What factors do you consider when selecting products or brands to be sold?

According to Entrepreneur, there are several critical factors to consider when marketing a new product, including the competition, the ideal customer, the unique selling proposition (USP), testing, media campaigns and understanding the life cycle of the product. By understanding these factors, you can create a marketing plan that helps your company achieve success when introducing a new product. Without addressing these items, it may doom your new product launch before it has a chance.

Understanding the Competition

1. Unless you have invented a brand new product, there is competition lingering out in the world. Conduct plenty of research on the product your competition is offering. Evaluate how they are marketing the product by reading the company website, brochures, print, online ads and other marketing materials.

   Consider how your product is the same or different from the product being offered by the competition. Seeing what marketing efforts may be working and not working for the competition can guide you in how to effectively market your own product. If you are introducing a new product to the market (such as an invention), put yourself in the shoes of potential buyers and consider what benefits the product offers them or what need it fills.

Getting in Front of the Right Customer

1. Focus your marketing efforts on the customer that is most likely to buy your product. Consider the reasons why a customer would need or want your product and leverage this in your marketing messages. It is much easier to target the right customer who has a need and desire for your product than to try to create a market for a product. For example, if a competitor sells to a particular group of people (moms, for example), determine how your product serves a better purpose for the group and then use this information to market to moms.

   You may want to conduct some market research to learn about your target market. Focus groups and surveys are two ways you can learn more about the needs and wants of your target audience.

A Unique Selling Proposition

1. According to Kim Gordon, a marketing coach for Entrepreneur magazine, a unique selling proposition (USP) is what makes customers want to buy from you rather than the competition. Determine how your product serves a need better, faster or easier than the competition. Use your USP to craft marketing messages, create a brand for your product and differentiate your product from products that are the same or similar to yours.

   When you are researching your competition, carefully examine the product features. Pay close attention to how the competition is marketing its products. When you compare the competitors' products to your own, you can list the differences that exist. Identify a benefit your product offers that your competition is lacking.

Test Before You Leap

1. Your perception of the product and the perception of potential customers may be very different. Testing the perception of your product by conducting focus groups or gathering feedback from testers can give direction to your marketing efforts. A focus group may reveal that the colors you are using for the product packaging are not attractive to potential customers, so you can alter the packaging to be more appealing before launch. Testers of the product could find that the product doesn’t work for a particular use but works great for another use. Use this information to concentrate your marketing efforts on what the product works best for or modify the product to correct the problem before launching it.

Public Relations and Media Involvement

1. When it’s time to the launch the product, public relations and media coverage can play a vital role. Media coverage in magazines and newspapers or on news shows that reach your target audience helps to create a buzz. Publicity is a third-party endorsement for your product that many consumers may find more valuable than advertisements and marketing materials that the consumer knows your business creates.

The Product Life Cycle

1. Products go through a life cycle. The cycle includes development, introduction, growth, maturity and decline stages. Understanding and monitoring where your product is in the life cycle directly affects the marketing efforts that take place during the stage. For example, marketing during the introductory stage is oriented to reach the target audience of the product and create a demand for the product, while in the growth stage marketing involves creating brand preference.

   How and why do people make a decision to buy? Well this is indeed a difficult question to answer as there are many different types of buyers, some being those basic impulse buyers and some are those who use a totally intense system and make thorough investigation before making a purchase decision. While these different types of buyers take their purchase decision in different ways there are 7 important factors that influence all the buying decisions. Let’s discuss the 7 most important factors that Influence the buying decision of a consumer.

   
   

   Important Factors That Influence The Buying Decision

   Factors That Influence The Buying Decision, Contact Discovery, Influencing Customers Buying Decisions, iSN, iSN Global Solutions, Sales Support Services, Account Profilling

   1. Economic Factor

   The most important and first on this list is the Economic Factor. This one is the main foundation of any purchasing decision. The reason is simple people can’t buy what they can’t afford. The need of a product also doesn’t play a role here, but the most important thing is affordability.

   2. Functional Factor

   The factor is totally about needs, backed by a logic that what makes sense and also fits in the best interest of the customer. This one factor also plays a very important role in the buying decision.

   
   

   3. Marketing Mix Factors

   
   

   There are 4 components in the marketing mix, i.e. product, pricing, promotion and place of distribution and each of these components have a direct or indirect impact on the buying process of the consumers. The consumers consider various things like the characteristics of the product, price charged, availability of the product at the required location and much more.

   
   

   4. Personal Factors

   
   

   The personal factors include age, occupation, lifestyle, social and economic status and the gender of the consumer. These factors can individually or collectively affect the buying decisions of the consumers.

   
   

   Factors That Influence The Buying Decision, Contact Discovery, Influencing Customers Buying Decisions, iSN, iSN Global Solutions, Sales Support Services, Account Profilling

   
   

   5. Psychological Factor

   
   

   When it comes to the psychological factors there are 4 important things affecting the consumer buying behaviour, i.e. perception, motivation, learning, beliefs and attitudes.

   
   

   6. Social Factors

   
   

   Social factors include reference groups, family, and social status. These factors too affect the buying behaviour of the consumer. These factors in turn reflect an endless and vigorous inflow through which people learn different values of consumption.

   
   

   7. Cultural Factors

   
   

   Cultural factors have a subtle influence on a consumer’s purchasing decision process. Since each individual lives in a complex social and cultural environment, the kinds of products or services they intend to use can be directly or indirectly be influenced by the overall cultural context in which they live and grow. These Cultural factors include race and religion, tradition, caste and moral values.

   
   

   Consumer behaviour can indicates different things like how individuals or groups choose to buy, use and dispose goods or services, to satisfy their needs and desires. Hence it is important to understand that the consumer behaviour is affected by several factors.

   
   

   To have a good knowledge of the factors affecting the consumer behaviour contact iSN Global Solutions for our Sales Support Services. We offer excellent Account Profiling services and can provide the factors influencing the buying decision in the market. We assure the data and statistics are taken from verified sources at ISN.

   What factors would you consider in choosing the products to sell?

   5 Factors Consumers Consider When Choosing Your Product.

   Package Reusability. Consumers have always wanted more for their money, but modern consumers want environmental responsibility for their money, as well. ... .

   Product Allure. Make the product look good. ... .

   Familiarity. ... .

   Snobocity. ... .

   Brand Trustworthiness..

   Which factor is considered important in selling?

   Good customer service and product knowledge are important factors in sales field.