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Today’s marketing encompasses a dizzying array of techniques, including market research, branding, inbound and outbound marketing, SEO, content creation, influencer campaigns and more.
Marketing can seem complicated, especially to senior executives who don’t have direct contact with their business marketing team. However, all marketing has a simple foundation, American Marketing Association Called the “four Ps”: product, place, price and promotion.
related: 6 Innovative Marketing Strategies for Startups
product primer
You believe you’ve invented (or acquired) the best thing since sliced bread. However, before doing business, use market survey To determine whether there is an actual market for it and whether that market is prepared to pay its price. according to small business association (SBA), “Market research combines consumer behavior and economic trends to confirm and improve your business ideas.”
Market research can be conducted by hiring a professional company, using online platforms or DIY alternatives such as Survey Monkey. Here’s what you need to answer:
- Is there a demand for your product or service?
- Where do your customers live?
- Are similar options already available and how much do they cost?
Once it’s clear that the product or service you plan to offer will have a large audience, it’s time to drill down to the next “P.”
furnishings
Unless your business is focused on a large e-commerce platform like Amazon, Correct place of business Very important. For my company, we launched as a brick-and-mortar franchise restaurant in Miami as a food truck, and we knew where our customers were, which dictated our first brick-and-mortar location — but our experience is not the standard for every business .
Locations will revolve around business type and market research findings. Here are some examples of “places”:
- Home office – a great place to start a DIY business.
- Retail – storefronts, malls, airports, pop-ups.
- Mobile devices – such as food trucks.
- Commercial – Suitable for businesses that do not require crowds of people.
- Industrial – for manufacturing and distribution operations.
related: 10 things to consider when choosing a location for your business
Reasonable price
Without an advanced business degree, it’s difficult to analyze all the factors involved in pricing. Understand the economics of the market just from a marketing perspective Target consumers is the most important. Simply put, how much can the market bear?
To achieve greater profits while keeping pricing in line with the market, costs may need to be controlled. Here are some tips:
- conduct a thorough cost analysis.
- Negotiate with suppliers to get better deals.
- Implement portion/product size control measures.
- Promote energy-saving practices.
promotion
Now comes the fun part. Promotion is where creativity has its greatest impact. in fact: “Brands that are willing to take risks and think outside the box often stand out in a crowded marketplace.”
When you think of promotions, you probably think of keychains with business logos, advertising boards, and logos. While these can be excellent promotional tools, there are newer, more exciting options. Consider exploring how your business could benefit from a pop-up shop outside of the main venue, or offer car magnets to customers so they can be “brand ambassador” The presence of social media is also important (and is an entire topic in itself).
Here are some specific ideas that can help businesses improve their image:
1. Giveaway
Consider giving away an item that represents the brand. In our case, it’s a taco giveaway, but it could even just be a lanyard with your logo on it. Giveaways should always be a line item in your advertising and public relations marketing budget because nothing generates goodwill like freebies.
Here are four reasons Why giveaways work:
- Create brand recognition through unforgettable experiences.
- Can be shared on social media.
- Attract new customers and build loyalty among existing customers.
- Provides the opportunity to collect data such as email addresses.
Giveaways—whether they’re actual products, promotional items, or offers of free services—can increase community engagement, brand awareness, rapport, and social media buzz. Always leverage social channels to communicate giveaway highlights before, during, and after the event.
related: How a contest or giveaway can attract business prospects
2. Guerrilla activities
Many businesses underestimate the value of getting it right guerrilla marketing Activity. But first, what exactly is a guerrilla marketing campaign? according to Entrepreneur’s Encyclopedia of Small Businesswhich means pursuing traditional goals of profit, sales and growth through the use of unconventional means, such as expanding product range during an economic downturn to motivate customers to buy more.
It’s important to develop a campaign that utilizes guerrilla marketing strategies, and you can measure its impact by applying a combination of: Quantitative and qualitative indicators. That’s it:
- Define clear goals.
- Track online engagement and monitor media coverage.
- Calculate ROI to make sure the money you spend is worth the sales and/or customer engagement you generate.
Here’s a personal example: A customer ordered food from my restaurant to be delivered to her home, and when the food arrived, a raccoon stole it. She documented the incident and posted it to social media, where she gained local news. We worked hard to upload the video to some of the larger meme accounts on Instagram and Facebook, and it received more attention than any print or TV ad. We just spent a $100 e-gift card to the customer to reimburse her for the stolen food.
3. “Old School” PR Stunts
PR stunts used to get a bad rap, but now they’re becoming more common again – as long as you act ethically. A PR stunt Often an unconventional marketing strategy that is easy to implement. Before we were a brick-and-mortar restaurant, we operated a food truck. We had friends and family lining up throughout the day to create the feel of a busy food truck. A small crowd piled into the truck, only to attract a larger crowd.
Eventually, the number of fans enjoying the food truck became so great that we had to open a brick-and-mortar location—and then another, and another. Now we have become a successful franchise business.
related: Does PR really help increase sales? Yes – just do it right and be patient
4. Strategic alliance
Find businesses that are consistent with, but not competing with, your product or service to create cross promotion. For example, seek partnerships with local sports teams. research shows 66% of Forever sports fans took action after seeing a brand’s sponsorship.
Regarding the four Ps of marketing (product, place, price and promotion), I would like to emphasize one “C”—— creativity. Creativity is key in marketing, but don’t get too carried away: always keep your customer in mind and make everything you do relevant to your brand.
