Shelf Life

On a recent excursion to a mass retailer, with my child in tow, we, of course, found ourselves facing the crayon aisle.  We start the slow walk down the aisle, packed with so many things to see, feel and knock over.  And as I pick up the last victim of her play, it actually held my interest.  It was a six count package of double ended crayons with a different color anchoring each end. Looking at the price with a raised eyebrow, I almost put them down.  Then it hit me. There are  actually twelve colors in here but only six pieces to spill on the floor or find melted on the leather in the backseat of the car.  Rock on! Purchase made.

Sometimes, we as business owners, are afraid to think out loud with our ideas.  We cling to black and white to avoid the uncertainty of color.  And it’s not that we are devoid of passion – couldn’t be further from the truth.  Entrepreneurs are dreamers who act.  But, the quality of that action can be the difference between a great idea being purchased or a great idea being put back on the shelf.  It’s a risk that every business owner must take.

We’ve all heard and/or studied  the marketing mix, more commonly known as the four Ps of marketing. 

1. product
2. price
3. promotion
4. placement  

Let’s keep it simple today and just talk about product. Customers buy for one of two reasons, they need the product to live or they want it because it makes them feel good.   So, the bread and milk people have a bit of an easier job then some of us because if it snows, those items are the first to go – they are essential to life.  But, for non-essentials, like the double ended crayons, one must identify customer needs using a technique called ‘inside-out’ thinking.  That’s just a fancy way of saying, put yourself in the potential customer’s shoes and take a walk. Consider how they feel about what you’re selling.  

Of course, this big crayon company probably did massive market research that costs thousands of dollars to develop the double ended crayons and bring them to market.  But, for the rest of us who don’t have thousands of dollars to spare at the moment, keep it simple and low-cost by tapping into things right there at your fingertips.   Utilize your social media community (if you don’t have one, get one) and ask questions, start discussions, pin something and do polls.  Ask people you know or those you think might be interested in your product or service what they are looking for.  Capture all this data and study it.  This feedback will help guide you on the what your next steps should be.

Next in the marketing mix is price.  Now, I’m going to save this for next week, but I want you to keep this in mind until then.  You can get a 24ct box of crayons for about 50 cents or less.  The 6ct double ended crayons cost almost $2.  Why can they command such a high price for fewer crayons? Perhaps price isn’t all about what you need to charge to cover expenses, maybe there is a little consideration built in as to what customers are willing to pay.

Keep it colorful!

**Support Local Businesses:  The Sweet Stash. Owner: Whitney May.  www.thesweetstash.com