The 4P’s of Marketing

Aug 6, 2015 | Marketing Matters

Marketing is a major player in gaining prospect attention, building product or service demand and winning customers.
For the average small business owner, they operate on a “no-frills” budget and often find a wide variety of excuses for neglecting their marketing, I often get comments  that it is just something that they cannot afford.  Although it is true that marketing is an expense that can be reduced or cut, but this then leads to the question “without marketing, how do you propose to gain those much needed customers which will equal sales?”
The old saying you have to spend money to make money. If you do not effectively market your company, brand, image and products or services, you won’t be in business for long.
 As entrepreneurs you must always be looking into the future and the next sale, marketing is just an investment in future sales. People need to be aware of your company and what you offer in order to become an important customer to your business.
In order to generate consumer interest and trigger the buying response, you need to keep in mind the core 4 P’s of marketing; Product, Promotion, Price and Place. These elements need to work together to generate the outcome you want from your customers.
1.PRODUCT: What exactly is your product?
2.PROMOTION:  How will you let people know exactly what it is you are selling and who you are?
3.PRICE:  Is the Price right or is it out of sight?
4.PLACE:  Where and how are you going to sell it?
Tip: develop an annual marketing plan within your business plan. Here, you can figure out and expand your resources.
Marketing doesn’t always have to cost money, it could be as simple as advertising on a free website or social media platform. Facebook is always a good source to get your product or service out there, don’t be shy to put yourself onto the web!
If you would like to discuss marketing, planning or developing a marketing budget contact us now!

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