Product Placement – can determine its success in the market!
Placement of product has a significant contribution to its success or demise in the market. Almost every company, manufacturer or distributor, would fight for the best products placement, whether it is product placement in a store or advertising it on any of the mass media platforms. Product placement marketing is one of the sub domains of marketing wherein a product is promoted or advertised by the virtue of its positioning. The positioning may be in a certain aisle at a store, in the form of billboards or signs and in the form of commercials on television or adverts on the radio and print or event better – in the blockbuster movie that will be watched by millions (I’m sure you remember these cars from 007)
One of the most effective and simplest examples of product placement in a store is how small items, like crackers, snacks, gums or chocolates, are placed at the billing counter. When retail marketing was in its infancy and large stores had started developing in all corners of the country, companies were brainstorming various products placement strategies. The marketers and retail store owners collectively came up with the idea of placing small products which are very inexpensive right next to the billing counter (This also known as ‘an impulse buying’ placement).
What this does is first, the buyer comes at the billing section and is prompted by the displayed products to at least pick a few and second, in most cases there is some change that the store must return to the buyer and this acts as another prompt to grab some of those goodies that amount to the value of the change. As you may notice with this form of product placement in a store, there is a double prompt compelling a buyer to pick some goodies, the products which otherwise may be too small to be noticed and irrelevant in many shopper’s buying list.
Placement of product is strategically determined by assessing the buyer’s behavior. There are some aisles in a store, depending on the size and layout of the store, which always gets more traffic. Some sections or aisles of the store get very little traffic. In some aisles, there is fierce competition among brands and some where there is dominance by a major brand. Products placement must be a calculated and strategized move. Whether you want your product to be placed at high traffic areas or away from competition and similar factors will determine your product placement in a store.
Placement of product is also subject to the precise location and not just the area or aisle in the store. At what height the product is being placed, whether or not it is clubbed together with similar products or is managing to get stark attraction are also important factors. For instance, kids’ products are placed at a lower height where the kids can easily spot them and conveniently reach out to – a.k.a. ‘an eye level product placement‘.
How can you adopt similar strategies to your business?
By the way – product placement on your website is critical to the success of your business. You can now explore the ‘heat mapping’ technique – that allows you to analyse the navigation and viewing patterns of your website visitors – to determine the ‘hot spots’ to place the marketing pieces (ads, banners, clickable pictures of your products/services) – for optimum results!