Strategic Marketing: Product Development and Innovation

Strategic Marketing: Product Development and Innovation

Product Development and InnovationYour customer’s wants, needs, and goals are like shifting sands; the marketplace drift is constant, and to maintain sales and increase market share, a healthy company must continually develop new products and services.

First, it is essential notice the drift and develop a plan to capture it as an opportunity. What is drift? “A continuous slow movement from one place to another” according to the dictionary.This is evident in direct marketing, from direct mail letters to email to “drip” campaigns that happen automatically. As you become aware of changes in your industry, note them and see where you can create a new product that adapts to these changes.

Be sure to plan for Product, Place, Price, and Promotion, the 4 Ps of Marketing:

  • What is the product?
  • Where do people buy and consume it?
  • How much will they spend for it?
  • Where do they get their information?

For instance, if you are in the restaurant business, you may notice the shift away from carbs and processed foods to paleo or protein -rich diets. You can begin planning a few menu items to serve that market. Become aware of the concerns of that group of eaters, what they like to eat, how much they spend on food and snacks, the type of entertainment they prefer, and where they workout.

The next step is to create the service or product. Again the restaurant can develop a fresh interpretation of many new food combinations that meet the “no carb” condition. Develop three levels of service or “bundles” of products and name them in a thematic way. Paleo meals, snacks, and food items can be named like dinosaurs and paleolithic events and people. T-Rex burger with a fennel tea for lunch or the Cro Mignon Steak.

Develop approximate cost to produce and a dollar amount of value to the end user–this helps frame the size and number of units. Then create a projected profit and loss to get an idea of how many and what type you will need to sell for the product to be successful.

Innovation and product development is a crucial business activity. No matter your industry, take the time to notice and plan so you can continue to be successful.

Product Spotlight: Ecommerce store design and setup-Woo Commerce

Product Spotlight: Ecommerce store design and setup-Woo Commerce

Product Spotlight: Ecommerce store design and setup-Woo CommerceA business website provides a virtual portal into your enterprise, it is more than just a doorway – it is the windows, the window displays, the shelves, and the merchandise. Beyond that, with properly implemented Search Engine Optimization (SEO) your website will actually draw customers to your business – targeted prospects who are educating themselves about your products and services.

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Client Spotlight: Camp Jack Hazard

Client Spotlight: Camp Jack Hazard

Camp Jack HazardThe trip from the arid agricultural floor of the San Joaquin Valley to the pristine verdant enclave of the Sierras may be less than a hundred miles, even by secondary, two-lane highways. Taking that trip can cross a chasm that can change the life of a school-aged child who is able to experience the wilderness on its own terms and learn respect for his fellow campers and staff as well as the wonders of nature.

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Business Resource Spotlight: Sequoia Personnel Services

Business Resource Spotlight: Sequoia Personnel Services

Sequoia Personnel ServicesJob seeking can be intimidating. Whether you are looking for your first job out of college, or are ready to make a career change or enhancement, sometimes it’s hard to know exactly where to get started. With so many online resources and services to choose from, all with their own styles and advice, how can you be sure that you are presenting yourself and your skills in an attractive manner, as well as getting connected to the right employers?

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Content Development as a Marketing Strategy

Content Development as a Marketing Strategy

Content Development as a Marketing StrategyThe rules of the internet marketing game have been changed again. Search engine algorithms have advanced to detect and root out content mills and spammers from returning bad search results. The old rules of search engine optimization strategies based solely on keyword density and rankings is being replaced by a more organic process that features content driven material that answers the question of a search engine query and provides useful information to the searcher.

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