Using Personalized Products to Market Your Business

In today’s marketplace business owners of every size are looking for unique ways to market themselves. What makes this such a hard undertaking is the fact that finding something unique, affordable and brandable for your business is hard to find. A smart business person would ask, why spend all the money on marketing if you can’t tailor make it for your business. I totally agree and want to give you some guidance in how to use personalized products to market your business. There are two different categories that can be used in this style of marketing. A business owner can personalized a product for the customer or using the product to personalize the business.

All businesses need a customer base to be successful. In the best of times this can be difficult to achieve and maintain. During this economic downturn smart business owners start looking outside of what they already have set up in their marketing campaigns. Thinking outside of the box and looking at other alternatives for their marketing plans.

If a business deals with product a great idea would be to bring personalized items to their customers. This would benefit your customers with products and gifts that are unique and highly sought after.

When looking for marketing or promotion items a company looks for products that are unique enough to capture a potential customer’s interest while still being affordable enough to make the marketing campaign affordable. Having the business name on the product is important and if being able to add what the company represents on the promotional item is an option, its one that will often be opt in too. This branding is something that businesses work hard on and if done successfully will show returns that make a business owner happy. Personalized items bring that branding to your company giving the customer all the information you want them to have plus putting a unique product in front of them with an affordable price tag.

Bringing personalized product to your business arena will benefit you with your customers but also can be used in the office to increase productivity with your staff as well. If you run contests or drives in your office and need a unique product as a reward the benefits of personalized products are the same for staff as for a customer. They can be customized and made for the individual. You can also brand it with the company name, colors, logos and other ways. The same item can also be used but appear to be custom made for each employee. Price point is also an appeal; personalized products are high quality items made special by information for individuals making having a higher expensive perception that what is actually paid.

The Product Life-Cycle Concept

Because we live and work in a dynamic market situation, managers must accept as the normal state of affairs that all products have a limited life. This fact is commonly expressed in the form of the product life-cycle curve. Products during their existence go through the phases indicated on the curve, as follows:

1. Starting before, sometimes long before, a product reaches the marketplace, there is a development phase. Market research must be undertaken, the product designed, prototypes built, plants laid down. While costs can be very high, income will initially be nil and will probably grow only slowly. Profits are a long way off yet. Many products are slow to ‘catch on’ and this part of the curve typically does not rise steeply.

2. During the growth phase the product reaches general acceptance, and sales increase steeply. Profits mount as development costs are recovered and unit costs decrease with greater volume of production.

3. As the product reaches maturity, initial demand is beginning to be satisfied, competitors may have arrived on the scene, and there will be greater reliance on replacement sales. Sales increase more slowly, and profits come under pressure and may start to decline.

4. When the market is fully saturated, sales will ‘peak off’ and profits decline still further.

5. Finally, sales will go into definite decline and margins come under very severe pressure as it becomes increasingly costly to maintain sales at a reasonable level.

The curve for any particular product may be steeper or flatter, the time-scale may be longer or shorter. Some products seem to go on for a very long time. For this reason the pattern must be applied with care. In addition, we must be careful what we mean by a product in this context: for example, the market for glass has risen steadily over the past 50 years, but within this period the sale of lamp glasses has declined and that of milk bottles has risen steeply (to decline again in some countries in face of competition from waxed cartons or plastic and the change from doorstep delivery to bulk purchase from the supermarket).

Nonetheless the typical pattern stands as a warning that it is dangerous to rely too heavily for too long on one product, so that, as profit from one declines, profit from its successor rises to fill the gap. Ideally this will give a steadily rising profit for the company as a whole, even though some products have entered the ‘decline’ phase of the product life-cycle.

It must be emphasized that the product life-cycle diagram is not a rigid description of exactly how all products always behave. Rather it is an idealized indication of the pattern most products can be expected to follow.

There is nothing fixed about the length of the cycle or the lengths of its various stages. It has been suggested that the length of the cycle is governed by the rate of technical change, the rate of market acceptance and the ease of competitive entry. So, each year numerous new fashion styles are introduced, many of them to last only a few months. At the other extreme, a new aircraft must have many years of life if it is to be commercially worthwhile.

The main importance of the life-cycle concept is to remind us constantly of the three following facts:

1. Products have a limited life;
2. Profit levels are not constant but change throughout a product’s life in a way that is to some extent predictable;
3. Products require a different marketing programme at each stage of their life-cycle.

Implications of the Product Life-cycle

If we have to accept that no product will go on earning profits indefinitely, then we must plan so as to have a whole succession of new products coming ‘through the pipeline’. Peter Drucker has drawn attention to the need to keep all products under review to ensure that not too high a proportion are at the end of their life-cycle. He describes the following six categories:

1. Tomorrow’s breadwinners – new products or today’s breadwinners modified and improved;
2. Today’s breadwinners – the innovations of yesterday;
3. Products capable of becoming net contributors if something drastic is done;
4. Yesterday’s breadwinners – generally products with high volume, but badly fragmented into ‘specials’, small orders and the like;
5. The ‘also raps’ – generally the high hopes of yesterday that, while they did not work out well, nevertheless did not become outright failures;
6. The failures.

Product Elimination

From the product life-cycle concept and Drucker’s analysis of product categories, it follows that all products must be kept under review to assess their present and likely future contribution to profits. A common mistake of marketing management is to keep in the range products that have little or no prospect of contributing to profits. Products are kept in the range until they fade away, meanwhile consuming valuable resources, which could be more profitably utilised elsewhere. These marginal products lower the company’s profitability, and it is essential to control them.

Source: http://en.articlesgratuits.com/the-product-life-cycle-concept-id1560.php

Apply the 80/20 Rule and Watch Your Personal Productivity Soar

Before we can apply the 80/20 rule, we need a clear picture of what it actually is and a basic idea of where it originated.

In the early 1900’s, Italian economist Vilfredo Pareto observed that twenty percent of the people in Italy owned eighty percent of the wealth. Over 30 years later, Dr. Joseph M. Juran, who worked in the field of Quality Management in the United States, recognized a similar occurrence, namely, that many things in life are unevenly distributed.

He referred to this trend as Pareto’s 80/20 Principle, which is otherwise known as the 80/20 rule. Basically this means that a small percentage (roughly 20%) of the overall activity yields a larger percentage (roughly 80%) of the result.

Applying the 80/20 rule to your personal productivity will help you to prioritize your work from most important to least important and then to budget your time accordingly. To make prioritizing your tasks a bit easier, estimate the amount of time you will need to complete each task. You will be more productive if you focus on completing the most important tasks first and if you finish time-sensitive projects before tackling other tasks.

One survey revealed that while people spend 60 hours a week in their offices, they do less than 20 hours of actual work. Applying the 80/20 rule, using the aforementioned suggestions, could send the average office-worker soaring to employee of the month in no time flat!

With your priorities set and a definite plan in place as to what work you need to complete and the time-frame you have to complete it, you are well on your way to improved personal productivity. Again, the 80/20 rule suggests that in a small amount time you can be very productive. Therefore, beware of becoming side-tracked by non-essential intruders like procrastination.

Keep in mind the old adage, “why put off tomorrow what you can do today!” Also, be mindful that in the course of a day, unexpected things do come up and require our time. However, this is usually the exception and not the rule. If you really want your productivity to soar, stay focused on the goal of completing your tasks on-time!

Now that you know where you want to be, it’s a good time to ask yourself where you are now in relation to reaching your goal. Are you already in the 20% of efficient, productive workers, are you in the 80% of not-so-productive workers, or are you somewhere in-between?

What does your annual or quarterly review reveal about your personal productivity? What do your peer reviews show? Regardless of your current standing, take an honest look at the work you’ve done lately. You may not need a full overhaul of your work habits but instead you may just need to fine-tune a few areas.

Don’t hesitate. Why not start today? Apply the 80/20 rule at work and even at home and just watch your personal productivity soar!