Marketing?!? This is for huge Fortune 500 companies with CEO’s hundreds of employees, and massive budgets. This is not for me. I’m a small-scale business proprietor… I don’t have the time or resources to make it happen.
Maybe you’ve told that to yourself. I’m sure I’ve thought a similar thing while operating my small-scale firm… but it was not the case! Through trial and trial and error, I discovered the hard way that every business requires a solid marketing plan. Of course, every business has a marketing plan specific to their particular business. For instance, the marketing strategy of an electrician’s firm will be different from that of a clothing store.
For a successful marketing strategy for your business To effectively market your business, you must be aware of the fundamentals in marketing… and it’s not about advertising! Advertising is a part of the marketing toolkit of your business. It’s a method to let the world know about your company, but it’s not a form of marketing. Marketing basics are covered in a concept known as”the “4 P’s” that include “product price, pricing, and promotions.” But, I think they have missed one crucial “P” — PLAN.
In the coming weeks, we’ll talk about what we call the “5 5 P’s” of marketing your small business.
1. PRODUCT
This is typically an item or service that people are looking for or want or think they need or want in the market you are targeting. As a guideline for small-sized companies, the promotion of “wanted” merchandise or service must be a little more aggressive than the marketing of the “needed” item or service.
2. PRICE
The item or service should be offered at a price the customer you are targeting believes is worth the money.
3. Plan for Marketing
Every company requires a well-thought-out written plan. at a minimum, it must comprise:
* sales goals
In dollars, the number of products sold, etc.
* A profile of ideal customers
Where do they reside? Age? Gender? Income?
* your “Unique Selling Proposition.”
O, what makes your business/product/service unique? What makes someone choose to purchase your product or use your service over the competition? This is an important element of your strategy that can be used to develop your “Brand,” and that’s how you can influence the way people perceive your company or your product.
* Your competition
Where are they? Do they offer greater or lesser facilities than they do? Do they charge more than yours? Do they have the edge over yours?
* A budget
Traditional advertising (web printed, radio, or and television) as well as for other forms of non-traditional marketing like hosting events and sponsorship of local sports teams, and so on.
* strategies to compete
What will be your plan if your competition surpasses your pricing? Four competitors will open in the next year?
4. PLACEMENT:
Where can your product or services be sold? Are they in brick and mortar stores? Is your product available online? Are you distributing your product to retailers? What can you do to ensure the product you offer is available to the market you intend to target?
5. Promotion
The development of consistent and appropriate consumers’ perceptions of your product or service through various methods, including websites, social media, print, radio, and television. Utilize the “Unique Selling Proposition” that you have developed in your marketing strategy and ensure that it is utilized consistently across all your promotional materials. For example, your business card, your website ads, brochures, or flyers must all feature the same professional logo or slogan. Television, radio, or printed ads should concentrate specifically on the “Unique Selling Proposition,” even if you’re promoting some kind of sale. Keep all promotional materials in line and professional, and you’ll be on your way to maintaining your company’s image in the minds of your customers.
An excellent example of a brand-named product is Nyquil:
Product – Feels like a must-have in the case of the flu or cold; however, in reality, it’s an urge.
Unique Selling Proposition/Branding “The nighttime, the coughing and sniffing headache, and fever to allow you to rest medicine”(TM)
Price – Well priced when compared to other products
Placement – Available at nearly every drug store and grocery retailer in North America
Promotion – promoted similarly across all platforms for promotional purposes by using the “Unique Selling Proposition” (slogan) as the anchor point for the brand
A solid marketing plan isn’t only reserved for large Fortune 500 companies with huge budgets. It’s an incredibly fundamental business concept that even the smallest companies can benefit from. Therefore, create your marketing plan, create a brand for your business, and you’ll be on your path to getting the right product or service to the right customers at the right moment!
