Product attributes define the characteristics whatever product you sell. As such, they are part of purchase decisions.
Brands that are able to match product attributes with consumer demand will win multiple market categories. In this article we’ll show you how to use data to optimize your product attributes, thereby increasing market share.
What Are Product Attributes?
Typically, product attributes are closely linked to a product’s “functional” features.
Examples of product attributes:
Measurement / Testing
Product attributes fall into a number of categories:
Material properties, for example: softness, durability, durability-to-laser-trim, etc.
Interaction/interoperability attributes, such as size and shape.
Usability/user-friendliness attributes, for example: tool retention, magazine strength, etc.
Taste/food-friendliness attributes, for example: burn-proof, melt-proof, etc.
Chemical properties, for example: smoothness, shine, nicotine and flammability.
How Product Attributes Affect Consumer Behavior
To understand how attributes affect consumer behavior, you have to know how product attributes are constructed. In this article, we’ll analyze how to calculate them and how you can leverage this information in your marketing campaign.
Here’s how attribute math works:
If we have a category like “pet food,” for example, we have the following attribute in product-market space:
Category A: for which brand the consumer has a purchasing power C or more (more money) and the product offers the consumer a product attribute A . Or more (more money) and the product offers the consumer a product attribute . Category B: for which the consumer has a purchasing power L or less (less money) and the product offers the consumer a product attribute B .
Applying an Attribute-Based Marketing Strategy
Every product has attributes, and it’s important for every business to ensure that the attributes of its product are reflected in the marketing and sales process.
Marketing specialists and sales reps need to learn how to match the attributes of the product to what potential customers want and need. While there is no easy way to get there, using the right marketing and sales methodology will be key.
The first step to applying an attribute-based marketing strategy is to identify your product attributes.
Before you can apply attributes to marketing and sales, you must know which attributes your products have. Once you have identified your product attributes, you will be able to match them to your audience’s needs.
How to Use Data To Optimize Your Product Descriptions and Increase Sales
There are many ways to use data to optimize your product attributes to increase sales and market share. The two primary methods are:
- Turn unstructured data into meaningful intelligence. For example, you can parse ingredient strings to identify desirable characteristics of a food. Here’s how that might look in real life. We would take your ingredient list and, recognizing that everything is organic, we could give you the option to add an organic label to your product attributes.
- Compare your product with overall consumer trends and adjust product descriptions as demand increases or wanes.
Marketing strategies are constantly evolving to help your business grow. Your marketing strategies should go beyond just making your product visible to potential customers. If you want to make the best use of your marketing budget, you need to evaluate your approach and build new, creative marketing strategies. The key to winning today’s market is understanding the importance of different marketing channels to improve brand awareness.
Enhancing your product to better serve your audience is one of the most effective ways to gain their attention and engagement. Such efforts not only result in sales but also help grow your market share and maintain brand loyalty over time.