Marketing is your first, and perhaps only, chance to impress a prospective client. It is, in fact, your opportunity to shine. It refers to the ways through which your business entice customers to your products and services. It involves research, promotion/advertisements, selling and distributing your products. When designing your marketing strategy, concentrate on the 4 critical elements of any marketing plan. These elements, also known as the 4Ps of marketing include Product, Price, Promotion, and Place. They are the backbone to the success of any business.
Refers to goods or services that a business offers to its clients. Whether you run a hotel business or provide insurance services, it is vital that you clearly understand the dynamics of your product before devicing a suitable marketing plan.
Does your product meet the needs of your clients? What attracts your customers to your product? Your product packaging, name, design or features are some of the elements that can attract your customers. It is also important to understand your customer needs and what they care about. Conduct market research. This will help you create an effective marketing strategy.
Price is the amount your customers part with when they purchase your product. After establishing what exactly your product is regarding features, packaging, and name, you embark on determining its price. Is your product underpriced or unnecessarily overpriced?
Decisions on pricing should be carefully made because pricing dictates the supply, demand, profit margins, and marketing strategy. Pricing also shows the value of your product on the market. The amount of money you choose to sell your product will determine your marketing campaign.
If your product is underpriced, buyers may doubt its value. On the other hand, if the price is higher than the normal, buyers may avoid it. Unless you are an established brand that is known for high-quality products, then you will find it hard to sell your products. As a business, you must be flexible in your pricing structure.
Factors that might determine your pricing include the economy, discount, additional features in your products and many more. For example, at retail shops, prices with odd numbers such as 45.99 and 33.99 are perceived as less expensive than those with 46 and 34. You need pricing to make a profit, depending on your distribution, value, demand and production costs.
Promotion is basically how you are going to introduce your products and services to your prospective clients. Promotion comprises advertisements, public relations, and direct marketing. Today, a greater focus has been put on digital marketing. Therefore, it is essential that your business learns the basics of social media marketing.
Come up with an effective channel to communicate your products and services to your customers. Still, traditional methods such as print and TV are still used as channels of sales promotion. However, put your focus on the advertising message used to engage your prospective clients. Your promotional message contains details of your services and products and why they are worth buying. In the promotion, send a simple and clear message to your target audience. Justify your pricing through your adverts and ensure your product solves your customer’s specific needs.
Other channels you may use for promotion include radio, emails, press releases, podcasts and word of mouth.
Place is the location of your product. It is critical to assess what the ideal locations are to gain a competitive edge over other competitors. Today, transactions and purchases are often done online. However, direct sales are also done in-store, where retailers or wholesalers sell products and services.
Although it is possible to reach more clients, customer connection that is associated with direct sales is lost. It can also be challenging to land a deal with big names such as Walmart. Therefore, direct sales are also advisable.
When the 4Ps are blended appropriately, they can achieve the desired outcome from your target audiences such as an increased purchase of your products and services. However, a lot of research and hard work goes into setting a marketing plan. And if one element is off the mark, a promising product can fail and end up costing the company substantially. Luckily, we have come up with our 4Ps readymade marketing guide to make it easier for you.
Our Readymade marketing is designed and priced for your business type, location and budget to save you time and money. Ready to launch, it allows us to do your marketing quickly and affordably. We provide Readymade Marketing that saves small business owners time and money and produces better results than traditional marketing methods. This happens because by the nature of being readymade most of the heavy lifting design work is already done.
The research on Product, Price, Place, and Promotion has already been conducted. For instance, we understand what a typical salon offers and what kind of target audience would fit well for what kind of salon, and therefore what type of promotion would work. Besides, we have data on how much potential demand there exists for a particular service within a local region. This helps us take the guesswork out of the game, and offer readymade marketing that is developed on the foundation of 4Ps of marketing.