What does the term "marketing" mean to you? Most people associate it with creating awareness of a product or company. However, marketing really encompasses so much more and is a very broad term used to describe the strategic portion of business.
Marketing includes but is not limited to the following areas of planning and activity:
Business, Product & Market Development
Market Research & Competitor Analysis
Pricing Strategy
Corporate Identity
Brand Development
Promotions
Public Relations
Customer Service
As with many things, there are steps that should be followed on the path to success. You should be able to write a statement addressing each point below. If you haven't already done this for each product or service you offer, I suggest you use this as a guideline to assist you clarify your marketing strategy and messages.
Step 1: You must know who your potential customer is, what he (or she) wants and provide it at a price he will pay. Know what your customer values most and why. Meet/exceed his needs.
Step 2: Know your competition. What do they charge? What do they do well and what do they do poorly? Who is their customer and how do they reach them? What sets you apart from the competition? I recommend you keep an updated notebook of competitive ads, flyers, collateral materials, etc. You will be surprised how often you refer to it.
Step 3: Once you know who you are dealing with from customer and competitive perspectives you can move on to developing the 4 P's of your marketing plan. The 4 P's are a staple in college marketing courses across the U.S. and are listed below.
Product · Price · Place · Promotion
Product - This is what you are selling; your product or service and all its inherent features, benefits and value. Provide the very best combination of features, benefits and value for your product or service in its price category.
Price - This is what you charge for your service or product. Knowing how much value a customer places on a particular feature or benefit will help you determine your price. Features with a low customer value might be dropped from your offering allowing you to lower the price point.
Place - Do you have a fixed location? Is your company "internet-based"? How will you distribute your product or service? What is your service area? Your travel radius? Financial, legal and insurance requirements change based on the "place" from which you choose to do business.
Promotion - This is where advertising comes in. As does public relations, social media, networking, sponsorships and any other means you use to promote your company!
Knowing your customers and competition will allow you to develop a successful mix of the 4 P's. Keep a close eye on each element and make adjustments when and where necessary.
Action Items: Review steps 1 & 2. Can you write a statement for each as they relate to each product or service you offer? Next, review the first 3 P's - Product, Price & Place. Do they fall in line with who your customer is? How about your competition? Once all of this is in place we can focus on the final "P" - Promotion. This is the area that stumps most people and where we get the most questions.
I would really like to know how you did with this exercise. Please click "comment" below to tell me what you discovered as you took a good look at who your target client and competition is.
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