What do you think of when you hear the word “Marketing?” Most people associate the word with advertising, using them interchangeably. However, marketing is much more than advertising. Marketing is a fundamental part of a business’ core and defines the business’ value to the customer. It consists of what most call, the “mix,” which is defined in four parts below.
Product: No matter what you do, if the product your business is attempting to sell does not add value to your consumer’s life in some way, then it will not keep your doors open in the long run. Your product must contain attributes that solve daily issues for your customers and provide them with fulfillment. The perfect product is one that causes no “buyers remorse” at the end of the day. The goal? To have a product that literally changes peoples lives and makes them think, “How did I live without this?”
Price: This is a reflection of your product in many perspectives, but is also another means of conveying value to your customer. Pricing is one of the most difficult things to do in business (my opinion strictly), and there are many ways to set a price. What I would suggest is to look at the market piece by piece. Where does your product fit in and how can your price reflect that?
Placement: “AHHHH My product/service isn’t selling?!”…I get that a lot. The question that I rebut with is, “Well, are you offering it in the right place?” You see, on both a macro and micro level, product placement can mean the beginning and end of sales numbers. Make sure you really know who your best customer is, where they are, and what they like.
Promotion: Yes, we finally go to it, but notice how it is at the end. This is because, the three aforementioned factors need to be well understood before the actual promotion of the product begins. Only then will you have the right information and offering to make good, strategic promotion decisions.