Having a great product or service can be tremendous. You found a way to create something that will solve a problem or meet a need. You put in the time, did the research, and tested it on friends, family, and potential customers. However, it won't succeed if you don't have a good marketing strategy. The four basic marketing principles are product, price, place, and promotion. These four "Ps" are known as the marketing mix. They work interchangeably to help you reach your target audience.
These marketing mix concepts are still in use today.
Product (quality, design, packaging, brand)
Your product or service should solve a need or add value for the customer. Therefore, the product description should clearly state what you are offering and how it differs from the competition.
Branding is one way to stand out. The quality and design should stand out from all the others.
Creating a company logo and slogan is vitally important to keep before your target audience.
Price (retail, wholesale, discount, credit terms, payment plans)
Determining the price for your product can be a little daunting. Setting prices at parity, above or below the competition, are essential factors to consider.
In most cases, the wholesale price paid to suppliers plus a mark-up dictates the sales price. For manufacturers, their sales price correlates to their production cost. Product cost includes direct and in-direct raw material costs, direct and indirect labor costs, and manufacturing overhead.
Promotion (advertising, personal selling, public relations, website, brochures, emails, onsite merchandising)
Promotion is the means used to reach your target customer to inform them about your product/service and to propel a purchase. Social media has changed the game of promoting your product. The old advertising methods included newspapers, magazines, flyers, radio and television ads, and billboards. One promotion method that is tried and true is word of mouth. A good (or bad) review can make or break a business.
Place (retail or storefront location, direct sales force, delivery, Internet downloads, distributor)
Place describes the distribution channels for your product/service. The last few years have shown that delivery services and delivery companies increased their sales due to businesses distributing their products online directly to the customer. However, some retail businesses have suffered because they failed to get in on the ground floor of eCommerce.
Whether you are a start-up or have been in business for years, the goal is to get your product or service in front of the most likely consumers to buy or use them. Using the marketing mix strategy of the four Ps will help you on your road to success so you can see the money.