What are you selling, what products are selling more, selling less…
If you have been following the series of articles on the basics of Art Marketing you already know that a traditional way to describe marketing is called the Four P’s. The Four P’s are: Product, Price, Place (Distribution) and Promotion. In this article we will take a look at the Product part of this marketing model and answer the question – “What are you selling?”
My Artrepreneurship students at the Center for Innovation at Metropolitan State University of Denver are required to prepare their Product List as one of the first steps in developing their business and marketing plans. At first glance this seems easy, but trust me, it will require some thinking and examination into what products you make, what they are used for and who the end user is. The process usually goes something like this:
What are the things that make up your product experience? If you had to create an advertisement for each of your products or product lines – what would it say? The importance of defining the products, product lines or services you provide was discussed in Business Plan Basics For Artists and Creative Entrepreneurs – Your Product List . In this exercise we developed a list of the products and services that you sell and segmented them by their intended use, customers who buy them and the function they provide. If you do this exercise right, you should be well on your way to answering the what, who, why and where of your product or service offerings.
Once you have really figured out what you are selling then the next step is to identify attributes for each of your products – here are a few reasons why:
An important part of developing your business and marketing plans is to develop a list of the products or product lines that you sell. The idea is to segment your various products so that you can match them with your customer groups and competitors. Once you have matched your product segments with your customer groups you are now ready to develop custom strategies for each product/customer pairing. You match you product segments with your competitors – what are they doing well, poorly, and how I can I take advantage of their weaknesses to grow my business. This is an important activity – don’t take it lightly!