When selling or marketing any product, it is vital for the product to evolve and improve. The whims and demands of your customers are going to change and you need to be able to continually keep up with them. This applies to everything from iPods to something much more boring, like breakfast cereals.
In order to keep on top of the market, you should regularly be evaluating each of these P’s.
Product – Is your business’s actual product something that is relevant and right for today’s market? Is this something that is already or soon to be obsolete?
Pricing – Pricing is tricky to get right and can make or break your whole product line. Charge to much and customer acquisition may decrease, but charge to little and the perceived value may decrease along with the profit margin. Decisions are difficult with pricing. Look at it as objectively as possible. How have costs changed in production?
Promotion – How do you let people know about your product or service? And more importantly where are the weak points in your campaign? Often small changes in promoting projects can make a dramatic change in the results observed.
Place – Where are your products being sold? Look to additional venues or more appropriate venues where your target audience would be found.
Packaging – Everything that represents your product is the packaging. It could be the physical ‘clam-shell’ packaging such as on a toy or gadget, but it also extends to your website, communications, and design. When somebody looks at your display (online or off) what is going to be their first reaction? How can you improve that first impression to inspire?
Positioning – When you are not around, how is your product viewed? Do people speak highly of your product or are their credibility issues? How are you any different from businesses with competing products?
People – Lastly is the team that makes up your business. The designers, the engineers, the marketers, the decision makers… ect all have to be able to work effectively to get the job done. Disruptions can have a huge adverse affect that might ripple through the whole organization.
Small changes can lead to big results. Look at your whole marketing strategy and each of these sections to determine what is and what is not working. Refine what needs improvement and of course believe in your product.