This one’s a bi academic (sorry guys!) but sometimes, a little bit of academia goes a long way towards helping you out. In that sense, it is a bit of a necessary evil. I’ll try to keep the geek factor down to the bare minimum though, so let’s get cracking.
Most B-schools will teach you this, and the knowledge has been around for ages now, it’s called the 4P’s of marketing or the marketing mix, and using it as a guideline, you can promote your business to the the right people.
4 P’s of Marketing
- Product. The meat of the meal so to speak, the product is your star, and it should be treated that way. This means your product should be the best it can possibly be, because the better the product, the less you have to exaggerate while selling it.
- Place. The old builder’s maxim – ‘location, location, location’ holds true in business too. Where you sell you product out of is very important to how it’s marketed. Shops, distribution networks, logistics of how the product reaches its sales potential and in modern times, internet sales propositions too!
- Price. A lot of your product’s success is down to your price. Get it right and you’re golden, get it wrong and you’re sinking. But here, price isn’t just the markup, it’s also the discount you offer, how much credit leeway you provide, methods of accepting revenue, all this will affect your strategy while identifying your target market.
- Promotion. This part is the one we as end users are most familiar with. How the product is ingrained in people’s psyche. Ads, door-to-door sales, showcases, all that good stuff. You need to decide what road you’re going to go down in this respect so that your target market actually knows about your product.
That’s it, people. Lecture’s over, you can wake up now! Seriously though, the 4P’s of marketing are sacred and revered, respect them and your business will do well.