The market is a very insecure place; there are moments when our product is at the top and its sale exceeds our expectations, and sometimes it does not bring in any profits. Why does it happen and what to do in order to make your product distinguishing? – you will find out after reading this article.
Why does our product need distinguishing?
A product sale drop is quite a natural phenomenon on the market. This is affected by huge competition which as if pushes our product out and makes it invisible. The market is a wild world in which everyone has to fight for surviving. These are omnipresent advertisements, campaigns, promotions, etc. – which our product must go through in order to reach a customer and which a customer must go through in order to notice our product.
It also happens that our product does not keep up with the progress. And this is just the moment in which we have to do something to adapt it to such changes. It is important not to miss such a moment and respond as quickly as possible to any changes on the market.
Ways to make your product distinguishing
It may be difficult to make a product, which is already available on the market, distinguishing, yet there are a few strategies which are worth applying.
- Quality improvement: Focus on improving the quality of your product. Make it better than your competitors’ products in terms of functionality, durability, efficiency or other crucial features. If your products are known for durability, reliability or other high quality aspects, you will become more competitive on the market.
- Innovation: Continue developing your product and introduce innovations. Add new functions, improve your technology, modernise your product to attract customers’ attention. In addition, adapt your products to make them as eco-friendly as possible.
- Unique design and packaging: Focus on the attractive and original design of your product and creating packaging which stands out as compared to your competition. Aesthetics and professional performance may attract customers’ attention. Source: ASM Neurolab neuromarketing research (CAWI research results; N=594)
- Customisation: Propose the possibility of customising your product to the individual needs of your customers. You may offer the various options of colours, sizes, configurations or other elements which will enable your customers to choose a product best matching their preferences. Improve your products based on customers’ opinions.
- Brand and story: Focus on building a strong brand and telling a story related to your product. Tell about its origin, values and involvement in order to establish an emotional relationship with customers. Customers’ positive experiences will help build a positive image of your product. Create a partnership programme for regular customers by offering them prizes, discounts and other benefits. This will encourage customers to return to you and choose your product again.
- Marketing and special offer: Invest into an effective marketing strategy which reaches your target group. Make use of various advertising channels, such as: social media, Internet ads, e-mail campaigns, participation in fairs and sector events in order to increase awareness and interest in your product. Cooperate with influencers and opinion leaders in your sector, enter into regular cooperation. Ask them for testing and promoting your product, it will help you reach new customers and build trust. You will find more about this topic in this article: How will a Marketing Influencer increase your sales?
How to select a proper strategy?
The selection of a proper strategy for making your product distinguishing requires analysing a few factors. First of all, we have to understand the market and competition. For this purpose we can perform specific surveys and analyses. It is advisable to survey the current market condition, customers’ preferences and the strong and weak points of competitors. This will help us understand the context of our product and the way to make it distinguishing. Furthermore, it is necessary to determine our unique value. In what aspects is our offer exceptional and what advantages does it provide to customers as compared to the competition? This may be a remarkable feature of our product, innovativeness, higher quality or other property which makes it stand out among your competitors.
It is advisable to check different strategies and observe their results. Monitoring the effectiveness of each strategy will allow to change your approach quickly based on the results obtained. It must be remembered that such a strategy may need constant optimisation and adaptation depending on the changing market conditions. Therefore, do not be afraid of experimenting and introducing innovations to your strategies. Frequently this is a non-typical and original approach which attracts customers’ attention and makes the product stand out on the market.
Making your product distinguishing on the market requires some time, efforts and continuous development. Monitor the market and respond to customers’ changing needs. Aim at the ongoing development of your product in order to ensure its position on the market.