Making Decisions Related To the Product

Making Decisions Related To the Product - iGoStartup
Panagiotis Koutoudis
by Panagiotis Koutoudis

If you want to do a business in any industry, taking the marketing environment into consideration is the only way that you can make decisions related to your product.

Are You Sure About Your Strategy?

The key elements of marketing environment that dictates the success or failure of a product are:

  • Competition
  • Preferences of customers
  • Legal rules
  • Political environment
  • Regulatory issues
  • Your budget
  • Your resources
  • Press and marketing trends

The above elements effect your marketing decision to a great extent - or at least they should, because that's how a business works. Regardless of whether your organization is developing a new brand or is re-creating an already existing brand, any decision that you make related to the product should include these core fundaments.

“By setting a product strategy, you can determine the direction of your product efforts.”

Thanks to technology, people are more brand conscious, health-conscious and know the difference between right and wrong. Marketers today see consumers as being web savvy, mobile enabled information enthusiasts who can literally pounce on almost any store or brand that offers the best deal. Under such circumstances, brand loyalty, as the current market trend goes, is almost vanishing. People are more open to trying a new product that is more convenient and cheaper and is ready to experiment that gives the best deal. Subsequently, companies today have accelerated their online marketing strategies, expecting their target audience to interact and be better informed about their product and deals. This is the only way that companies can hold onto a growing trend of disloyal and highly distracted customers.

According to several researches, a company should first understand the main intention of a customer. If a customer wants a camera, the company should predict whether the customer is just browsing or ready to buy one. If a company is able to predict the buying trends of customers, they will be able to boost their sales and build a loyal customer base.

For small startups, this comes as a major disadvantage because every time they cannot keep hiring a professional to do a market analysis and pay the expenses. This is exactly the reason why iGoStartup offers a tool that helps an entrepreneur develop their own product marketing strategy. The tool is capable of analysing the product or services that are offered to a customer on basis of its physical attributes, what it does, how it is different from the competition and the benefits it provides. The tool will help you to know more about your competition, the difference your product makes, and the trends that determine if your product is fit to be in the industry. Thus, you will be able to come up with a concrete marketing strategy for your product that not only reflects your business goals and objectives, but provides a solution for higher sales. With this tool, a business can clearly budget their production cost and their marketing strategies. All it takes is a few minutes of your time, but will help you to come up with the most critical decision about your business’s products and services.