Written by AG
There are many components in a successful business marketing that continue to go through different prioritization orders for entrepreneurs. The fact remains the same – that they all are important no matter how or when they are executed on a list of priorities. Whether creating a strategy to implement the four C’s or seven P’s of marketing they all will become important components within a marketing plan or discussion about marketing.
Before you can market you need to know and understand your target market. If you try to promote to everyone then you are wasting money and resources reaching out to people out of, what seems to me as, pure laziness. You MUST do your research on the type of customer you want to represent. You would not market to all 50 states about snow shovels and ice melts, because places such Arizona and Hawaii do not get snow.
The more research you do on who your client is, what problem your service or product solves for them, and the consumers’ demographics, then you will be able to be more resourceful in identifying your target market. This is similar to your marketing statement. Go over the solutions that your unique product or service provides to your target market. If there is competition then, you will want to go above and beyond for your customer because this may be the thing that sets you apart from all others in your market. You will either own it or take it. From my experience the more you can ensure the customer that you are more for them than the money with it showing in the quality, you will get a repeat customer and some good PR from the consumer.
Look at Chick’A’Filet. I hear just as much about how good their waffle fries are as I do about the customer service they show all customers at the drive through…The Drive through! That is going above and beyond and the P.R. from that word of mouth is like no other.
Social Marketing focuses on four P’s: product, price, place, and promotion, but there are three more depending on who you are speaking to. Packaging, positioning, and people are the additional three. People refer to either you and/or your team that has expertise on your consumer, their needs, and preferences. Packaging and positioning refer to a product in a store that is being sold. Companies pay stores to have their items in the front and to be visually appealing to the consumer to increase the chances of catching and keeping their attention. Product or service, it needs to be appealing and you want it to automatically grab your consumers attention in how it benefits them. If you can identify your target and gain their attention to where the product or service alleviates some sort of burden, then you are already winning. This will allow you to capitalize on this problem solver when you promote the product or service.
Now once again you need to research to see what your competition is selling the product for and how they are promoting the item to your target market. When configuring the price for what you are selling you will have to take into account the Marketing P-Place. Place is where you are getting the product or items for your service and how it is delivered to you. If you are a small business and cannot buy in bulk then you will need to shop around for vendors or wholesalers that are within your price range to keep what you are selling at a price that you and the consumer will be happy about. You want to make sure you have a backup vendor or wholesaler priced and ready to use just in case your main supplier runs out of what you need or is not able to get your material due to a shortage. (Example: Snowstorm in the midwest requires shovels and ice melt, everyone buys before, during and after a snow storm and inventory will run low; so it is nice to have a reliable backup vendor/wholesaler that will keep you reliable with your customers.)
With the mention of the four or seven P’s depending on your stance, we have already worked in the four C’s of marketing. Consumer, Cost, Communication, and Convenience. The consumer is apart of your target market and is will be benefiting from what they purchase from you. Communication is part of you promoting to your target audience and the different ways you can reach out to them to get your product or service circulating verbally, visually and/or physically. The convenience is similar to placement except it’s more about making it easy for the consumer to obtain and utilize the service or product; as opposed to getting their attention and being more visible over the competition.
As you can see there are many aspects when discussing marketing and this article touches on topics that have books dedicated to each part. My words of wisdom are research and focus on your target market to help your business grow to be self-sustaining.