Set the budget for each element of your product strategy. Determine the funds you are willing to allocate to the production process, the marketing campaign and the services to consumers.
Product strategy refers to all actions an organization takes so that a specific product achieves a prominent position in the market. This procedure starts even before the product is manufactured and continues even after it hits the shelves. The main target of product strategy is to make the most out of the given budget to earn the trust of consumers and maximize sales.
Determine the advantages of the product you plan to launch over competing products. List the exclusive features you want for your product before it enters the production process. For example, such advantages can include advanced security features on baby strollers or an enhanced anti-dandruff formula.
Set your target market. The fact that your product is aimed at the general public or a niche audience can determine your product marketing method.
Brand your product to differentiate it from other similar products in the market. An original brand name and distinctive packaging can make it easier for consumers to remember the product, while your organization's name or logo adds credibility.
Market the product before and after it enters the market. The marketing campaign can be versatile, including previews of the product in busy shopping centers, media advertisements, posters on billboards and even creating a special section at your organization's website. Publications for specific audiences, such as fashion magazines or sports websites, can help you reach niche markets.
Determine the non-tangible benefits that you offer along with the product. Such benefits may include a warranty, dedicated customer service or even discounts to other products or services of your organization.
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