Marketing Fundamentals & The Four Ps of Marketing

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Marketing Fundamentals

1. Know Your Target
Who are you trying to reach? Have you identified your niche? What do they look like? What do they do? What do they read? Where can you find them?

If you’ve done your homework you should be able to answer all of the above. Often business owners and even marketers think that if you cast the net wide you will reach more people, but the opposite is true. When you cast your net wide you miss the ability to hone your craft, tailor your message and reach the pain points of those you are looking to serve. More is not necessarily better. Focus is always better. Know your audience like the back of your hand. Why will they purchase what we offer? Why will they object?

Let’s say that you wanted to be bilingual. You wouldn’t study both French and Spanish at the same time because you might learn both at the average level. You more than likely wouldn’t be great at either, because you would be sharing your focus. You would be splitting time and giving only half of your energy to the cause rather than fully focusing on learning the language like it was your second language.

A narrow focus empowers you and strengthens the impact you can have in the marketplace. It’s like marketing yourself as a general doctor versus a doctor specialized in working with children.

2. Educate on Your Benefits

Now that you know your audience you can educate them on your benefits and feature. You can really focus on educating them on why they should buy your product or service. You’ve eliminated the noise and you can speak directly to them. What do you want them to hear? What do you want to tell them about what you offer? What do you want them to remember about your business?

Brainstorm, bullet out those features if you are selling to consumers and bullet out the benefits and cost savings if you are trying reach other businesses. Do your bullets pass the “so-what” test? If so, you are ready to move to the next step.

3. Craft A Strong Call to Action

Now you’ve identified your target and you’ve listed out your features and/or benefits. Great work! You now must focus on what you want your prospects to do. What’s the call to action?

If you are focused on a particular campaign what are the success measures of that campaign? Do you want them to call? Do you want them to buy something? Do you want them to submit and inquiry?

Be clear about your expectations. Once you’ve identified the course of action you want them to take, make sure you’ve removed any obstacles from them doing so. For example:

  • Is your telephone number clearly seen?
  • Does your inquiry form work?
  • Can they purchase via telephone, online or in a brick and mortar store easily?

Test the process. You’d be amazed at how difficult we make it for prospects to complete the desired action. Make the transaction easy, no matter what the call of action. Zero tolerance for obstacles!

4. Measure, Monitor, Log, Report and Learn

Now that you’ve put in the work and you are ready to push your campaign live be sure to measure and monitor the progress. Learn from your efforts, it will come in handy for each campaign that follows.

What were the results? Did they meet our expectations? If so, why? If not, why? Know the answers to these questions, understand the answers, identify how you can make a campaign better, identify what worked. Log these answers, analyze the data and work to make each subsequent campaign better.


 

 

The Four Ps Model

  • Product & Services – The first of the Four Ps of marketing is product & services . A product can be either a tangible good or an intangible service that fulfills a need or want of consumers. Whether you sell custom pallets and wood products or provide luxury accommodations, it’s imperative that you have a clear grasp of exactly what your product is and what makes it unique before you can successfully market it.
  • Price – Once a concrete understanding of the product offering is established we can start making some pricing decisions. Price determinations will impact profit margins, supply, demand and marketing strategy. Similar (in concept) products and brands may need to be positioned differently based on varying price points, while price elasticity considerations may influence our next two Ps.
  • Promotion – We’ve got a product and a price now it’s time to promote it. Promotion looks at the many ways marketing agencies disseminate relevant product information to consumers and differentiate a particular product or service. Promotion includes elements like: advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more. Each touch point must be supported by a well positioned brand to truly maximize return on investment.
  • Place – Often you will hear marketers saying that marketing is about putting the right product, at the right price, at the right place, at the right time. It’s critical then, to evaluate what the ideal locations are to convert potential clients into actual clients. Today, even in situations where the actual transaction doesn’t happen on the web, the initial place potential clients are engaged and converted is online.

 

 

 

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