We have come to recognize many changes in the current digital market that have revolutionized the way we see things. Businesses and the industry they are working in, are required to be not just in sync with each other but compliment each other. Ground market competition and the digital market competition have become two vastly different fields every business needs to cover.
The P’s of marketing that are necessary for every marketing strategy to consider before executing it. These concepts are essential to implement a working plan to avoid pitfalls and gaps in the groundwork that can arise during execution.
Product:
The first stride in coming up with a strategy, you need to consider your business’ products or services from an outsider’s perspective. Think about all the critical questions that can arise regarding your product and your company. See if the product is really the need of the market right now. The clientele is always changing their idea of needs. You won’t necessarily be the new trendsetter introducing the next hottest product. However, you can still take up the hottest product in the market.
Prices:
A lot of businesses and startups are not careful enough with this crucial step and often face dire consequences. Making sure you understand and keep on reevaluating cost and selling prices on a regular basis is important. You don’t want to lose your profits,and you don’t want to be making too much for a shorter period. In the end, prices are what decide the competition. Factor in resources, labor, and the logistics cost before you quote.
Promotion:
Small changes in the way you market can bring about severe drastic changes in favor or against your business. You can attain a lot if you know how to promote your product. This is something that should always be on your mind and what your thoughts for the whole day should be. Changing the headline of an advertising slogan can have a significant impact on the growth of your sales. Think of the little things that can attract and convince people to come to you.
Place:
This is the part where you take a careful look at where you are going to be selling your product or service. Ensuring your promotions are targeting the right audience is key to ensuring profits. One right ad at the right time at the right place is enough to generate more than just one sale. Keep refining your target audience until you start to see increased sales to traffic ratio.
Packaging:
How your product appears in the eyes of the public is crucial as everyone is judging the book by its cover. Even if your product is an inch long, a 5-inch packaging elegantly unfolding to reveal your product is going to appeal to many customers but only if you can afford the extra packaging costs. There are a ton of other strategies you can apply to create a better look for your business.
Positioning:
Knowing where you are in the market means you have figured out the positionality your business holds in the market. You don’t necessarily have to compete for the top if you can come up with the perfect strategy to become the top yourself. Placing yourself in the market and advertising accordingly with adequate products to the right clientele at the right time, that’s all that you need to do.
People:
If you are a businessman, you need to develop the habit of thinking of your business from the eyes of the people working inside and the people your company is targeting. The outside people are the clientele that you need to impress and win the trust of to increase your profits. The people working inside your business are the ones responsible for making sure you stay in business. You should never underestimate the significance of both the groups of people as they are crucial factors making up your business.
Conclusion:
Whether you are private money lenders handing out hard money loans, or selling some services, or a broad range of products. In conclusion, you should keep the 7 P’s of marketing in mind, and you will surely have a better time attaining success.
