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Where’s the real value in your product? 13 October, 2006

Posted by varoom in Marketing Plans.
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Too many times we see marketing efforts which spend a great deal of effort informing the market of the features and performance of a new product. Rarely does his marketing frame the communication in the form of what the problem the product solves for the customer. Why should I switch or buy the new product, or what’s in it for me, could be legitimate questions the customer may ask? Why not analyse buying behaviour? Why do customers, in your target market, buy the products they do? Is it cost driven? Fashion, or form, fit or function? This behaviour study should give you some clues on how best to attract attention.

Look at products like Apple iPod, it’s more expensive than the more common MP3 player products, why? Maybe its fashion, a good well thought out design or the music download service that makes the difference.

A product that is slightly better or even slightly cheaper does not differentiate itself in the right way for the customer. Often there are costs in switching from one product to another, are the benefits of the new greater than the switch costs?

In order to make this assessment we need to find the real measurable value of the new product and its benefits. Can these benefits be translated into savings?

If the product serves a wholly new market then how will potential customers value this new product? Maybe you need to promote the value of your new product in the new context.

 

Greville Commins

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