There are tons of disciplines, tactics, and strategies that go into marketing strategies. Hence, even developing a basic understanding of how marketing works can prove to be difficult when you are starting from scratch. Nevertheless, if you are looking forward to future success, it’s important that you start with the fundamentals. So, in this post, we cover the most essential fundamentals of marketing to get you started.
Marketing Strategies: The 4 P’s Of Marketing
Marketing is all about using different strategies and approaches to position your business and its services in the marketplace. Though marketing is complex, there are basically four main factors that marketing revolves around – Product, Price, Promotion, and Purchasing.
The marketing strategy and the channels that you use can change, but these factors remain the same in determining the results of your marketing campaign.
Product and Marketing Strategy
In the present world, most marketers spend time on other marketing operations that they forget the importance of product marketing. In order for your products and services to be a hit, you need to make sure that the products that you offer are something people actually want.
If your product doesn’t solve a problem or address the needs of your target audience, then it definitely is not going to be successful. Thus, whatever your product is, it has to solve a real problem that a lot of people have in common.
Price to a marketer means more than just the actual cost of the products. You can’t simply put on a price tag on your product because you want it at that price.
When it comes to driving profitable action, the price of your product should fall in alignment with the industry standards, or the cost of the product should be something that the market will support. You will need to do some marketing analysis and competitive research in this phase to sort out a fair price for the product while taking into consideration the cost to produce and the most people would be willing to pay.
You should also work out whether the product would do particularly good when put on sale at certain times of the year.
Promotion is crucial because even if you launch your product, people need to know about it.
A promotion can be done both online as well as offline. You can decide where you would like it to be promoted.
Also, work on the brand message that needs to be communicated through copies, and verbiage. Make your message compelling and encouraging enough for your audience to actually buy them.
Purchasing is easy, but only if you place your products in the right place for people to find and buy it. You need to streamline your purchases so that it works so well.
Decide on whether you are planning to sell your products offline or online. Then move on to finding the specific location where you would like to get your product distributed. For instance, if you are selling hot weather clothing, you may not distribute as much to Minnesota as you might in Florida.
These are the basic marketing strategies that could help you kick-start your campaign. Now that you have covered the fundamental, and if you still find it difficult to come up with something, get your go-to marketing strategy tailor-made by reaching out to us.