Figuring how to market a product is as important as or maybe even more important than developing the product initially! When marketing a product I like to believe I am bringing a product to the consumer that will satisfy his wants and needs. In order to market the product correctly there is some information I must have concerning my consumer and my target market. The following is a list of important elements that I must know before I can successfully market my product.

How to Market a Product?

• Who is my consumer? Knowing who my ideal consumer is will enable me to market my product to the right group thereby saving me money on my marketing campaigns.
• What are my consumer’s needs and wants? Knowing my ideal consumer’s needs and wants will enhance my marketing skills when my product is introduced to the marketplace.
• Will my product fulfill my consumer’s needs and wants? Testing my marketplace is a good way to find out if my product will fulfill mu ideal consumer’s needs and wants.
• What geographic area am I appealing to? Knowing where to place my product on the market will enable me to enjoy a successful market run.
• Have I surveyed for pricing? Surveying similar products if mine is unique will enable me to price my product effectively.
• Do I have a solid distribution channel? Is my distribution channel for my product sufficient?

SWOT Analysis

Once I have satisfied my knowledge about my target consumer, I have to know about my market. SWOT analysis is a crucial tool for promptly calculating the overall position of a competitor’s business and its business environment. A SWOT analysis is an excellent way to learn about my market and carve out the perfect niche. SWOT stands for:

• Strengths: What are the strengths of the businesses that offer my product or a similar product in my marketing area? Even if there are no identical products like I am offering, what might a customer buy in lieu of what I am offering? How long have the businesses that sell these products been operating? What advantage would my product have over other similar or like products in my marketing area?
• Weaknesses: What are the weaknesses of the businesses in my marketing area that sell similar products to what I am offering? Are there a lot of businesses that sell similar products?  If there are several businesses that sell similar products the market may be saturated. Is there anything about my product that may need improvement based on what is being offered in my marketplace?
• Opportunities: Do I have an opportunity to bring something new to the market? Does my marketing area have the exact product that I am offering or just similarities? Is this an opportune time to introduce this product? Is my product unique? Have there been any trends concerning my product in my marketing area?
• Threats: What threats would I be facing by bringing my product to the marketplace? Would another product such as mine implode an already over saturated market? Does my product have a decent lifecycle? Will my weaknesses outweigh my strengths and opportunities where my product is concerned?

How to market a product is knowing the timing is right for bringing the product to the marketplace. By following the tips offered above and performing a SWOT analysis of your target market your product should have a good chance of succeeding when you introduce it to the public!