Woman who has just opened her store

What Product are you Selling?

Have you ever met someone at a networking event and walked away not knowing what they sell?

How about trying to get details out of a service provider about cost, timing and deliverables?  

These are what I call ambiguous product offerings. 

How clear are you in describing your product and connecting it to your prospective buyers needs?

Present your product so others can buy it!

Your product is what you sell to your consumers in exchange for their money. Your brand then provides them with a promise in the form of your product, which is the value you bring to the market. It is specific, clearly defined, and completely understood by the person who wants to buy it.

What happens when your product is misunderstood in the market

Products can be anything offered in a market.  Your unique product has a specific value and benefit to the consumer.

For marketing purposes, small business owners need to fully understand this value.  Once clear, it can be used to effectively communicate with your target market.

Product features, functions and design impact how buying decisions are made. The look and feel of your product, the words you use to describe it and the experience consumers have of doing business with you are components of the overall product offering.

Take some time to step back from your business to examine what you are selling and what your customers are buying.  They may not be the exact same words.   The alignment comes from looking at the value you are providing to the buyer. 

Consider a mortgage broker. On the surface, you may think that their product is a mortgage. Taking a closer look, the brokers real product is making that mortgage acquisition as painless as possible.  For some consumers, the product is a great interest rate, while for others it is helping them jump through the hoops to even get a mortgage. 

Clarify your product by creating a value proposition statement stating WHY a consumer would want to buy from you.   What problem are you solving for your customer?

Even if you are selling cupcakes, you are filling a need.  Increasing pleasure, or decreasing pain.  

What problem does your product or service solve for your customer?

 

ASK YOURSELF “WHAT EXACTLY AM I SELLING?” .. AND …. “WHAT IS THE CUSTOMER BUYING?”

Here’s another activity you can do to see if you are on the right track.

Select your best selling product or service. 

Think about how much explaining you had to do to make your last few sales of this product?  What words would you use to describe the value of this product to a consumer in 20 seconds or less?

A CLOSER LOOK: 

How are you going to know if the product you have is in fact in line with what your customer wants?

The strategic work here is spending time talking to existing and potential customers.  Ask them if they understand your product offering.  This feedback is priceless.   Find out if there are any adjustments they would like to see?  

It’s a busy world out there.  The more clear you are on the explicit value your product offers prospects the more you will sell.  

Until next week, enjoy your Entrepreneurial Journey!