Product options are frequently overlooked when it comes to defining marketing mix.
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Why? Maybe it's because many business owners are unwilling to adapt their products to the marketplace because doing so makes them feel like they are compromising their company mission.
Product options don't usually compromise the mission statement – they just make good business sense. There's no shame in adjusting product offerings to marketplace realities, especially when it results in a marketing mix that's more capable of helping you achieve your goals. Here are just a few of the product options that can make your marketing mix hum with potential.
- Narrow product lines. Less is sometimes more in the world of business. Instead of offering a large number of mediocre products, consider narrowing your product line and offering a few products that are spot on with the needs of the marketplace.
- Specialization. Niche marketing is a tried and true method for firmly entrenching yourself in a competitive market. But niche marketing begins by offering specialized products that differentiate your company from the rest of the field. Ask around, do some research and address a need that no one else is meeting.
- Product/service packaging. An increasingly common product option is to offer products that come with generous service packages or other intangible benefits. Even though the extra service will cost you a little more, it can be an effective marketing resource.
- Premium product offerings. Some companies differentiate themselves by offering the highest quality products in the industry. Establishing a reputation as the best in the business takes time. Yet the right marketing mix combined with a top shelf branding campaign can do wonders to position your products as the high-end market alternative.
- Affordability. At the other end of the spectrum, you can establish yourself as the most affordable product provider in your industry. From a quality standpoint, you won't be able to compete with premium products. However, customers who put price ahead of quality will reward you with their loyalty.
- Design features. Modifications to the design of a product can have a positive marketing value. Streamlining and updating are common product enhancements that yield positive outcomes when applied intelligently.