What Is Product Marketability?
Product marketability is what determines whether your products have what it takes to make it. New products developed without the right blend of features and originality may not be able to create sufficient interest and demand among your consumer base. Those that are not priced to match your target market may again fail to connect with the potential buyer.
Product features are a huge part of what consumers look for when considering a purchase. What an item offers in the way of options, function and style are all determining factors that can help it to stand apart from the same category of products offered by your competitors. Features are also a source of information and promotional language when it comes to small-business marketing. For example, the ads for your new line of electronic devices will be far more compelling if you can list features such as touchscreen, remote control and solar-powered. These features bring a new level of interest and separate your marketing copy from the rest.
When the consumer can clearly see the need for your product in her life, its marketability is that much greater. Trying to sell a product that people may want requires a convincing campaign that explains why one may want it. Selling a product that people need, on the other hand, requires only that you explain the need it fills and how. People will seek out items of need, while you must seek out customers for items of want. Marketability is directly tied to this difference, and although want is sometimes an even more powerful motivator than need, need lasts longer and is not affected by trends.
The price of your product does more than just determine what segment of the market you should be chasing, it also plays a large part in the marketability of that product. The right price point makes your product more attractive to the target segment and to the market as a whole. Competitive and discount pricing can be used as fodder for promotional materials of all kinds and as the lead in all of your marketing initiatives. High or non-competitive pricing, on the other hand, is typically treated as a weak point that must be buried or deleted from your marketing materials altogether.
New products have the cache of being new, and that can be a powerful marketing tool. When marketing a new product, its newness should be a major part of the campaign. Consumers who know and respect your brand will be drawn to new products in many cases out of sheer curiosity. Products that have been on the market for extended periods may also be highly marketable, because they have established a certain level of trust and prestige throughout their lifetime, and the consumer views them as a reliable staple.