What is Marketing?
If you think marketing is simply about where do I place an ad or promote myself, then you are like a lot of people: looking for a short term fix with no real prospects of success.
Marketing is an analytical process. It used to be the four P’s but these days it’s increased to six.
PRODUCT
The actual ‘idea, service or item’ that you are selling after thoroughly researching the marketplace. If you do not know who your competitors are and whether there is a market for your product, you are wasting your time.
PRICE
How much you can sell it for? Consider your pricing policy i.e. do you want to sell a lot of your product at a cheaper price for mass volume, or do you want to sell to only a few, but have the highest price?
PLACE
The target markets you want to sell to defined by:
| Geographical: |
where do they live or work |
| Demographic: |
what is their age, sex and lifestyle |
| Psychographic: |
how do they think, what buttons do you need to press |
| Socio-economic: |
what they earn usually determines what they can afford |
PROMOTION
Only after you determine the above can you decide on your marketing budget; options being…
| Collateral: |
Business cards, letterhead, email templates (essential) |
| Website: |
effective website, considering search engine optimisation (right key words for customer to find you easily) and search engine marketing (where you are placed on the screen) |
| Advertising: |
print, online, broadcast (radio,tv) |
| Direct marketing: |
newsletters and mailouts |
| Outdoor: |
banners, car, signage |
| Public relations: |
media releases, editorial, sponsorship, events etc. |
| Networking: |
personal selling and word of mouth |
POSITIONING
Finding a point of difference and stating that in your promotion; its also how do people see, feel and think about you. This is about your BRAND – a less tangible form of promotion, but these days image is everything.
PEOPLE
Whether its yourself, employees or outsourced help, everyone must sing the same tune; in small business the most important differentiation after your product is customer service.
A quick checklist is to just ask yourself the following:
| WHO: |
are my customers |
| WHAT: |
am I selling and what do I need to make it happen (tools of trade) |
| WHEN: |
do I want to do sell/promote it |
| WHERE: |
is the best place to sell my product |
| HOW: |
do I want to be perceived and then promote myself |
