Marketing is the backbone of any successful business. For some, it is viewed as an extremely costly business expense when other costs such as product development and other core costs are at the forefront. But in reality, it is a fail-safe profit magnet, that is, if the business owner knows the undeniable benefits of effective marketing.
Marketing has many considerations such as advertising, public relations, sales and promotions. Essentially, marketing is the process of introducing and promoting the unique selling points of a product or service to potential customers. Successful marketing campaigns can boost sales, create new clients and create a positive view of a business’ reputation. This is why companies invest top dollar in creative, yet sound marketing strategies to ensure their success.
The 4Ps, of marketing: Product, Price, Place and Promotion are definitely familiar to some but not taken serious by most. The concept is quite simple. It’s putting the right product or service in the right place, at the right price, at the right time and promoting wisely.
When a business introduces a product or service it is simply an introduction to the market of what that business has invested its time and resources. Because of this time and effort, business owners have to ensure that there is a need by their target audience for what is being offered. The objective is convincing the customers to purchase or buy into your message.
There are many things to consider when developing your product or service. The features, delivery, designs, size and color must be appealing. Entrepreneurs must also ponder the differences of the products or services in comparison to the competition. How does what you present differ by way of quality, functionality, effectiveness or value?
Before a purchase is made, the customer must first decide if there is value in what they are buying. Basically, customers ask themselves “Is this worth what I’m going to pay”. The money must correlate with the value of the features and benefits being presented and most often the value of a product or service is displayed through marketing. Whether it be packaging or the customer being exposed previously through other marketing tactics, an idea of value is established. Consumers have access to a large variety of similar items or services on the market, so be sure your pricing lives up to what you are delivering.
Where you place your products or introduce your service is vital to your marketing mix. How will you distribute your products or focus your services? Things to decide are location and methods of delivery. In regard to products, will you place your products online, specialty shops or both? Don’t forget about various trade shows, women’s shows and craft fairs. Each have different clientele and many have a loyal following. Research the method of delivery that would most benefit your audience and increase your sales growth.
Now that you have your product or service in mind, pricing in place and where to display your product or service, your promotion begins! You must get the attention of your customers and this includes getting your customers to the point where they are willing to spend their money on your products or services. Marketing is about selecting the right opportunity to introduce a product or service. Not only does a business owner have to sense the market need for the product or service but at the same time must carefully understand the budget available for marketing. In regard to promotional pricing, flyers, brochures, email marketing and billboards are less expensive than publicizing through the radio or television. The internet also provides an effective means of spreading the product or service to a wide range of potential clients. Social media such as LinkedIn, Twitter and Facebook are all effective avenues to promote. In order to make the best decision in promoting your business, understand your budget, target audience, and overall goal in saturating the market with your product or service.
Understanding how to market is a skill that is learned through practice, understanding the market, and being true to yourself in how successful you want your business to be. The foundation to being successful is marketing what you believe in. Your true passion for your business will always be felt by every customer that you come in contact with whether it be the type of product or service you offer, pricing decisions, placing where you conduct business, and promoting yourself consistently.
Feel free to contact me for marketing consulting at firstname.lastname@example.org.