The 3 Core Values for a Successful Product Positioning

So you want to know about successful product positioning?

I understand how this issue affects you and your business. Actually, I had the same issue too when I was starting mine. So I spent time looking for techniques to use to successfully position my products. Having done the research, I certainly understand how tricky this issue could be for you.

Most ‘Me-Too” businesses go broke. You have to stand out from the crowd and here is why.

But first answer this question… What makes your business different from your competitors? Got the answer already? Great, that is good news.

Think about this… The fact that other businesses fail means there is less so-called competition cluttering up your market place.

Losing money is not clever and of course the word ‘bankruptcy’ strikes a raw nerve in everybody involved. I understand. The last thing we all want is to get to that point in our business.

So here is the best way of avoiding the problem of bankruptcy. Look for ways to successfully position your productso that you do not have any competition. Make your product or service unique.

The 3 secrets are these…VP, U.S.P and U.B.A

1. Value Proposition –This states your company’s core values. What you want to be known for. What makes your company special? Write it on a piece of paper. It should be no longer than 4 sentences and contain no fluff and no filler.

2. Unique Selling Proposition –This states what is unique and different about your product or service. If you are selling a product that other people sell too. Find a way to add value to your offer. Add something that makes your offer unique.

3. Unique Buying Advantage –If the added value that goes with your product really resonates with your customers then your U.S.P will instantly become their U.B.A. So find out as much as you can about their pain points.

Finally, the best way to do this is to ask them. They will be pleased that you have taken the time to listen to their concerns. This will build rapport and customer loyalty.

Warning: These 3 core product positioning values must be aligned. You must feel congruent with them. Success will then be a short step away.

Medical Technology PR Strategies for a Successful Product Launch

You have produced a medical technology that is a breakthrough in the field of medicine, the next thing to do is to let the world know about it. The best medical technology will be of no use if it is not being noticed by the right people. Employing the aid of a professional medical technology PR service provider is the first step to reach the right people and be noticed by the public. This is crucial, especially for a successful product launch. Here are a few tips for an effective medical technology PR prior to a product launch.

Value your PR

For startups or businesses that offer new medical technology, the role of PR in a product launch should not be underestimated. In the current marketing scenario, the effectiveness of advertising decreases, the value of articles and quality content increases. Relevant and fresh PR enables your company not only to gain visibility but also credibility among important persons such as investors, industry peers, and customers.

Write a high-quality press release

PR experts know the importance of content creation and press release in medical technology PR strategies. A high-quality content and relevant press release offer a perception of an actively growing company. This also opens opportunities for acquiring investors and financers due to the increased local visibility of the brand. By producing share-worthy stories for social media, you can increase your brand awareness and gain followers. Consistently relevant press releases can also open an opportunity for your company to be an expert resource for journalists. However, despite the numerous benefits of press releases, not all companies are diligent enough to write them.

For you to maximize the benefits of PR prior to a launch, it helps to produce a high-quality press release to help you boost your brand reputation. If you are able to come up with a cutting-edge medical technology, you are certainly capable of producing a buzz-worthy press release. Expert PR companies can help you identify newsworthy topics from your expertise and share them with the public in the most informative and interesting way.

Look at different angles

If you are wondering what to include in your press release or if you want to write several press releases prior to your launch, there are several topics for you to explore aside from the launch itself. For instance, you can describe the process involved in the initial testing or the work being done with a prototype. You may also share the approval or quality certification you have acquired for the current technology side by side with the awards and recognition you have received. You can also discuss new or updated documentation about your product as well as emerging applications for your technology. You can write a customer case study or share the milestone of units sold and plans for expansion or investments. These are just some of the things you can write about in a press release so you don’t miss the opportunities that may come by simply writing one.

Keep up to date with the current events

One way to produce a relevant and timely content or press release is by tying it up with a current event. Some topics related to the medical field include flu season, soldier safety, returning veterans, healthcare reforms and costs, mobile tools for disease management, disaster relief, etc. Just remember that when mentioning a current event or a crisis, your content should include ways on how your company or product can help in addressing the situation. Avoid including trending stories that are unrelated to what you do since this will not be helpful to you and can possibly harm your reputation.

5 Fatal Errors of New Product Development

Successful new product development is key to a healthy manufacturing business, but typically only about 30% of products launched onto the market actually deliver the returns that were expected of them.

So I want to take you through the 5 top mistakes which I see made time after time again, not just by small and medium sized manufacturers, but large global players as well. The difference is that the global players tend to be able to ride out their mistakes and disguise them more easily than organisations with less cash to throw away.

So here they are:

1. Failing to have a strategic plan for the future

New product development is all about creating the future. Designers and engineers work in the future all the time, so it makes sense that if the designers and engineers are to have a place to aim for, then there needs to be a strategic plan which will lead the way for future product developments.

2. Developing a product where the technology is not ready for launch

Using new technology is always a good way to keep the competition at bay, but if the technology is not fully developed or even if it is well established but new to your company, then it is likely to be high risk. There are so many things that can go wrong in these situations and they will, more often than not, result in the project going significantly over budget and missing the intended launch date.

3. Over-estimating the sales volumes

It is easy to get caught up in the excitement of a new project or idea, but it is essential to remain objective at the early stages in order to ensure that the right resources are spent on the most appropriate opportunities. Over estimating the sales volumes can be more dangerous than under estimating them.

4. Developing a product for wrong market time

Products are often developed in response to the demands of the current market. However, unless the product development process is very fast, it is likely that the market will be demanding different products by the time your product has reached the market.

5. Trying to be all things for all people

This is normally brought about by manufacturers who really don’t understand their market well enough to be able to segment and target specific market groups. Adding features simply because competitors have them is rarely a good idea and typically features do not always translate into customer benefits anyway.

Perhaps you recognise some of these errors from past projects, but have a look at your new products which are currently undergoing development and check that you are not making the same mistakes again.

Enjoy the opportunity!

3 Tips for Setting a Price for Your Product or Service

Trying to set a price for a product can be awkward if you don’t really know where your product fits within the market. Before you can justify a price tag, you need to understand your product completely. Given below are three simple tips to help you price your products better.

Market the product as exclusive so you can capitalize on upper class or high end sales. People are willing to pay more if they believe it puts them in a more exclusive group. People that belong to this elite crowd won’t mind paying a higher price just to remain exclusive. One option to consider is offering a full featured product at a higher price point and a “lite” version that offers fewer features and/or services. This option offers the emotional fulfillment of getting a little bit more to those who have the “elite” mindset. People in your target market will find this particular psychological trigger hard to resist. This is a tactic that doesn’t suit all products on the market but it is very applicable to many of them. Be alert for new products being released within your niche. There will always be marketers on the search for new niches to exploit. You have to keep an out for anyone that’s launching out a product because you obviously don’t want their price to affect your sales. It’s easy to do this with a simply Google Alert or even by subscribing to your competitor’s newsletter or blog to help keep you up to date on their offers. Competition is a good thing in any industry, but don’t let them stop you from improving your own offers.

Last but not the least; keep an eye on the competition and find what kind of special deals/discounts they are having and on which days. This gives you a chance to tweak your own offer to make sure yours is a better deal. If you watch what your competitors are doing with their strategy you have a clearer idea what you need to do to continue standing out from the crowd.

You should be learning from their strategy and then using the information to enhance your own marketing efforts. If you ignore this simple tip, you risk giving your competitors the edge over you, so stay ahead of them whenever possible and offer better value. Now you can see why setting the right price is so important for your product. Changes in price are simply ineffective when it comes to boosting sales. It’s best to set the right price from the start if you want to enjoy greater overall profits.