There are basically two products/services that can be marketed. One is called commodities, the other is called new market development. Commodities These are products or services that have a commonly accepted benefit and a generally known and accepted price per unit. An example is a can of green beans, which "costs" about $.55. Brand name green beans, which have a recognized, dependable name, can cost a little more than "generic" beans. Generic products, however, are now becoming a commodity by repeated acceptance of the value (product's price), partially because "known" stores are offering them, along with the reputation of the store being put on the line. Generic "colas" are similar to "Coke", but not quite the same. A customer must decide if the taste difference justifies the cost difference - the higher price of "Coke." New Market Development This is bringing to market products or services which are not (yet) commonly perceived as to the value of the benefits. This realm is for the bold. To prosper is to promote and create the perceived value of the product or service, in a way that has minimal risk of loss for the gamble taken. How to develop promotions wrapped around "added values" is all over the manual, however, know that new products can have sizzling profits wrapped around them, if you know and use the three essential components needed for every effective promotion. 1) Make the big benefit promise, with your unique way of delivering it. 2) Document all claims 3) remove all risk of buying your unproven product/service. |
