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Product Placement is Key to Success

Apr 15, 2010

Placement is a critical in  marketing a product.  It is generally considered one leg of the “4 P’s”, which are product, pricing, placement (location) and promotion.  If any of these legs is weak, then your product will have a much lower chance of succeeding.

 

So what is meant by “placement”?  This quite simply is how or where your product is sold.  In years past your choices were pretty simple.  You could put your product in your store, or sell it to someone else, who would put it in a store or catalog.  With the advent of the internet, “Place” has come to mean everything from the brick and mortar store on Main Street, to print catalogs, internet retailers like Amazon, direct web sales, email sales, television and probably others I’m not thinking about.

 

The point is that you need to ensure that your product is located where your customers are looking for it.  If that’s only in your store on Main Street, fine.  However, increasingly today’s consumers are looking for products in multiple places.  The convenience of internet sales means that your competition isn’t just the store down the street or in the next town.  It could be someone in New York, Canada or Taiwan. 

 

One example would be someone who hand spins and dies wool to be used in knitting.  Traditionally, you would sell your wares at craft shows or perhaps to a few local or regional knitting and yarn shops.  If you do that today you would be missing numerous opportunities.  I would recommend that this business also consider creating a website where they could sell directly to knitters around the world.  Other options for placement would be to list products on sites like Amazon.com and ETSY.com (a website dedicated to helping artisans sell hand-made goods).

 

Take time to make sure that your product can be located where customers expect to find it and you will have taken a big step toward success.

 

Where are your products places on the market?  Do you have any success stories about non-traditional placement?



Tags:
Category: Marketing

Mike Lambert

Mike Lambert is the manager of the Wyoming Market Research Center in Laramie, WY.


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