What is Marketing Anyway!?
If you want to talk about the most open ended and misunderstood part of any business, let’s dive into marketing. Some companies view their marketing as simply sales. For others it’s all about building brand recognition. Some base their marketing on how many likes they can get on social media. But for those that really understand it, its all of the above… and then some. My definition of marketing is creating something you can provide or sell, and then convincing other people they want or need it. As simple as sounds, marketing is a constantly changing concept that is as complex or simple as you’d like to make it. Let’s go back to basics with the four p’s of marketing!
Product - Marketing always starts with an idea! Long before you ever hit launch on your business, someone has to figure out WHAT you have that is worth marketing in the first place. Maybe its a completely new product that’s never been seen before, maybe it a unique spin on an existing idea, or maybe your product or service is a dime a dozen. Either way you need something that people are actually going to want! Spend some time thinking about your target audience and WHO will be your future customers to ensure there is a market.
Price - This is a tricky part of marketing and one that many brands struggle with. Price isn’t always based on the cost to produce the good or service, but the perceived value of it from your target audience. When choosing HOW MUCH to charge for your product, be sure to do ample competitor and consumer research to make sure you don’t go too low or too high. If your a smaller company simply get out there and talk to people and ask them what they would pay. Research doesn’t always need to be formal, soft launches work great when you went to test out your target audience. Providing discounts and sales can also be a great way to grow your sales, but making sure you align your efforts with your overall brand is essential.
Place - Next you need to figure out WHERE you are going to sell and promote your product or service. Depending on your business the place can be geographically specific for those with a physical business location, or demographically targeted for those with a virtual presence. Many brands have a hybrid business model which means they have to think about multiple ways to sell and promote their product. A brand’s website and social media presence are the most essential ways to educate, promote, and sell your product or service. For my B2B and B2C clients, its best to make sure you have a deep understanding of your target audience to make sure you are optimizing all of your distribution and promotional channels.
Promotion - My favorite P of them all, but also the most challenging! Every product and service has their own sales funnel that takes potential consumers from being total brand strangers, to loyal brand supporters. Promotion is all about HOW you are going to position your product to your audience (your messaging, differentiation, voice, strategy, etc.) to get them through the sales funnel journey. I always tell my clients to spend significant time pre-planning this part of their marketing efforts, because just “winging it” when it comes to your promotional strategy could have long-term detrimental effects to your overall brand. Focus on your customers’ needs, and WHY your product or service is something they need!
Marketing could be anything from basic research, to building the perfect website, to designing the best packaging, to analyzing the latest sales results, to planning your long-term growth strategy. Brands tend to either over or under think their marketing, as it is more of an art than a science. Depending on your company’s size and resources, marketing strategy can be adapted to fit any model which is why I find it to be so much fun! If you need help with your marketing strategy be sure to contact me for a free consultation to talk through how you can optimize your marketing and let your brand soar!
