Marketing 101: The 4 P’s

Marketing 101: The 4 P’s

If you spent years studying marketing, you’ve surely heard of Neil Borden’s “marketing mix.” But, if you’re brand new to marketing, you probably have no idea what this entails. Simply put, the marketing mix is the recipe that capture and promote a brand or product’s unique selling points-those things that differentiate it from it’s competitors.

The simplest way to get a grasp on this mix of factors is with The Four Ps: product, price, promotion, and place.

Product: this can either be tangible good or intangible service that fulfills a need or want of consumers. What is your product? Be sure that you have a clear grasp on what your product is and what makes it unique.

Price: How much will you sell it for? Price determinations will impact profit margins, supply, demand and market strategy.

Promotion: Now that you have a product and price, it’s time to promote it. The basic objectives of promotion are: informing, persuading, and reminding. How will you make customers aware of your product? How will you stimulate interest in your brand? How will you interact with customers to promote brand loyalty? This can be done through a variety of mediums: advertising, public relations, social media marketing, email and direct mail campaigns, and much more.

Place: Just like in real estate, a successful marketing campaign depends on location, location, location. You have the right product, at the right price..but where is the right place to put it in the hands of consumers to convert them to paying customers? For some businesses, this place could be online, in a retail location, or through direct distribution (think MLM companies).

 

On March 18, we will learn how to apply these four 4 P’s to your marketing plan and create a campaign for your product or service!

 

Get your tickets here.

 

If you have questions about your marketing plan and would like to schedule a consultation, email us at hello@ujimasociety.com

Marketing 101: Your Target

Marketing 101: Your Target

You have a great service or product- now who is going to buy it?

When creating a marketing strategy, it is vital to understand who you are going to market your products or services to. This is called your target market.

When selecting your target, the first step is to determine whether your customers are consumers or businesses and industries.  You can have more than one target market, but keep in mind that there is no one product that you can sell to EVERYONE. It’s tempting to say you want to help everyone, or sell to anyone interested in your services. Even saying that you want to target small-business owners, stay-at-home moms, or homeowners casts too wide of a net. These “targets” are too general.

Just because you are targeting a specific market (let’s say, homeowners between the ages of 35-65, who make less than $100k a year), does not mean you are excluding those who do not fit your criteria. What it does mean, though, is that you are choosing to focus your marketing dollars and brand message on a specific group of people who are more likely to buy your products than other groups.

Some quick tips for defining your target: 

Look at your current customer base. Who are your current customers and what do they buy more of from you?

Check your competition. Who are they targeting? Who are their current customers? (Hint: don’t go after the same market. Is there a niche you are overlooking?)

Analyze your product/service. Write out the features of your product and next to each feature, write the benefits. Then, make a list of people who have a need that those benefits fulfill.

On March 18, we will spend time defining your target market! Get your tickets to Presentation Matters: The Marketing Plan today!

 

Have questions about your target market? Email us at hello@ujimasociety.com

 

Marketing Muscle: Positioning

Marketing Muscle: Positioning

IMG_5308.JPG

The real muscle behind your marketing efforts is positioning.  Just like you cannot force a puzzle piece into a space it does not fit, you can not force an idea into your customers’ minds or lives that does not match up with an interest, need or desire that is not already fulfilled by another service or product on the market. Positioning is the finding of an unaddressed need, and then fulfilling it with your distinctive and perfectly suited offering.

Some examples of successful positioning are:

1. Fulfill an unaddressed interest or need. Find an itch and scratch it! Study your customer to see what needs they have that no one else is fulfilling. Do they need a new product to make their lives easier? Is there an existing product that needs to be made better or more adaptable? Identify this need and move quickly into position before another company does!

2. Challenge the status quo. Find a new form of distribution to innovate your pricing and promotions. Take Air BnB for example, they took the hospitality industry by storm. Currently, they fill more rooms annually than all Hiltons combined. But, get this, they don’t own a single hotel of their own! Disrupt the “norms” or your industry and win interest and the hearts of your customers.

3. Specialize to serve a new market niche. Rather than compete with the pack, how can your brand step away and blaze a new trail? Specialty brands will serve a narrow segment of a bigger market. Does your industry focus on a bigger picture, but you find a smaller need that is often overlooked or under represented? Look what Spanx did to the pantyhose industry!

4. Transform an established solution or introduce a new solution altogether.. This takes enormous insight and a great knowledge of trends and popular culture, but it is doable. Think about when the desktop computer met the laptop and then the tablet. These new technologies were transformations of previous designs. Now, you can work virtually anywhere: in your office, at the park, or even while flying across the country all because someone decided to transform the desktop computer.

We’d love to hear from you! What questions or suggestions do you have about positioning yourself in the marketplace?

#marketingmondays #adbcreative #brandanewyou