At one point on the other, we’ve all has issue with choosing the right product, trying to understand when the time is right to launce the product and making a decision on the environment to sell the products. Unfortunately, we cannot control time. What we can do however is understand how to best synchronize this three elements of marketing to get the best possible returns from them, the product, time and place.
Consumers expect commerce anywhere. They want to be able to complete transactions easily, whether online, in stores, on the phone, on the go or any combination of these. At the same time, they are willing to abandon any retailer who can’t keep up with their expectations. To be successful, you need to put the consumer at the center and improve the service rendered to them. It is absolutely necessary that you deliver the right product to the right location at the right time to maintain the loyalty of your consumers.
Your product is the output of your business that you are looking to inject to the market. To be confident that you’re taking the right product to the market, you must be able to provide a reasonable and satisfactory answer to the following questions: Will the product sell in the market? Can it be sold profitably? What skills and experience do you need to sell it?
If you considering taking on a new product, you need to do some research and establish if the product has good chance of selling and if your existing customers are likely to buy it. The best way to do this is by consulting your existing customers to find out if they would be interested in buying your new product. If they wouldn’t, you need to understand why. Once you have the answer to this question, you will be able to make realistic decisions.
Also, you should make a list of all the things you’ll need to do to market and sell your product. Use this list to build a spreadsheet of your costs and expenses and use simple calculations to see if the product will be profitable.
If you don’t have the skills required to successfully run the new product, you should think about getting additional help and acquire the knowledge and skills required to market and sell the product from adequate sources.
Timing as they say is very important in every business. There are periods when the sales of a particular product is high and there are times when it’s the other way around. Understanding this willhelp you ascertain when it is best to proceed with your plans.
Place refers to the market you plan to inject your product into. It is one of the most important part of marketing. Place is about the marketing channels and distribution/logistics and is just as important in a business-to-business market as it is in a business-to-consumer market. In essence, you need to be able to define the people that needs your product. These are the people that will be your market and therefore you need to be able to see things from there side if you want to drive traffic to the sale of your products.
In summary, when you are able to factor in the above criteria, you will be able to develop a detailed, solid plan for the launch of your new product. Get the right product to the right place in the right quantity, in the right condition at the right time. If the sales of your new product skyrockets, you will be happy that all the effort you put in are worthwhile.