TranslateMarketing is the part of your business that communicates with the folks who may need or want your product or service. There are many things that influence a consumer's decision to buy or not buy something. Your marketing mix is a set of tools you can use to influence that decision. Known commonly as the four Ps of marketing, they are; product, price, place, and promotion. How you use these tools is guided by the objective of your marketing plan and by the needs of your target market. Use these tools to create the message you will send to your target market. This message can, not only, influence the buying decision, but create a demand for your product and contribute to the success of your business.
Products are usually described by features, what a product is, and benefits, what the product does. When talking about your product or service it’s best to promote the benefits. What need will your product fill or what problem will your service solve for the customer? Sit down and list all your major products or services. Now, describe what they will do for the customer. Describe what is special about them. This will become part of your competitive advantage
Price is the value that your target market is willing to exchange for satisfaction with using your product or service. That value is the buyer’s perception of the benefits of using what you have to offer. The price of your offering should fit the budget of your target market and make you a profit at the same time. For most small businesses, competing on price can be difficult. You may find you will do better to have average prices and compete on quality and service.
Your marketing plan should describe how you will make your product available to your target market. How will you sell your products or services? Will you use online ordering and ship direct to the customer or retail selling from a storefront? Will that be your store or placement in others? Do you use your own sales force or outside agents? All these questions need to be answered so you can tell your target market how they can get your product when they want to buy.
Promotion is the element of the Marketing Mix that serves to inform, persuade and remind the market of your business and its products. Using the information from above, create the message you want to send to your target market. Remember, the buyer’s perception of the value of your product is based on the information you give them. Once you have your message, determine how you will get your message to the target market. What media you use, newspaper, radio, bulk mail, or email, will be determined by what you know about your target market and how they like to get their information. Use this message on your business cards, in brochures, at trade shows, and during networking events. Make certain your message is the same through all of your promotional activities.
Let me know your thoughts at eddavis@scorevolunteer.org.
Sharpen the saw; Thursday, March 28th, Englewood workshop, Taking the Mystery Out of Social Media. Tuesday, April 2nd, Port Charlotte workshop, Business Credit and Access to Capital. Visit portcharlotte.score.org for more information and to register.
For more information on starting, promoting, and growing your business, or to request a mentor from SCORE Port Charlotte go to www.portcharlotte.score.org. Volunteers provide confidential one-on-one business advice to meet the needs of both start-up and existing businesses at no cost. Follow us on Twitter; @charlottecscore
