Marketing Your Product Revised June 2010

How to Sell Your Product  The 4 P’s of Selling are key elements to selling your product  Product: What are you selling?  Price: How much will you sell for?  Promotion: How will you sell the product?  Place: Where will you sell the product?

Show Me the Money!  Selling price depends on…  How much your competitors charge  How much your customers are willing to pay  How much it costs to produce the product  Whether your company has additional value or image that can raise the price

What is Promotion?  Any form of communication a business or organization uses to inform, persuade or remind people about its products and improve its public image

Types of Promotion  Advertising  Television, radio, news media or online  Meant to pre-sell items to customers  Not targeted to one particular audience  Visual Merchandising  Displays and store layout  Point-of-purchase materials  Personal Selling  Speaking with a buyer about your product Popular restaurant chain Arby’s decorated Atlanta billboards to promote its new motto, “I’m thinking Arby’s.”

Catching Customers’ Eyes  Front entrance display — your product is the first thing customers will see  Interior displays — at the end of shelves, signs, and pins or promotional materials worn by salespeople  Settings — situational-type displays of people using the product  Coupon dispensers  Salespeople handing out free items

Everyone Likes Freebies!  Point of Purchase Materials  Used to promote the product  Include:  Coupons, contests, rebates  Hats, bandannas, pins, or other wearable materials  Office supplies, such as stickers, pens, pencils, and notepads  Free samples or demonstrations

Who to Sell to?  Sell to your target market  Group of customers at whom your business is focusing its marketing efforts  Sell to your most desirable customers  Remember to sell the benefits, not the facts  Know your target market:  Demographic  Psychological characteristics  What’s important to them?

Differentiate Your Product  Make your product something that will stand out in customers’ minds  Ways to Differentiate:  Value-added products  Bigger and better than the competition  Unique touches  Physical appearance of packaging and label  Product availability  Services your company provides  Believable images  Make it fun, kid-friendly, and close-to-home

Shop ‘Til You Drop  Places to Sell Your Product  Where does your target market shop?  Stores and on your company’s website  Experiences  “Pick your own” food products  Value-added  Samples and demonstrations  Get your customers involved in the product!