While working on a brand or product strategy for one’s business, it’s easy to forget very sensitive things that are essential for every business, such as return of goods or default on the contract. There are many more aspects of a successful brand management to consider, regardless of what market or a business it is, but the main aspect is this – how to successfully sell a product.
Sell a product: 4 main points
1. Decide on pricing
Every product portfolio should consist of different brands and different merchandise with different pricing. Why do I need this for, you may ask? One needs this in order to sell the right product for the right person. For example, a blue collar worker will likely buy a product which in its appeal, and especially price, will look more attractive to that person.
Or we can consider a top manager of a large company, who will likely buy some more expansive product, then the blue collar worker of his own plant or factory. And the success indicator of a useful product management is the ability to satisfy the needs of different consumers with the help of the right product. And the price is the main factor here.
2. Make the right positioning
Even if you are a YouTube blogger, and you are making really cool vids, you got to have the right positioning for them. If you are making cooking vids, than you’ve got to have everything set up in order to appeal for the right audience. Content is a product too, and you have to know how to sell a product.
Or if you are selling physical products, then such aspects as product cover, content and even advertising should be aimed at the specific target audience. Combine it with multiple brands and merchandise that you might be selling and you will see, that it is a very hard work to make the right positioning for all of the products.
For good references, check out international beer companies, such as heinekencompany. Every one of their products appeal to the right customer.
3. Select sales channels for the desired products.
Not every outlet can be a good place for a specific product. Think about a not-so-prosperous store in a poor neighborhood. The high class product will likely to fail there, and with the terms of a contract you will have a product return from the outlet. But how can one choose a desired strategy here in order to always make a profit?
The answer is simple – sell the right product to the right outlet. If you will come to one of the stores of a retail chain, you will see a much larger offer of goods (by a specific manufacturer), than in a retail store near your house. Remember that you always want your product to be selling successfully to the end consumer.
This principle works for the digital products too. If you are a good cook than such platforms as Youtube, Pinterest and Instagram are for you (albeit with different type of content). But if you are good with finding authentic content such as 70’s music, and you want people to discuss it, then Facebook and Instagram are your weapons of choice.
4. Make the necessary contracts on favorable terms
Don’t forget that selling to a simple outlet, a retail chain or to an online marketplace are different things. If you agreed upon your product portfolio and strategy, it is time to think about outlet motivations, terms of contracts, returns and so on. To sell a product is sometimes for tricky than it may seems.
For example, if you are successfully selling to some retail outlets, and then suddenly your competitor take over them – it means that he motivated them better. There are countless ways to do this – promotions, retro bonuses and so on.
Same thing goes for retail chains. When listing your products, do not spare money for promos. Retail chains like it, and it will help you not only boost your sells, but to gain a foothold.