Marketing 101: Back to Basics
Earlier this week, we discussed the importance of developing your brand (see Let Your Brand’s Personality Shine…So It Can Help You Stand Out). To continue the marketing discussion, this blog will focus on clarifying the absolute fundamentals of any marketing effort. It’s true that marketing has evolved dramatically—particularly with the addition of social media—but the fundamentals of marketing have not changed. It is important to keep in mind the reason you’re doing what you are doing: making yourself known to your target market and persuading them to buy from you rather than your competitors. Whether you are a non-profit raising funds, a corporation looking to earn a profit, or a lemonade stand on a street corner, these fundamentals apply.
Market segmentation works to explore who the marketing effort should be aimed towards. It goes beyond age, geographic location, and gender. It should go to the root of the buyer’s behavior. Try to think about the “why” behind purchases. Good market segmentation should answer specific questions like: What does our market do in their free time? Where else are they shopping? What time of the day do they shop? Who are they shopping for in their life? How aware of our brand are they? What is their preferred mode of transportation? This may sound invasive, but marketing is trending toward personalized advertisements. Consumers of today want to feel connected to the brand and that you genuinely value their individual business.
The 4 P’s of Marketing
Once you have established a precise look of who you are marketing towards, it is time to move on to creating a marketing strategy that will appeal to them. Trends are showing that broad marketing efforts are less effective, today it is all about reaching people on a personal level. When drafting a plan, remember to address your holistic marketing mix: the 4 P’s of marketing.
- Product: What are you selling? A product is whatever value you are providing to your customer. It can be a physical item or a service. The development of the product should revolve around the customer wants and needs.
- Price: What are you asking for in exchange for your product? It is important to set your pricing strategy in accordance with the perceived value of your product, and consider the purchasing power of your target market. Some pricing strategies include cost-cutting, high-end, bulk purchases, and subscription. Consider if you are going to offer discounts and coupons for this product.
- Place: Where is your product available? This considers where your audience shops and what would be most convenient for them. It is also dependent on how you want to position yourself in the market (should align with your pricing strategy). Is this an exclusive offer product, readily available, or online only?
- Promotion: How will you communicate the existence of your product to your target market? It is important to consider where your target market resides, and what they interface with. Are they online? Do they utilize a certain roadway or radio station more?
For more in-depth marketing advice, talk to the experts at ArcherPoint.