MEMORANDUM - Item Protocol
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Solve the Problem
The first step in creating a product is
identifying a need for the product you
wish to create. This requires research,
time, investment, but most importantly
passion. Entrepreneurs are “problem
solvers.” Take time to survey the market
and understand trends, preferences
and cultural overtones that are
shaping the way people buy and sell.
Along the journey of discovering your
product position, be conscious of the
little things that could be done better,
cheaper or faster. A problem can be
the beginning of a revolutionary opportunity.
Discover your Value
Every product starts with performance.
It is the first door to discovering
your value. Once you have solved
a problem, it is most important that
you be able to deliver your promise.
Your value is defined by a distinct
offering that revolves around your
product position. If you are a lowcost
leader, like Wal-Mart, your value
position is based on cost. Nordstrom
has a brand value position that is
based in high-end service and has
created an experience that warrants
a higher price than its competitors.
Understanding your market will help
you define the pricing strategy that
will command the best value for your
product. Remember, delivering your
value consistently will prove your worth.
Create Attraction
Attraction is the key to attention. It is
that “it” factor that keeps your brand
timeless and relevant. In a competitive
and cluttered market, attention is a
hot commodity. Your goal has to be to
market your product brand to create
connection. In order for this to be a
reality, you have to know when and
where to connect with your audience
in a way that positions you as the preferred
choice. Your marketing tool kit
doesn’t have to be costly. Savvy tools
like word of mouth, alliances, public
relations and digital communication
can be used strategically to keep your
product fresh and relevant.
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The Art of Product
It’s not enough these days to just create a good product. With
competition running rampant, you also have to make it well
known. Author Melissa Dawn Johnson is President of Velvet
Suite Marketing Consulting Group, Inc., a premium branding
firm of the future in Atlanta, Georgia. A leading brand strategist,
entrepreneur, and media commentator, Johnson is also the
author of Brand Me. Make Your Mark: Turn Passion into Profit.
Do you remember when you got your “fresh” pair of Adidas? How about that new Nintendo
system? Of course, who could live without cherry “Now and Later”? The reality is all of
these products, in their time had that “it” factor. They transcended the average product and
created a brand, a mark of distinction and value. The art of products revolve around creating
a compelling and irresistible brand. The art of this process has been perfected by companies
across all industries. However, more than 33,000 new products are introduced each year.
But more than 75% of all new products end up in failure…and this has been the failure rate for more
than 50 years! (Stagnito’s New Products Magazine) The temperature of this economy will challenge the
creativity in each one of us. The art of creating a winning product must first start with a mindset to be
entrepreneurial. The fastest growing segment of small business is African-Americans, which experienced a
45% increase from five years ago and the fastest rate of all minority-owned businesses which is increasing
faster than the national average of 10% (CNN Money). No matter what you are selling, a hard good or
service, remember these three sound steps to help you transcend the average product and create a brand
that will certainly be in demand. - By Melissa Dawn Johnson
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