Whatever you sell, it is very important to understand how quickly the product will become known in the market and will actually start to be bought.
To plan the promotion of any product on the market, it is very important to understand how a product lives on the market and how consumers behave towards it at every stage of the product's existence.
To understand this, the so-called product life cycle is formed, which includes four stages: product introduction, its growth, market maturity and recession. During the implementation phase, few people buy a product, and often buyers are people who are not afraid of something new and want to try something unusual. In the growth phase, more products are bought, and not only by innovators, but also by consumers who have recognized the product. Most of them can become regular consumers of the product.
At the stage of maturity of a product, it can reach the mass market: those who do not like to take risks. Finally, during a recession, the goods are bought less, and among consumers there may be those who, for some reason, did not have time to buy the goods, or had doubts about buying it. The market at this time is already saturated with goods. Such people usually do not like risks and require guarantees: it is important for them to understand that the product will really meet their needs.
An important characteristic for the distribution of a product on the market is the diffusion of innovation. In other words, to understand the behavior of the market, it is important to know how quickly everything new spreads in the market. It depends on how quickly consumers begin to recognize the product and buy it. This process can be influenced by several factors, the main ones are:
· Age and other demographic characteristics of consumers. Young people tend to be more innovative.
· How many people make a decision to buy a product. The more people - the less chance that people will buy the product first.
· Satisfaction of a significant need. If the proposed product can help people solve the problem, they may make a purchase decision faster.
· Presence of risks. It would be more correct to write “the presence of perceived risks”. In other words, if this purchase entails a serious risk for the consumer, he can refuse to purchase.
· The advantages offered by this product. If the consumer can get a significant benefit from the product, he will buy it sooner.
Thus, if your product is innovative, you must make an effort to communicate it to consumers in order for it to succeed in the marketplace. Think about where and how you can do it. Emphasize its benefits, tell us exactly what problems it will help to solve - and success will not keep you waiting.
