What do you do when you have a ‘great’ product or service?

Last month we discussed the importance of focusing on your strengths. Typically what happens when you do is that you manifest great ideas which then translate into great products and/or services.

Have you ever known of any great products or services that for some strange reason just didn’t sell?

Ever wonder why that is? It seems like a great tragedy. Someone pours their life, passion and treasure into product, usually with a stiff price of lost family time, and the results are dismal. The first question is, “Who says it’s a great product or service?”

• Does the creator say it along with a limited number of raving fans?
• Does a large, well sampled market segment say so?
• Does the market tell us it’s a great product at the right profit margins or only when the product is ‘given away’ as a sample?

We have our own bias when looking at our “great product or service.” So the first detail we must know (not think we know through rose-colored glasses) is what does the MARKET tell us about our product / service? If prospects in your target market are willing to pay a fair price for your product which maintains your product margins…then you may actually have a ‘great’ product or service

Once you KNOW the market is will to pay a fair and profitable price, you need an effective strategy to take your product or service to the marketplace?

There are a number of strategies that work to effectively deliver your message to the marketplace and convert prospective customers into clients.  It’s important to clearly identify your target market and the manner in which they like to buy. For example, you may have a higher priced, unique service that lends itself to high quality direct mail. If that’s the case, you’d want to combine offline and online strategies so once your prospect receives the mailer, you make it easy for them to respond to your direct response website so you can stay in touch with them using automation and follow-up.

Perhaps you are dealing with a commodity that is effective with the iPhone generation. In that case social media networks may be the best place to share your message. Now you can find advertising options coming available on some of the most popular sites like MySpace.com and Facebook.com.

No matter what the marketing strategy is, when you have testimonials from your product sales (which is how you KNOW you have ‘great’ product) you can incorporate them in multi-media in all your campaigns and automated follow-up.

Times are changing. Make sure your products are ‘great’ before you spend too much cash in marketing. Then with a truly ‘great’ product, you can scale your sales and have a ‘GREAT’ return on investment.

Happy hunting.

Cheers,
Steve

Steve Olds
Founder and CEO
www.STRATWORX.com

This entry was posted on Friday, October 31st, 2008 at 11:05 am and is filed under Newsletters. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.