Ask yourself, what would make someone buy my product over the competition? Focus on what makes your product or service different than others on the market that are similar. When I founded Buzz Marketing Group 15 years ago, research for the Millennial Generation was virtually nonexistent. Even now with evolving new media and technology, there is still a need to understand whom these new and powerful consumers are and how to get their attention.
Where will you sell your product or service? Your company may gain the most profit from a strong online presence. Even so, consider the pros and cons of an online outlet versus a traditional bricks-and-mortar approach. Also, given your service industry, where might your customers expect your location to be?
The main question you want to answer here is, How will people know about my product, and why would they want to try it? Consumers absorb massive amounts of advertisements a day. Even if you have the most unique product/service, you still need to sift through the noise and get their attention. Ask yourself if you’ve considered an advertising and PR strategy. What incentives will you offer?
Research is essential when devising your business plan, especially when considering the estimated value of your product. When determining the pricing structure, it’s important to be as competitive as possible without lowering the value of your product or service.
When I consult with a new client, I have them consider their target audience. What do they look like? Where do they shop? Hang out? Are they online? If so, what websites do they like? Build a profile of your ultimate consumer. Even give him or her a name. Ask yourself, would Rose like this new ad? In my new book Chasing Youth Culture and Getting It Right, I delve into the four main tribes of the Millennial Generation and how marketers can reach them. As much as you want your consumer to understand and value your product, you must also take the time to understand their needs and what they expect from you.
Having a competitive pricing structure isn’t enough. What will your product or servicecost your consumer? Sometimes we don’t consider indirect costs such as the cost of gas. In my business, it’s critical for the client to understand that the income of a teen and a young adult are different. The younger portion of the Millennial generation (tweens and teens) have more disposable income than, say, their young adult counterparts, who must budget for living and educational expenses. Consider if it will be cheaper to buy your product online, drive to a store or opt for three-day shipping.