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Marketing Your Product

Marketing Your Product. Revised June 2010. How to Sell Your Product. The 4 P’s of Selling are key elements to selling your product Product: What are you selling? Price: How much will you sell for? Promotion: How will you sell the product? Place: Where will you sell the product?.

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Marketing Your Product

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  1. Marketing Your Product Revised June 2010

  2. How to Sell Your Product • The 4 P’s of Selling are key elements to selling your product • Product: What are you selling? • Price: How much will you sell for? • Promotion: How will you sell the product? • Place: Where will you sell the product?

  3. Show Me the Money! • Selling price depends on… • How much your competitors charge • How much your customers are willing to pay • How much it costs to produce the product • Whether your company has additional value or image that can raise the price

  4. What is Promotion? • Any form of communication a business or organization uses to inform, persuade or remind people about its products and improve its public image

  5. Types of Promotion • Advertising • Television, radio, news media or online • Meant to pre-sell items to customers • Not targeted to one particular audience • Visual Merchandising • Displays and store layout • Point-of-purchase materials • Personal Selling • Speaking with a buyer about your product Popular restaurant chain Arby’s decorated Atlanta billboards to promote its new motto, “I’m thinking Arby’s.”

  6. Catching Customers’ Eyes • Front entrance display — your product is the first thing customers will see • Interior displays — at the end of shelves, signs, and pins or promotional materials worn by salespeople • Settings — situational-type displays of people using the product • Coupon dispensers • Salespeople handing out free items

  7. Everyone Likes Freebies! • Point of Purchase Materials • Used to promote the product • Include: • Coupons, contests, rebates • Hats, bandannas, pins, or other wearable materials • Office supplies, such as stickers, pens, pencils, and notepads • Free samples or demonstrations

  8. Who to Sell to? • Sell to your target market • Group of customers at whom your business is focusing its marketing efforts • Sell to your most desirable customers • Remember to sell the benefits, not the facts • Know your target market: • Demographic • Psychological characteristics • What’s important to them?

  9. Differentiate Your Product • Make your product something that will stand out in customers’ minds • Ways to Differentiate: • Value-added products • Bigger and better than the competition • Unique touches • Physical appearance of packaging and label • Product availability • Services your company provides • Believable images • Make it fun, kid-friendly, and close-to-home

  10. Shop ‘Til You Drop • Places to Sell Your Product • Where does your target market shop? • Stores and on your company’s website • Experiences • “Pick your own” food products • Value-added • Samples and demonstrations • Get your customers involved in the product!

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