

Faster – Delivering the product to the customer more quickly. When someone wants your product and you are able to put it into their hands immediately it results in a great customer experience.

Better – Statements like “new” and “improved” are used in marketing across a broad array of products and services. Consider how to make your product new, improved or perceived as better in the minds of your customers.

Cheaper – There are two elements to consider, reducing the price or adding more perceived value to customers for the same dollar. We prefer the second approach because competing on price alone usually doesn’t bode well for the success of the brand.

Faster, better cheaper will allow you to enhance your brand and drive more sales. Seek out opportunities to deliver faster and make your product better or cheaper. You might use profit margins as a selection criteria as to which tactic you will pursue first. Once you have accomplished the initial strategy, look at implementing additional changes and, over time, you will improve all three elements of your product.

Once a Day Marketing™ inspires clients to brand bold. Visit our website at www.onceadaymarketing.com. Contact James Glover at (505) 501-1330 or email glover@onceadaymarketing.com. Listen to Ask Those Branding Guys™ every Monday at11:00am (MDT) streaming live on SantaFe.com KVSF 101.5 FM.

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Filed in: 7Ps of Marketing • Product
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