With all businesses focusing on marketing and promotion for their business, how do you differentiate a good marketing strategy and an average marketing strategy?
Are you new to marketing? Are you aware of marketing basics for beginners? Have you heard of the 4 Ps of marketing? What are the four principles of marketing?
The crux of the 4 Ps of marketing is marketing the right product, with the right price, at the right place and through right promotional activities.
The term marketing mix was first expressed in 1960. You might have heard about the 4 Ps of marketing and this is a concise way of calling it the marketing mix.
Marketing is all about promoting a product that is needed by the users, at a certain price, marketing it at a right place and promoting it the correct way where users who need your services get to know about your business service/product.
This may sound easy but this does require hard work to know what kind of product to create and a certain knowledge of the market where you are about to launch the product. The marketing mix is predominantly associated with the four Ps of marketing.
Here are the 4 ps of marketing:
The first P of marketing represents the product. A product can be anything ranging from a tangible good or intangible goods. Whatever the nature of your business, it is mandatory that you have a clear goal of what will be the product range that you want to sell.
This involves analyzing the market to know if at all there is a need of your product in the market. If you have a doubt that the product will not be in demand, don’t go ahead. Review your products range and then launch.
To be sure that the product which you are using is perfect for the users, find an answer to these questions. How does the product make your users' life easy? Does it address a problem that your users face? Does it fix the pain points of your users?
Once you are clear that your product will add value to your users, you need to fix a pricing for it too. Pricing your product appropriately is important for both the business as well as for the customers. Because in the end, it is all about the profit that you have made with your product. But it is also about the amount of money a customer is willing to spend on your product or service.
Do a little research and see what price your competitors offer for products or services similar to yours. This will help you to know how your product will be perceived in the market. And you can review the price and change it as per the trend in the market. If you think a slight decrease in the pricing may mean more customers or vice versa you may go ahead. For more information on pricing your products, check out this Simple Guide to Market Based Pricing.
Having a good product only will not ensure success. You also need to distribute it the right way, so that users in need of your product get to know about it. Whether you sell your services physically, online or both, you must figure out the most suitable marketplace for your business.
Here are some questions that will help you get an answer to which place should your product be. Where are your users looking for products similar to your products? Are they looking for similar products online or on offline stores? This will help you know the medium that you should be using to market your business product. This requires a deep understanding of your target audience. You should know where your potential users usually spend time.
Now that we have got a product and finalized a price, we need to see how we are going to promote it. Do you know where your potential customers are?
Even in situations where you have a good product and have a price that is acceptable to the users, you need to make sure that you use the right medium and the right message to promote your business.
Will it be through promotional emails or newsletter? Or will it be broadcasted on social media channels? The success of a business is determined by various factors. However, the main factors that determine the success of a business are the way it is being advertised. So once you have all the marketing mix ready, test once before giving a final go ahead.
Does the product fulfil their needs? Is the price that is placed for the product favourable. How easily will they find the product?
Is your marketing campaign perceived the same way you want it? If not, then maybe this is the reason that you are unable to market your business well. Once you have answers to all these questions you have a good marketing campaign already.
So now you know what marketing is all about. Are you marketing your business in a right way? Get in touch with us for end-to-end marketing of your business.
Anuja is the Co-founder and CEO of RedAlkemi Online Pvt. Ltd., a digital marketing agency helping clients with their end to end online presence. Anuja has 30 years of work experience as a successful entrepreneur and has co-founded several ventures since 1986. She and her team are passionate about helping SMEs achieve measurable online success for their business. Anuja holds a Bachelors degree in Advertising from the Government College of Fine Arts, Chandigarh, India.