Product Marketing States.

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7 11 hot dogs

There are three main product marketing states one confronts when selling. There is pent-up demand, demand, and no demand.  In the first state, the market wants what you sell and there isn’t enough supply.  Or the market wants the functionality, but the product hasn’t been invented yet.  This is every marketer’s dream.  The demand state is the normal market environment. Old supply and demand. People want or need the product and buy it when they run out. Customers may be brand loyal, pocketbook loyal or convenience loyal. Ever eat a 7-11 hot dog? That’s convenience loyal.  Lastly, there is no demand. In this state, consumers may like or want your product – they just don’t know what it does or how they will benefit. This is the most expensive marketing undertaking because money has to be spent educating the market as to the product’s benefits and role. You sometimes have to define for consumers a problem they didn’t know they had — then sell them the solution. A two stepper.

The marketing and advertising response to each of these market states should be very different. The branding (and naming) approach may be different too. So ask yourself marketing dudes and dudettes, in what state is your product?

Peace.