I am going to start writing about marketing basics. I see so many entrepreneurs and business owners getting so caught up with the thinking if I just place more ads on Facebook or Google I am going to be rich. Do you see that in your networking circles? If you really think the above statement is true, I am begging you to keep reading.
Inorder to sell good and services there is a pattern that needs to be followed. It is known as the 4P’s of marketing. I could potentially write a 100 page book just on this topic, however I am going to keep it super brief.
What are the 4P’s? It is a pattern to help you move goods from the manufacturer to the consumer. There are four elements to this process. The first is product planning. It is crucial to do research and plan out the right product or service for the right target market. Example, if you were a distributor of diapers, it would make sense to target new or expecting mothers. However, in order to accomplish this task you need to better understand mothers and what they want for their new baby.
The second “P” is placement. Simply, this is ensuring you get your product to the right destination. This involves getting your product in the correct marketing channel. To further our previous example this would mean finding the right place to sell your diapers. More than likely you are not going to sell your diapers in a liquor store. You are more likely to sell your diapers where other baby items are sold.
The third “P” is promotion. This covers everything that takes place in persuading people to buy your product. How are you going to get others to recognize your brand of diapers over the 100’s of other brands.
Fourth, the all important pricing. What are you going to charge for your product? Its important to be sensitive when determining your price because you need to understand what you paid for your product, what it will cost to sell your product and how competitive is your pricing compared to your competition.
Hope this helps. The next several posts I will talk more about marketing basics.