The marketing mix portion of your marketing strategy contains four elements: product, cost, promotion and put (also referred to as distribution). Product always must be considered first since the other three elements rely on the choices you are making for the product.
It’s critically essential that you understand the necessity to differentiate your products from the rest of the products available (product within this context is interchangeable with service). If you do not differentiate your products, how can your clients think it is within the overcrowded market?
Product differentiation means finding, or building, the initial value your products needs to your clients. Unique characteristics could include specific services that competitors might have difficulty copying: for example door-to-door 24 hour delivery of the product(in case your warehouse is situated in town as well as their warehouse has run out of town, you can win about this differentiation point). Unique characteristics may also concentrate on the specific features, advantages or advantages of an item: in the past of lcd televisions, the dimensions and quantity of pixels would be a huge quality differentiator.
But notice that anything you develop like a unique reason for differentiation, it’ll frequently be copied (rapidly) by competitors wanting to gain your share of the market (much like individuals lcd televisions noted above – the conventional now’s 4 various sizes, maximum pixels just how will they differentiate?). You have to keep a minumum of one step in front of your competitors, and make sure that your product evolves, that new points of differentiation are developed, and you are constantly assess your products and it is market.
How can you do that?
Ask customers for feedback in your product. Will it meet their fundamental needs, their expected needs, as well as their preferred needs?
Request a prioritized ranking of recent products they may want to buy.
Ask customers what new benefits and features they wish to see added.
Question them the way your product compares against its competition: keep these things define the weaknesses and strengths of every company’s products, including yours.
Make use of an paid survey (which may be established to be anonymous) or send profits people to inquire and produce back solutions.
Prior to you making decisions in line with the data you’ve collected, know how your industry may influence product differentiation decisions. For instance, let’s say you sell inside a large volume industry as being a low-cost supplier is essential let’s say you sell inside a niche industry you are able to focus your differentiation on niche applying your products let’s say you sell inside a new industry, you’ve got the chance to define your differentiation plan – don’t invest the special, unique characteristics in to the product in the initial phase, produce the product so that you can deliver stages or amounts of differentiation because it moves through its existence-cycle (introduction, growth, maturity and decline). There are a variety of other different industry ‘types’ know very well what your market is and just what your market atmosphere is prior to you making product differentiation decisions.
Then, act upon the data you collected on your question asking phase and, most significantly, inform your customers that you’re utilizing their feedback. Inform them their participation within the survey and/or discussions, helped to produce a better product. Also employ the understanding you’ve of the industry to produce alternation in your services and products. Build product differentiation plans to your marketing strategy to be able to gain competitive advantage.