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Crafting Irresistible Offerings
The 7 Ps of marketing are the enhanced elements that serve as a basic framework for assessing and adjusting your marketing strategy and have been thought of as the core of a good marketing plan. People, Process, and Physical Evidence have recently been added to the original 4 Ps of Product, Price, Place, and Promotion.
In this bi-weekly series of articles, we will discuss the 7 Ps in more detail. Today we will review the Product element.
As members of the print industry, it may be difficult to think of “product” in the same way as other companies who sell mass produced “widgets”. In most cases, everything we produce is essentially custom made and therefore unique. To understand the role of product in your marketing mix, you need to start thinking about your product and service offerings from a different perspective.
This means understanding:
- Who your competitors are for the product lines you offer.
- Which customers make up your target market for these product lines.
We’ve always questioned the wisdom of print companies who claim, “they will print anything” or “no order is too large or too small”. History shows they are rarely successful, as they have not taken a deep dive to understand where the role of product fits in, properly defining their marketing strategy.
Start by asking yourself what makes your product lines unique and why your clients need them. When doing this, assess your product from various angles and make sure you’re clear on how it stands up on the following characteristics:
- Potential add-ons (other product lines that complement your product offering)
Your product offering is obviously key to your business. What type of products are you successful with? Are the product lines you offer still relevant, or do you need to evolve them or pivot to produce something else?
In most cases, the types of products you offer may be dictated by the specific equipment you have to produce them efficiently. When was the last time you took an inventory of your equipment and asked yourself whether you have the right mix to stay competitive and relevant as your customer’s needs change? Most successful print companies review their production capabilities and product offerings at least annually as new trends and market opportunities present themselves. Getting an early jump on a new product line can ensure that success and keep you one step ahead of your competition.
Need help assessing your product lines? Contact us! Our experts are here to help.
Ken Freek and Drew McLaren are experts at Connecting for Results, a management consulting firm serving print companies across North America. Ken combines his experience in marketing, operations, automation, change management, and supply chain and logistics to provide a solutions-oriented approach to business challenges. A former company owner and marketing expert, Drew’s experience running a family print business gives him a leg up with decision makers. Both Ken and Drew excel in identifying new marketing and sales growth opportunities. To work with them, contact us!