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Today, marketing encompasses a dizzying number of techniques, including market research, branding, inbound and outbound marketing, search engine marketing, content creation, influencer campaigns, and more.
Marketing can seem complex, especially for a frontrunner without direct contact with their marketing team. However, there is an easy foundation for all marketing that American Marketing Association calls the “four Ps”: product, place, price and promotion.
Related: 6 Innovative Marketing Strategies for Startups
A product primer
You think you might have invented (or acquired) the best thing since sliced bread. But before you begin a business, you need to do market research to search out out if there may be an actual marketplace for it and if that market is willing to pay the worth for it. According to the Association of Small Businesses (SBA): “Market research combines consumer behavior and economic trends to confirm and improve your business idea.”
Market research will be conducted by hiring a specialized company, using a web based platform, or a DIY alternative like Survey Monkey. Here’s what it’s essential answer:
- Is there a desire in your services or products?
- Where do your customers live and may your organization reach them?
- Are there already similar options and the way much do they cost?
Once it is evident that there shall be a big audience for the services or products you wish to offer, it’s time to move on to the subsequent “P” (square).
Product placement
Unless your online business is targeted on a serious e-commerce platform like Amazon, the proper location is vital. When my company opened our food truck franchise restaurant in Miami, we knew where our customers were, and that determined our first physical location—but our experience is not the usual for each business.
The location is dependent upon the form of business and the outcomes of your market research. Here are some examples of “locations”:
- Home – a very good place to start out a house improvement business.
- Retail – shop windows, shopping malls, airports, pop-ups.
- Mobile – for instance a food truck.
- Commercial – for businesses that don’t require foot traffic.
- Industrial – for manufacturing and distribution operations.
Related topics: 10 things to think about when selecting a location for your online business
The price is correct
Without a complicated degree in business, it could possibly be difficult to research all of the aspects that go into pricing. From a purely marketing perspective, knowing the economic status of the goal customer is paramount. Simply put, how much can the market tolerate?
To achieve higher profits while adjusting prices to the market, it could be crucial to maintain costs low. Here are just a few suggestions:
- Conduct an intensive cost evaluation.
- Negotiate with suppliers to get well deals.
- Implement measures to regulate portion/product size.
- Introduce energy saving measures.
To get promoted
Now comes the fun part. In promoting, creativity has the best impact. The fact is: “Brands that are willing to take risks and think outside the box are often the ones that stand out in a crowded market.”
When you’re thinking that of promoting, you would possibly consider keychains with company logos, billboards, and signs on the whole. While these will be great promotional tools, there are newer and more exciting options. Consider exploring how your online business may benefit from pop-up locations along with your principal location, or offer automobile magnets to your customers and switch them into “brand ambassadors.” Social media presence can be vital (and a subject in itself).
Here are just a few concrete ideas that might help your organization raise its profile just a few notches:
1. Promotional gifts
Consider making a gift of an item that represents the brand. In our case, it is a taco giveaway, however it could just be a lanyard together with your logo on it. Giveaways should all the time be a line item within the marketing budget for promoting and public relations, because nothing generates goodwill like free gifts.
Here are 4 reasons Why giveaways work:
- Creates brand recognition through an unforgettable experience.
- Shareable on social media.
- Reach latest customers and strengthen the loyalty of existing customers.
- Provides the flexibility to gather data akin to email addresses.
Giveaways – whether they seem to be a real product, a promotional item, or free services – increase community engagement, brand awareness, recognition, and social media buzz. Always use social channels to speak giveaway highlights before, during, and after a campaign.
Related: How a contest or giveaway can attract business prospects
2. Guerrilla campaigns
Many corporations underestimate the worth of a properly executed guerrilla marketing campaign. But first, what exactly is a guerrilla marketing campaign? According to the Entrepreneur Small Business Encyclopedia, it involves pursuing the standard goals of profit, sales and growth using unconventional means, akin to expanding product offerings during economic downturns to encourage customers to make larger purchases.
It is vital to develop a campaign that uses guerrilla marketing tactics in a way that permits you to measure its impact by utilizing a mixture of quantitative and qualitative indicators. Here’s how:
- Define clear goals.
- Track online engagement and monitor media coverage.
- Calculate the ROI to make sure that your expenditure was definitely worth the resulting revenue and/or customer loyalty.
Here is a private example: A customer ordered food from my restaurant that was delivered to her home and when it arrived, it was stolen by raccoons. She filmed the incident and posted it on social media and it was Local news. We worked to upload the video to a number of the greater meme accounts on Instagram and Facebook, and it got more attention than any print ad or TV spot. All it cost us was a $100 e-gift card for the shopper as compensation for her stolen food.
3. “Old school” PR stunts
PR stunts used to have a nasty fame, but they’re becoming more common again – so long as you do it ethically. A PR stunt can often be an easy-to-implement, unconventional marketing strategy. Before we opened a brick-and-mortar restaurant, we ran a food truck. We had family and friends line up all day to present the impression of a busy food truck. Promoting small crowds surrounding the truck drew even larger crowds.
Eventually, the variety of fans who loved the food truck became so large that we needed to open a store – after which one other, and one other. Now we’re a successful franchise.
Related: Does PR really help increase sales? Yes – just do it right and be patient
4. Strategic alliances
Look for corporations which can be aligned together with your services or products but don’t compete with it to Cross promotionsFor example, seek a partnership with a neighborhood sports team. Studies show that 66% of “eternal” sports fans grow to be lively after seeing a brand’s sponsorship.
Among the 4 Ps of selling (product, place, price and promotion), I would really like to focus on a “C” – creativity. Creativity is vital in marketing, but don’t overdo it: all the time think in regards to the customer and be certain every part you do is relevant to the brand.
