The New Year has arrived – a great time to evaluate your organization overall to ascertain what is working and what needs some attention. Call me old-school, but my review employs the Five P’s of marketing: product, price, promotion, place, and profit. Two areas of great focus should be product and price.
EXAMINING OR RE-EXAMINING YOUR PRODUCT
Let’s begin with product. When you have a misfit product the public does not want, only a very low price has the possibility to attract people to it. Whether you are considering new inventory by way of expansion of homes and/or services or through construction of a greenfield, it is crucial to examine the following product areas with a critical eye:
- Current trends in finishes, paint colors, floor coverings
- Appeal to specific personas
- Design innovation
- Unique selling proposition
Assess each attribute by asking the following questions to determine if implementation is a “go” or a “no-go”:
- Is it competitive with other offerings in my primary market?
- Does it appeal to the personas my community is attempting to attract?
- Does it attract possible influencers of the decision-makers?
- How does this product fit with other inventory within my community?
- What is the potential longevity of the product?
Stay tuned as we further dive into the well-being check-up of an organization’s product and pricing.
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