First of all, let’s see what a product is. In general terms, a product is what companies, organizations, entrepreneurs offer to achieve a goal, whether it is economic, social impact or profit. However, when we look at it from a marketing perspective, we find other types of elements that will be good to review.
From this perspective, a product is a set of characteristics, functions, benefits and uses, which would be tangible attributes; and others such as brand, company image, service, which buyers accept to satisfy their needs, which are called intangible.
For this reason, in marketing, a product does not exist until it responds to a need. Companies invest a lot of money in finding out these kinds of characteristics, in what is called a product report.
What is a product report
Nowadays brands attach a lot of importance to product information. By making a comparison, they can manage a change and with it they will create precise and objective strategies for their products. But what is the value of managing product content? This will let you know which digital channels you will need, the presence the brand should have, the sales in physical channels, cost savings etc.
By having this report, different brands will be able to know what priorities to have in managing their product. There are two types of management priorities: strategic and operational. The former are used to generate new competitive capabilities, which will have a long-term impact. The second, responds to day-to-day emergencies, which means that it can be used to give quick answers to information requests from distributors.
How to make a product report
For a product report, some companies conduct surveys with different brands. In this process, questions are asked about different issues that a product sheet may have. Each brand will indicate the percentage of product cards they have for each piece of information. In this way, you can compare the different catalogues and know where you stand in relation to the competition.
This type of information is very valuable, especially because through it you can create different strategies that the company will follow in the future. Knowing how buyers see your product and the characteristics they demand is one of the most reliable, simple and practical sources for improvement in the business world.
If you are a business owner and want to stay one step ahead of your competitors, we recommend our InnovaCommerce ERP software, with which you can create detailed reports of your product catalog and filter by category, date, name, reference… In this way you will know better your products, the shortages you have, the strengths you have, the channels in which you should have presence and a lot of valuable information for your business.