As a new business or one that has struggled to keep up with the demands of the digital age, delving into the world of convincing people to buy your product or service can be confronting to say the least. Nevertheless, it’s totally necessary. Luckily, We’re here to make it simple. There’s no denying that marketing is key to the success of your brand – whatever industry it may fall under. So getting the basics of marketing down is an absolute must-do. 

Invest in Your Brand

If you’re not ready to invest in adding a dedicated marketing person to your team or approaching an agency, the timing might just not be right yet. But that doesn’t mean you have to leave it untouched altogether. In fact, we strongly suggest against it. Instead, we’re going to arm you with a simple tool to get your marketing up to scratch and on the way to achieving your desired return on investment.

The Ins and Outs of Marketing

So here goes, the 5 P’s of Marketing. It’s somewhat of a golden ticket in the business sphere, and because it’s so straightforward, it’s a concept that almost anyone can have the opportunity to take advantage of. Once you’ve reviewed each P and considered how it applies to your business, you’ll be well on your way to converting leads into sales!

The first P is PRODUCT. When we’re talking about your product, (or service, depending on what your business is), it’s key to consider how it should be presented. How do you want your product to look? What will your logo and branding collateral say about who you are as a company and what you have to offer? How people perceive your product or service has everything to do with how you showcase it to the world. You want to tell your target audience your brand’s story and the problem it solves for them through your marketing.

The next P is PRICE. Not only is price about how much your product or service is worth, but it’s also about what consumers are going to be willing to pay for it. A good way to get an idea of a fair price is to look at what your competitors are charging, and consider how much value it could add to your consumers’ lives. Conducting market research is a great way to determine a suitable price for your product in the current market, all while making sure you’re getting the right profit.

Then we have PROMOTION. Ask yourself how you are going to get your product in the spotlight. Here is where you need to consider things like what channels you should use to target your audience most effectively, where you will advertise it and what messages need to be communicated in order to hook, engage and then seal the deal with your audience.

Second to last is PLACE — where is the product or service going to be distributed? For example, you might have a great product idea and have done all the work to get it to be market ready, but will it pass the status test? If you’re looking to sell your product in high-brow stores or in gourmet supermarkets, your branding and everything that comes with it needs to meet those standards.

Last but not least, PEOPLE. It’s undeniably one of the most crucial things to consider when marketing your product or service. Think about the people both inside and outside of your business. Who are the people you need within your business to reach the people you’re trying to market to? Who are you trying to reach? The reality is, if you don’t know who you’re marketing to, you’re essentially going in blind. Which is why one of the first steps to nailing your marketing is nailing your target audience! 

Are you ready for us to lend you a hand? Contact us here.