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Marketing today involves a dizzying array of techniques, including market research, branding, inbound and outbound marketing, search engine optimization, content creation, influencer campaigns, and more.
Marketing can seem complicated, especially to executives who don’t have direct experience with marketing teams. But all marketing has a simple foundation: American Marketing Association The “4 P’s” are product, place, price and promotion.
Related: 6 Innovative Marketing Strategies Designed for Startups
Product Introduction
You believe you’ve invented (or acquired) the greatest thing since sliced bread, but before you start your business, do some market research to see if there is actually a market for your product, and if that market is ready to pay the price. Small and Medium Enterprise Association (SBA) “Market research blends consumer behavior and economic trends to validate and refine business ideas.”
Market research can be conducted by a professional company, using an online platform, or a DIY alternative like Survey Monkey. You’ll need to answer:
- Is there demand for your product or service?
- Where do your customers live and can your business reach them?
- Are similar options already available and how much do they cost?
Once you’ve established that you have a solid customer base for the product or service you’re trying to offer, it’s time to dig into the next “P”: location.
Product “placement”
Unless your business is focused on large e-commerce platforms like Amazon, the right business location is important. In my company’s case, we opened a brick-and-mortar franchise restaurant as a food truck in Miami, so we knew where our customers were and based our initial physical location decisions on that. However, our experience may not apply to every business.
Locations revolve around the type of business you have and the results of your market research. Here are some examples of “locations”:
- It’s a great place to start a DIY business based out of your home.
- Retail — storefronts, shopping malls, airports, pop-up stores.
- Mobile – For example, food trucks.
- Commercial – For businesses that don’t require pedestrian traffic.
- Industrial – For manufacturing and distribution operations.
Related: 10 things to consider when choosing a business location
The price is reasonable
Without an advanced business degree, it can be difficult to analyze all the factors that go into pricing. From a marketing perspective, it’s paramount to know the economic situation of your target consumers. Simply put, how much can the market afford?
To keep your prices in line with market rates and still make a bigger profit, you may need to keep costs down. Here are some tips:
- Conduct a thorough cost analysis.
- Negotiate with suppliers to get a better deal.
- Implement portion/product size control measures.
- Introduce energy-saving measures.
Get promoted
Now here’s the fun part: promotion is where creativity has the most impact. The fact is“Brands that are not afraid to take risks and think outside the box often stand out in a crowded marketplace.”
When you think of promotion, you might think of key chains, signs, and labels with your company logo. While these are great promotional methods, there are newer and more appealing options. Consider how your business could benefit from setting up a pop-up location in addition to your main venue, or consider offering your customers car magnets to become “brand ambassadors.” A social media presence is also essential (this is a topic of its own).
Below are some concrete ideas that can help you take your company’s profile up a few notches.
1. Gifts
Consider giving away items that represent your brand. In our case, that was a freebie of tacos, but it could also be just a lanyard with your logo on it. Giveaways should always be a line item in your advertising and PR marketing budget, because nothing generates goodwill like a freebie.
4 Reasons Why giveaways are effective:
- Increase brand awareness with memorable experiences.
- Shareable on social media.
- Acquire new customers and foster loyalty among existing ones.
- We provide you with the opportunity to collect data, such as your email address.
Giveaways increase community engagement, brand awareness, trust and social media buzz – whether that be physical products, promotional items or freebies. Be sure to leverage your social channels to highlight your giveaway before, during and after the campaign.
Related: How to Attract Business Prospects with Contests and Giveaways
2. Guerrilla Warfare
Many businesses underestimate the value of a well-executed guerilla marketing campaign. But first, what exactly is a guerilla marketing campaign? According to the Entrepreneur Small Business Encyclopedia, a guerilla marketing campaign involves pursuing traditional goals of profits, sales, and growth through unconventional means, such as expanding offerings to encourage customers to buy more during an economic downturn.
When running a campaign utilizing guerilla marketing tactics, it’s important to be able to measure its effectiveness by applying a combination of the following: Quantitative and qualitative metricsMethod is as follows.
- Define clear goals.
- Track online engagement and monitor media coverage.
- Calculate your ROI to see if the money you spent was worth the resulting sales and customer engagement.
Here’s a personal example: A customer had food delivered to her home from my restaurant, but when it arrived, a raccoon stole it. She recorded the incident and posted it on social media, which Local newsWe worked to get this video uploaded to major meme accounts on Instagram and Facebook, and it got more attention than any print ad or TV commercial. All we paid was a $100 digital gift card to the customer as compensation for the stolen food.
3. “Old-fashioned” PR
PR stunts used to have a bad reputation, but they are becoming common again if done ethically. PR stunts are often unconventional marketing strategies that are easy to pull off. Before I was a brick-and-mortar restaurant, I operated a food truck. I got my friends and family to line up all day to create the impression that my food truck was busy. By promoting the small crowds that flocked to my truck, I was able to draw even larger crowds.
Eventually, the number of fans enjoying our food truck grew so much that we had to open a physical location, then another, and another, and now we’re a successful franchise business.
Related: Does PR really help increase sales? Yes, as long as you do it right and are patient.
4. Strategic Alliance
Look for businesses that don’t compete with your products or services but have the same goals. Cross PromotionFor example, consider partnering with a local sports team. Research shows: 66% 70% of “forever” sports fans see and act on brand sponsorship.
Of the four P’s of marketing (product, place, price and promotion), I want to emphasize one “C” – creativity. Creativity is key in marketing, but don’t get too carried away. Always keep your customer in mind and make everything you do relevant to your brand.