A successful product is already such on paper – all that remains is to produce and sell it right. All the basic steps we will cover in more detail in separate articles, but here we will talk about the most basic concepts of successful brand management.
1. Product positioning
Each product must be thought out at the planning stage. The main questions you should ask yourself: Who will buy it? Where will he/she buy it? What motivate a potential buyer to buy it? At what price is the buyer willing to buy it?
Essentially it is 4P of Marketing (product, price, place, promotion). Please remember, it always needs investment, and if you plan it right, the investment in promotion will be minimal because a brand will sell itself.
“A bad beginning makes a bad ending”. There are multiple ways come up with a good name, and all of which are based on the previous step.
For example, if a product is for blue collars, it should be named appropriately. Also one of the most difficult tasks in naming is to make it relevant in the future. Consider all possible events, including macroeconomic ones.
If you plan to produce electronics, then OEM plants in China are a very good place to start. If you have a small production of cookies, then experienced technologists are a prerequisite for successful production. Do not forget that brand managers create the composition of the product together with production technologists. And the composition depends on the factors above.
After the product has been produced, it needs to be sold and promoted. Start small! Let it appear first in small retail, and then go on the shelf of retail chains. Then, in order for people to try it out, you need to promote it. For instance, you can periodically give a discount or even give it for free as a gift for purchase of a more successful product. Thus, you will create the basis for further sales and promotion. Do not forget that not all products can be super successful, but with proper approach and planning you can get stunning results.
The most basic example of a product that is already successful at the start is of course iphone.
We all should admire brand management in Apple.