(This is part 1 in a series on the four p’s – keep an eye out for my weekly posts)
Gosh, wouldn’t it be great if we all had a crystal ball and could look into the future and know the outcome? The world would be a very different place if we did. Unfortunately, as we all know, there is no such thing that exists. What we do have though is, intuition and good ‘ol plain research, planning, testing, and hard work.
That crystal ball would surely tell us how to price, promote, and place our products but alas, we must rely on testing, market validation, and benchmarks to come to conclusions. Would you arbitrarily place a price on a product without first researching similar products in that category? I’m guessing not. As you are aware, there is no exact science to pricing (this goes back to our crystal ball theory) however there are tried and true ways to test the market, gather feedback, make changes against your control and test again. Marketing is a constant, ever moving and growing organism, and if you become complaisant so will your product and your brand. So get out there, understand your competition, talk to your customers and test, test, test.
Stacey J. Marshall, Co-Founder, Principal
Maven Marketing Solutions