Modifying to Stand Out Part 2
July 26, 2004
By: Matt Michel
This is part of a continuing series of Comanche New Year’s Resolutions aimed at helping your company become “fiscally” fit. In this series, we will walk through the marketing mix of product, price, promotion, and placement. This Comanche Marketing tip focuses on making your products stand out.
Could you assemble an accessory package with extra bells and whistles and call it your EX model (for “extras”)? I could see an air conditioning company creating a “product protection accessory package” that included a filter-drier, compressor heat strip, enhanced coil guard, and so on. Enhanced packages might include air cleaners, humidifiers, and other major accessories.
A great thing about being in a service business is that you can sell the options package for existing equipment. Even if you didn’t get the original sale, you can still sell an accessory bundle.
Remember, bundles pull other products and enhance the overall sale. When a customer needs a gizmo, you can recommend the gizmo kit, including the original gizmo, but also several other gizmos and widgets. It’s far easier to sell the bundle than the individual parts and pieces. Selling them individually requires a series of sales. Selling the bundle involves one sale.
Of course, a simple modification is private labeling. If the car dealer can slap a raised letter logo permanently on your family car, why can’t you slap one on the products you sell? No only does it help you to co-brand, but it makes it very difficult for another company to follow behind you and place their sticker over yours.
Plumbers can get their own sink rings made with their name and phone number stamped into them, rather than the name of the garbage disposal manufacturer. Air conditioning companies can get their name silk screened on the front the thermostats they sell. After all, why should anyone promote a brand sold by competitors and not promote a brand sold only by them, which is their company brand?
To increase your fiscal fitness, resolve to…
Explore how you might modify your products by changing the skin or color, charging a premium for the service.
Determine how you might be able to create one or more accessory or options package for your products.
Locate a source of raised letter logos.
Look for every private label opportunity with every product you sell.
Source: Comanche Marketing. Reprinted by permission.
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Copyright © 2003 Matt Michel
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