Tips for Making Sure Your Product or Service Succeeds

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- by Todd Jensen

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You may think you have the greatest idea, the best
product and the ultimate service. But how do you really
know if it will fly above your competition, endure
finicky customer preferences and survive in an
unpredictable marketplace? There is no guarantee but
the best place to start is by testing your packaging
and pricing strategies.

Whether you provide a service or a physical product,
your packaging has a huge impact on a buyer’s decision
to purchase. Given the choice between a tattered, worn
out or dusty package and a bright, shiny, pristine one,
which would you choose? When choosing between a spa
that offers fixed-price packaged services in a quiet,
serene and clean environment versus one that charges
separately for each service in a busy, noisy and
impersonal environment the choice and value become very
clear. People are paying for quality and service so all
efforts should be made to convey your dedication to
quality and service. When thinking about your
packaging, at a minimum you should test:

Storage

How does the packaging stand up under varying
temperatures, lighting and humidity? Let’s face it,
first impressions make a big difference.

Shipping

You want to make sure you put it through the roughest
handling possible and see how it holds up.

Point of Purchase

Consider where your customers will find your product.
How will the packaging withstand the temperature and
lighting conditions? Where on the floor will your
product be best placed for maximum visibility and
desirability?

Shelf-life

How long should your product stay on the shelves? How
long can it stay in optimum condition while sitting on
the shelf?

To optimize your packaging strategy, consider involving
a few of your target buyers in some initial market
research.

Conduct a feedback session for these factors:

* How visually appealing is your packaging to your target
buyers?

* Does your package convey the unique characteristics of
the product?

* Do the chosen colors and design elicit positive
emotions in your target buyers?

* Is your packaging difficult to open?

Once you have tested your packaging, consider your
pricing strategy. Be sure you have accurately accounted
for distributor and wholesaler pricing, marketing
expenses and profits. We do not recommend in engaging
in all out pricing warfare. A better strategy would be
to test the value of your product or service.

Look at these elements when assessing the value of your
product or service:

     * Is your product a better value than what your
         competitor’s offer? If not, how can you improve
         it? If so, are you clearly and persistently
         communicating that to your target buyers?

     * Are you getting as much for your product or service
         as your competitors? Don’t be afraid of over-pricing
         yourself out of business. It’s just as easy to under-
         price yourself right out of business.

     * Instead consider ways in which you can create a
         desirability that justifies your prices. The easiest
         way to do this is to offer superior customer service.

     * Are your customers paying for the extra value you offer
         or are you under-cutting your profits for fear of being
         too expensive?

     * Are you adequately conveying the value of your product
         in your branding and pricing? For example, if your
         product or service is intended for an upscale
         clientele, then that should be reflected in the
         pricing, the advertising and the packaging.

This article brought to you by Todd Jensen, a member
of the Principa Alliance.

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Todd Jensen, “The Profit Engineer”, has helped hundreds of
business owners make their business more successful and
profitable. For tips and strategies on how to boost your
business success as well as increase your profits, visit
http://www.theprofitengineer.com or http://www.maxqtc.com
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