Sign up for our newsletters
The best of Business news, in your inbox.
About Marketing
Marketing is all about selling the product/service that you’ve created and carrying that concept to realisation and sales.
There is so much to marketing that you’re not going to learn everything you need to know from a blog post on the internet. There are people that dedicate their lives to learning about how to sell to customers, there are degrees available and even further training like masters and doctorates.
It’s an intense world to master and you need knowledge of analysis, customers, research as well as being creative and have original ideas that are really going to engage the customers.
There are so many theories out there that can help when delving into the world of marketing. With the subject being the topic of degrees and formal education, many people much smarter than I have taken it upon themselves to conduct rigorous research into the concept of marketing.
The most important, and the one that has stood the test of time, is the 4Ps.
The 4Ps of Marketing
The marketing mix describes all the ingredients that are mixed together to promote a brand or product with their unique selling points which differentiate it from their competitors. The marketing mix can be reduced to four main elements called the 4 Ps: Product, Price, Promotion, and Place.
Product
The ‘Product’ of the 4Ps describes the thing that a company or business is selling. Whether that be a physical thing or a service that fulfills wants/needs. If it can be bought with money, that is your product and you need a clear idea of what it is and what makes it unique before you can start marketing it properly.
Price
Now that you understand your product, you can start thinking about what the value of it is. When you start making pricing decisions, it begins to impact all areas of your business like profit margins, supply, demand, and strategy. The price choices that you make will influence the next two areas of the marketing mix.
Promotion
Promotion is how you will get the message across to the people that are going to buy your product. This is the beef of what marketing is and is what most people think of when you tell them you’re in marketing. The promotion aspect of marketing can involve any number of things, all with different success rates based on the target audience, the product and the quality of the marketing strategy.
Place
Any good marketer will say that doing it well is about putting the right product, at the right price, at the right place, at the right time. Everything has to fit together nicely to get those conversions in. You need to evaluate where things should be selling – not just geographical location but what sort of sales outlet like online or physical stores you should be utilising.
Customer Research
It’s so important to understand your target audience if you’re going to have any degree of success with your brand or marketing. You need to understand what it is they want for your product development, but also you need to understand what sort of promotion they are the most responsive to if they’re going to not only see your marketing efforts but respond to them too.
The best way to target customers is to determine who is going to respond the most to your products and who is actually going to use them. Come up with a customer profile that describes your target audience perfectly.
However, don’t make your target market too niche, after all, you want to make a profit on your product, so it needs to be a large enough segment of the population.
Utilise Social Media
Social media strategy should be at the forefront of your mind in the modern world. Billions of people use some form of platform every single day and you’d be crazy not to take advantage of this.
Use social platforms to interact with potential customers and to build a relationship with them. The fun thing about social media is it doesn’t always have to be sell, sell, sell, you can make it fun and use the platforms to really stick out in potential customer’s minds.
This way, when it comes to a time that they need a product like yours, your business will already be ingrained in their minds and you should be the first port of call.
Track Your Results
There’s no point in putting in all these efforts if you’re not going to track the results and will just wing it when it comes to analysing what worked and what didn’t.
This helps to determine what worked and what didn’t and can inform your marketing strategy in the future. So, what attracted the most sales? Google Analytics can help you track these by assessing the referral routes and conversions.
Latest Posts
Small Business News
How to Properly Source Paper Bags for Retail Businesses
Retail is the king of the modern business world. Whether you’re operating solely online, or you’re working in a brick-and-mortar …
Investment Tips
Why do Australian option traders require a good broker?
Options trading is prevalent among Australian investors, offering a range of opportunities to make money through buying and selling options …
Financial News
Using Artificial Intelligence To Help Keep Your Financial Data Safe
Artificial intelligence (AI) is becoming an increasingly important tool for protecting financial data by identifying and mitigating security risks. By …
Financial News
Why You Should Not Wait for 2023 to Sell Your House
If you’re considering selling your house in 2023, there are a few things you’ll need to consider. First and foremost, …
Business Topics
How Your Business Approaches 2022
As we move into the twenty-first century, the pace of change is accelerating. Global economics are changing, political climates are …
Small Business News
Business Model Innovations
A robust business model improves an organization’s resilience against economic storms and shifting market conditions. Unfortunately, too many businesses fail …
Categories
Archives
Follow me on Twitter
Time management skills are crucial if you want to balance work alongside other projects, such as blogging.
Looking at upgrading my current laptop. With so many new designs and types on the market, how do you all know which one to choose?
How many of you are aware of the terms SEO, SMM, and PPC? Am interested in getting visitor’s knowledge on such terms.
Where does everybody get their daily business news? Are we still using newspapers or is it becoming increasingly popular to read online now?
Looking for some general feedback on how well the Global Ads Post is progressing. Why not take a look around and let me know your thoughts?