Sales Drop? — 6 Basic Product Questions Every Entrepreneur or Marketing Manager Needs to Answer

Discover the fundamental cracks in your marketing efforts.

Sales are the lifeblood of any business. Converting sales is a difficult task for any business, but for some, it is much harder. Whether you’re a B2C or B2B company, it doesn’t matter how much effort you are putting into the sales operation; it will not make a difference if there is a problem with your marketing tactics. That said, maybe it’s time to go back-to-basics to discover the fundamental cracks in your marketing efforts.

In my new #MarketingMixSeries, we will audit and determine if your 4Ps from (product, place, price, and promotion) from the marketing mix concept are assisting and supporting your attempts to understand the needs and wants of your buyers. By identifying and correctly adjusting these elements, your product will become more competitive and adaptable in its market.

Product

This article will only focus on the product component of the marketing mix. First, you need to identify if your lack of sales is related to your product itself. It is crucial to analyze your product; so, ask yourself the following questions:

Your products should solve very specific problems for your customers. If you’re not talking about those problems in your marketing and selling strategies, then your communication and advertising attempts are most likely not resonating with the buyers you want to attract.

Identify and list your product’s features and benefits. How are these features satisfying the needs of your buyers?

Is this why your buyer has gone directly to your competitor?

A more sound strategy to growing your market opportunity is to trade off fancy features and functions that people don’t need for less-expensive ones they do need — #Affordability.

Your branding or packaging is the bond that connects your company to the buyer and vice versa. Branding is a must for every small, startup, partnership, and corporation in terms of sales, perception, preference, loyalty, and trust.

What does your product do better? In today’s competitive market, the only way to survive is to be different. In the same vein, may I suggest that lowering your prices is a lousy differentiation strategy? You will never build customer loyalty. These buyers will eventually turn to their favored supplier when the promotion expires. Instead, I recommend focusing on unique product attributes.

Final Word

As stated at the beginning of this article, if your company is struggling with sales, going back to the marketing mix concept will help you discover structural cracks in your marketing strategies.

If you enjoyed this article, I’d be very grateful if you’d help it spread by emailing it to a friend.

All the best,

Mauricio Gonzales
Content Marketing & Branding Specialist / Founder
mauricio@onegooddesign.com
www.onegooddesign.com