If you’re ready to improve your business model through increased sales, then it’s time to direct your attention to the “4 P’s” of Marketing. Finding the perfect recipe for successfully marketing your product requires the right mix of Product, Price, Place and Promotion.
The smart marketer answers this simple question: What does my customer want? Consumer demand drives success. It’s highly unlikely that you’ll sell ice to an Eskimo. To understand the needs of your customers, it is essential to find out their challenges and their desires. A product designed with features and benefits that addresses these needs is key. And since your next customer is often your last customer, develop similar products and add-ons to improve your upsell potential. Additional sales to established customers bring higher profits because of reduced marketing costs.
Once you determine the consumers’ demand, you can determine the best pricing formula for optimal profits. Key factors such as your costs and profit margin goals will help you to back into a profitable pricing range. It is important to understand the perceived value of your product. For a new product just entering its life cycle, it can be advantageous to offer free samples or trial periods to eliminate consumer risk and make the buying decision easy. Sometimes a small discount can result in a large gain in market share. Know your competitors’ prices. The customer is savvy and shops around. If they think they can get the same thing for less, you will lose the sale. Finally, pricing too low can sometimes backfire. If your price undercuts all competition by a large degree, the consumer will suspect inferior value.
Location, Location, Location!! Merchandising your product effectively requires smart placement. Whether you are a big box retailer or a small boutique, put yourself in the shoes of your customers. Where would they look for your product or services? By understanding how your customer shops, you can make it convenient to connect your customer with your products. If your distribution is via e-commerce, make sure that your business is showing up at the top of every search through search engine optimization. Also, pick a URL which identifies your product or service to make you easily discoverable.
Successful promotion requires a clever advertising strategy. E-commerce is an exploding trend among smart marketers because it provides a cost-effective turnkey direct marketing approach. Email marketing drives customers to a website which advertises a product which can be purchased online and shipped direct to consumer. Search engine optimization and social media are useful tools promote your website. Broadcast radio and television advertising can help drive customers to your showroom. Advertising specialties have a long shelf life keeping your business in the hearts and minds of your loyal customers. Market research is critical to determine the best method of for the successful promotion of your product.
One thing is certain for sure. To find your perfect mix of the “4 P’s”, research your most successful competitors. Imitating success is the surest way to enjoying some of it yourself!
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