How to Market a Product

Do you know the #1 reason that new or existing product initiatives fail? Management falls in love with their product. They believe they have an excellent product and often act in reliance on the assumed fact the product is great. This condition is referred to as inventoritis and nobody is immune to this condition. Don’t make this mistake. Follow the steps below to ensure your success.

  1. Conduct research to see if the product is a good one and it has a viable target market.
  2. Make any required changes to improve the product.
  3. Assume that the product is “terrible” and the management has inventoritis.
  4. Assess financial capability to support product-marketing initiatives.
  5. Create an inventory of all the tangible and intangible assets available to the company.
  6. Understand the value proposition, target market, goals and environment.
  7. Clarify timeline, plan, target market needs, priorities and objectives.
  8. Examine all processes within the company (operations, financial and internal/external marketing).
  9. Make all required improvements to the internal processes.
  10. Improve the marketing materials.
  11. Design an external marketing strategy and process. (considerations below)
    1. Positioning – competitive strategy, differentiation, brand and pricing strategy
    2. Selecting – distribution channels, marketing vehicles and service providers
  12. Focus your efforts by finding the Leverage Point (Strategic Leveraging) by analyzing networks, trends, technology and alliances. Strategic Leveraging involves the following 5 steps:
    1. determining the opportunities for improvement from the status quo.
    2. evaluating strategic improvement opportunities.
    3. creating a strategy centered around a Leverage Point (LP).
    4. establishing a position.
    5. executing the strategy using sufficient leverage and force to drive the process to completion.
  13. Get the right people into the right places at the right time.
  14. Leverage all the appropriate tangible and intangible assets and execute on the strategy and process.
  15. Review the process and make any necessary changes.

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This entry was posted on Tuesday, October 18th, 2011 at 5:20 pm and is filed under Marketing. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.