Are the Products you have as Vitamins or Painkillers ?
Did you hear about pain cream products vs vitamin products? The idea was first conceived by a venture capitalist in the Bay Area named Kevin Fong. While on the surface the idea seems like a funny way to classify products, this classification system has a much deeper meaning.
As a businessman, you need to critically look at your business from the customer’s point of view. Whether your product or service is something that really fits the order or not.
What Are Pain Relief Products ?
First, the end product of pain satisfies the need for fast pain relief. Second, this type of flavored cream product solves previously unmet customer needs. Finally, consumers don’t want to use this product but they just need to use it.
Pain products are designed to drive revenue or decrease current business costs. produce, pain cream drugs are much easier to sell. To put it in layman’s terms: Your customer is in pain and your product is the solution.
What Are Vitamin Products?
Vitamins are as useful as painkillers. In fact, in some cases, vitamins may be more beneficial to your customers than painkillers. Vitamins are great to have and can enhance an existing solution that a customer may have. Vitamins, unlike painkillers, are something that must be used but not a must.
When you think about vitamins, you know you have to take them but you probably shouldn’t. Because vitamins are optional.
How to Decide Your Product Type ?
So, what type of product do you have? At the heart of any product positioning is a function of the value it creates. While you may be able to ride the perceived value wave for some time, the reality is that your product must be capable of creating real value.
When trying to determine whether you want to position your product as a painkiller or a vitamin, it’s important to look at it this way :
Do I want to make a product that people are willing to stand in line for or do I want a product that is easy to forget ?
When was the last time you remembered to take your vitamins ?
Appropriate. The next question you need to ask yourself before deciding whether to position your product as a vitamin or a painkiller is:
Will I pay money for this product now ?
If the answer is yes, then you have painkillers. If not, then you have vitamins. Remember, painkillers are something you need to have and should have them now.
The key is whether your product is a painkiller or a vitamin, but meets the needs of the customer with the highest priority. you, as a “must have” and not a “nice to have” for your customers.