When you’re releasing a brand-new product onto the market it can be difficult, if not impossible sometimes, to predict how consumers are going to react to it. For some, they fly off the shelf in sheer numbers upon first release but for others it can be a slow burner.
The difference between the former and the latter boils down to a simple and traditional marketing methodology which seems to have been forgotten about, yet is still critical to the success of any product which enters the market. Let us introduce you to The 4P’s!
The 4P’s of marketing, such a traditional concept but its still so relevant even in today’s world. It was first coined by Jerome McCarthy in 1960 to identify the four different pillars of marketing which, when used in harmony, outline the success of any product release.
If you’re wondering why your products are not selling, chances are it comes down to one of the 4P’s. Let’s break down all four and hopefully you’ll see where your problem lies.
One of the most obvious reasons products aren’t moving is simply because of the price. If you’re charging too much for a product that’s already in the market and doesn’t offer anything unique, it’s clear why it’s not selling. If someone down the road is selling the same thing for a lower price then why would they purchase from you? Hmmm.
If your competitors are selling the same product you might have to look at their prices and see how you compare. The best way to find out how much you should be charging is to get some feedback from your customers. They know more than anyone how much a product is worth so it may be wise to ask them what they think.
This is one of the most common causes of poor sales – consumers just aren’t responding to what you’ve put out. The reason for this is simple, your audience aren’t interested and you’ve created something, which isn’t exactly what they want. Think to yourself, at any stage did you consult with your customers to identify a gap in the market? Did you ask them what they wanted and feel they aren’t getting?
At the end of the day it’s the customer who buys so if you’ve introduced a product without them in mind it’s most likely not going to be hit…
Fortunately, there’s still time to amend it. Start getting feedback on what you’re selling and see what your customers think. Take their thoughts and put it back into the product and iterate.
Now you’ve thought about the price and your consumer’s interaction with your product, it’s now time to consider whether you’ve made it easily available to your customers. By this I mean whether you’ve made it as convenient as possible to buy – it’s all about convenience! Where do customers look for your product or service? Is it online? Social Media? In-store? It might be all of these! Make sure you’re products are available and that potential buyers have no problem in finding what they want.
If you feel you’ve done enough in creating a product that the customer wants but are still not seeing conversations, the likelihood is you’ve not done enough in raising awareness and distribution. This can sometimes be costly, but it can be difficult to attract a crowd without really putting any effort into promotion, regardless of how good the product is. Gone are the days of “build it and they will come”. Consumers today have more choice than ever before! Why should they choose you? Like seriously, why?
If you feel this is the next step for you then brainstorm some ideas on how you can attract customers. Here’s a tip for those looking to keep the spending to a minimum – use social media it’s cheap and, when done right, can attract massive awareness for your brand or product. Free giveaways and competitions work a treat for all sized businesses.