No matter what type of business you’re in, marketing is likely a huge part of keeping it successful. You could have the most amazing, revolutionary product in the world, but if people don’t know about it, they definitely won’t be buying it.
As such, marketing is a vital component of having a profitable and successful business. Being aware of how to make your business’s marketing efforts as effective as possible can help you propel your business to the next level.
Understanding the 6 P’s of Marketing
To make the most out of your marketing dollars, it’s important to understand the six p’s of marketing. These outline some of the foundational ideas behind marketing and can help give you a deeper and more nuanced understanding of how marketing works.
Though this is somewhat self-explanatory, it’s important to note that your marketing strategy will be different for different products. In addition, different products will have varying levels of popularity depending on the time.
As such, it’s important to understand the timing of your marketing efforts in relation to how popular a product is in the market at a specific time. If your product isn’t currently that popular, marketing efforts may not be able to have the impact that you’re looking for.
The price of the product you’re selling should accurately reflect how much customers are willing to pay for it. If it’s priced too low, then you’ll lose out on money. On the other hand, if it’s priced too high, customers won’t buy it as frequently, meaning your marketing dollars will be spent in vain. This being the case, marketing campaigns should only be launched after an accurate price point is found for a product.
Place refers to the place where customers can purchase your product. The place can actually have a profound effect on a customer’s willingness to buy your product. As such, the bad placement of your products could make your marketing campaigns ineffective and a waste of money. This means it’s important to be mindful of how your product is placed before launching a marketing campaign.
Promotion refers to all the ways in which your company tries to convince customers that they should be interested in your product and buy it. This can take the form of print ads, social media campaigns, or other forms of marketing. It’s important to remember that the more familiar a consumer is with your product the more likely they are to buy it and become a customer.
This means that targeting the right consumers and getting them familiar with your brand and product can have a huge effect on their willingness to make purchases.
In terms of marketing, people refer to both consumers who purchase your business’s products and also the employees who represent your company. It’s important to understand that employees who represent your brand, such as retail employees, can have a profound impact on how customers view your brand along with their inclination to make a purchase.
This being the case, it’s important to be mindful of who is representing your brand in order to make sure that they align with your brand’s image and marketing tactics.
Presentation refers to things such as the packaging of the product. How a product is presented to consumers will impact their impression of it along with their willingness to purchase it.
As such, it’s important to be mindful of product presentation when pouring money into a marketing campaign in order to make the marketing campaign as effective as possible.
Making a Plan to Address the 6 P’s
While many business owners blindly set out on a marketing campaign, making a plan to address the 6 P’s of marketing first can heavily impact how successful a campaign is. As such, making a detailed plan that addresses each of the P’s will set your marketing campaign up for success. Some P’s that are especially important to get right before launching a campaign are place and presentation.
It’s important to have your product placement be ideal before crafting a campaign. This way, when your campaign makes consumers aware of your product, they are then more likely to come into contact with it and be inclined to make a purchase. The presentation should also accurately reflect the same ideals as your marketing campaign.
If the design of a marketing campaign is much different than the actual products, it can cause customers to be less inclined to purchase the product.
Promotion Ideas for Business Owners
As a business owner, you may not be a marketing expert. No need to worry. There are strategies and promotional techniques that can be incredibly effective. Here are some creative promotional ideas to help you market your products and convert customers.
Email marketing is a great way to stay in contact with your customers and keep them aware of your brand and products. A great tactic for securing customer emails is offering a discount or free shipping in exchange for them signing up.
As a result, you’ll be able to regularly send these customers new promotions and ads.
Social media has become a staple in the lives of almost every living being on Earth today. As such, it’s an area that can make for very effective marketing efforts.
A great way to take advantage of the wide reach of social media is to tap influencers to promote your brand or product. Doing this will make it more likely that consumers will try your product as they trust the opinions of influencers that they follow.
Don’t Let Your Marketing Dollars Go to Waste
By understanding the basics of marketing, you can make your campaigns more effective and profitable. It’s important to address all six of the P’s of marketing in order to ensure that your marketing efforts give you the results that you’re looking for.
With just a little bit of planning and effort, you can transform your lackluster marketing campaigns into potent, customer-converting powerhouses.
About the Author
Ryan Ayers is a researcher and consultant within multiple industries including information technology, blockchain and business development. Always up for a challenge, Ayers enjoys working with startups as well as Fortune 500 companies. When not at work, Ayers loves reading science fiction novels and watching the LA Clippers.