Register now or log in to join your professional community.
The journey begins from understanding your product. If you know the specifications, price, attributes and other factors of your product then lets begin the journey.
1 - UDERSTAND YOUR PRODUCT - List down your direct or indirect competitors. Compare and analyse product unique points on a csv file with product type, price difference, logistics, delivery cost and time, payment options and other factors that you need or common between your competitors. It would also allow you to analyse why consumer should purchase from you and not from your competitor? What additional benefit such as a loyalty scheme, free delivery, quick delivery, planned time delivery etc offers you have that can beat your competitor offer.
2 - COMPETITOR ANALYSIS - Once you have analysed that your product is cool and has unique selling factors. Then segment your product before finding out the scope. If you product attracts younger generation, specific gender etc. Use segmentation criteria like age, gender, location, lifestyle attributes, social attributes, need or want product etc and then we can go ahead finding the scope and market for it. that will also give you information on which location/site or online you should open or market your business.
3 - SCOPE IN THE MARKET - Based on your segmentation criteria and product competitor analysis, you wil have decent data and information to find the scope of the product such as if you product is something that people need in specific seasons, countries, cities, cultural product etc then analyse scope for it. Such as if your product/service is Teaching IT course then you have specific age, physical location, time, schedule etc. if your product is selling IT books then the physical location is not relevant. There are so many factors involved based on your product, offer, location etc. You need to find out if there is a need for your product in the market you are selling such as selling ice cram is a cold season/country may not be so profitable as compared to selling in hot Arab counties etc. If there is enough scope in the market for your product and you have decent data to prove it then let’s go ahead.
4 - MARKETING CHANNELS - let's go to some marketing agency to give them the above information so they can find the right audience and channels for you to advertise. It could be offline or online based on your budget, customer segmentation, ROI values and several other factors. You don't want to choose the wrong channel that will end up in low conversions, more window shoppers than actual buyers and increase the cost of your marketing plan and even throw you out of business.
The entire process can be done in house or a regional marketing agency can help you indentify each step and take you forward however, there is cost involved with it. That was just a quick introduction but of course there are more factors, stages of marketing mix involved if you want to do it professionally and you have decent team and marketing budget.
