After developing a product that has generated consumer interest, the originator is generally filed with a great sense of satisfaction. That feeling of accomplishment should not be used as a lingering disposition. Instead, the momentum should be used to accomplish the next step to market infiltration and eventual market domination. You will accomplish this by strategic placement of your product through existing retailers and industry influencers that will make your product available to consumers at little or no-cost to you.
A product placement campaign is ideal for those who have created a product with limited means to retail the product on their own efforts or originators who are seeking to increase awareness and Client Base for a particular product. The threshold inquiry before beginning your campaign is to realistically assess whether the product meets a two prong criteria: first, it must be a quality product as valued by your targeted Consumer Base and second, it has generated enough interest from consumers that is verifiable through sales generated, customer reviews or industry standard. If you meet both prongs, you are now on the precipice of coming up with a successful Product Placement Strategy as outlined in the three step action plan below based on coordinated Timing, Action and the actual Placement of the product.
The timing of the product placement campaign will determine how successful the campaign will be. There is an opportune time for each targeted market that will facilitate the conversation surrounding your intended product placement because retailers will be more responsive to promote new products during those times. To determine the ideal timing, you need to identify which industry the product will service. If there is an overlap with different industries, try to narrow down your list based on the primary function of the product. Next, you need to research that industry for peak times as there may be more than ones. For example, for the retail one of the major peak times is the holiday season. Now that you have identified the peak times, you need to coordinate your efforts so that your product placement requests occur before the peak seasons, but just in time to benefit from the increase traffic they generate.
Your next step will include selecting a cluster of retailers within the immediate area where your product has earned some reputation for quality which should be verifiable on some level. Spend some time researching each prospect as to their strengths and their current targeted Consumer Base. Armed with this information, you need to create a sound bite which addresses or includes each of the following factors: (a) an elevator pitch about your product (2 -5 minutes); Identify the advantage the retailer stand to gain through the placement; (c) Some hard facts about your expected consumer base’ responsiveness to your product. Finally, you will initiate direct (i.e. face to face or phone call) strategic communication, with the owner or decision makes for each the retailer.
The physical placement of the product itself does not guarantee that your intended consumer will purchase it. Unless you are Bethany Frankel selling Skinny Girl Margarita, a product highly publicized on Television, you need to take is a step further. Otherwise, your product may simply become a wall flower on a retailer’s shelf. This is your opportunity to get create and build a unique marketing campaign around the placement that will generate buzz about your product and the intended retailer. Generate ideas with thoughtful consideration of the sound bite you have created with emphasis on creating a mutually beneficial campaign for your product and the retailer.
About the Author:
Catherine is the founder and owner of Delcin Consulting Group, a business consulting firm that provides comprehensive services to Startup Companies, Existing Businesses, and Non-Profits Organizations. The collaborative efforts of the DCG firm generate business solutions and long-term support to facilitate and ensure the successful pursuit of entrepreneurship. Connect with Catherine via email at Catherine.firstname.lastname@example.org, or connect with her on Twitter at http://twitter.com/CatherineDelcin.