Businesses that are successful in a fiercely competitive landscape have a clear lead over rivals. As a business, you want to dominate your competition and be ahead in all aspects. You innovate in every aspect of your product and make it clearly better than the others. All successful marketing campaigns have really good products as a foundation. When your product’s back up your marketing message, people trust you and choose you over the competition.
Product development is a multiple phase project. It involves everything from conceptualizing it, identifying a potential market for it, honing it and positioning it, so that it has maximum appeal to your audience. The typical phases in product development are:
- Identifying your product category and coming up with a viable product
- Modifying your existing products to make way for the new product
- Repositioning your existing products, so you can accommodate the new one
- Identifying the pros and cons of your product over competition
- Identifying when a product is consuming too many resources and taking it off your suite.
Probably the most important aspect of successfully selling product is how you position it. Regardless of how good your product is, people are looking for a solution. When you position your product as a solution to their needs in a simple and clear manner, you give people reason to buy it. You effectively dominate your competition when:
- You have a much better product than the competition
- You convey the benefits of your products to your target audience
- Market your product through the right channels