For small businesses, having a clear marketing strategy is so important in ensuring you get the best return on investment from your marketing spend.
The 5 P’s of marketing offers a simple approach and structure to help business owners effectively align their product or service to their market.
You must be able to clearly define your products purpose and what role it fulfils for your audience. Who will buy your products or services? What problem does it solve for them? And more importantly, why will they buy?
How are you using pricing to position yourself within your market? Who are your competitors and what’s their pricing strategy? Also, how will you use pricing within marketing tactics, promotional offers, discounts or free samples to ensure you can grow your sales whilst maintaining profit margins.
You and your staff are ambassadors for your business and your brand. Your people represent the greatest opportunity for you to enhance or detract from your customer’s experience. Good people will massively increase your potential for higher value sales and repeat purchases. So how will you make sure your people are fully on board with your business?
Place is all about your channels of distribution and sales, both online and offline. But beyond the obvious channels, you should also explore opportunities for affiliations with other businesses who are selling similar or complementary products and services. Or you could consider joint ventures with businesses who could help you tap into new markets that you may not easily be able to access.
This is probably the most important component of your marketing strategy. Promotion encompasses everything you need to do to ensure your product or service is regularly seen by your audience. This includes PR, Social Media, Advertising, and Sponsorship etc. The important this is to not try and do everything as your budget will get too diluted and your marketing will be ineffective. Instead ask yourself, where are your ideal audience? Where they go, or hang out? And focus your promotional spend where your audience are sure to see it.
If you’d like to learn some more business growth ideas and strategies, then come along to one of our weekly Bizmosis® events.