Way back in your college days (for some of us, that was 20 or 30 years ago!), you probably learned a little something about the basics of marketing. And even though times have changed a lot since then—especially where technology is concerned—it’s STILL important to remember those fundamentals when developing a marketing strategy. So stop trying to make a Vine video just because you heard it’s the “hottest new trend” out there and let’s revisit the good ol’ four Ps of marketing—product (or service), place, price and promotion—BEFORE you embark on a new advertising campaign.
As your crotchety old professor probably taught you, the four classic ingredients to successfully align your business with your target market are:
- Product (or Service): What are you selling and why should people care?
- Place: Where/how are people going to buy your product?
- Price: What’s the value of your product and how much will people pay for it?
- Promotion: How will you reach your audience to convince them to buy you product?
While answering those questions will give you a solid foundation for developing a marketing strategy, it’s also important to think about these three newer Ps:
- People: How do your employees and your corporate culture affect your product?
- Purpose: What are your company’s values and how will your product change the world?
- Persona: Moving beyond demographics (age, sex, ethnicity), what are the psychographics of your ideal customer…their pain points, their cultural attitudes, etc.
Interesting in learning more about the seven Ps of marketing? You’re in luck: I’ll be presenting an in-depth workshop called “Marketing: Back to Basics” at 9:15 a.m. on Thursday, October 24th during this year’s COSE Small Business Convention at Kalahari Resorts & Convention Center in Sandusky, Ohio. (I’ll also be hanging out with fellow Kiwi staffers at Booth #86 during exhibit hall breaks, if you have any specific questions.)
Hope to see you there!
Written By Maeghan Gorman, Business Development Dynamo
Kiwi Creative is a small marketing and design studio located in the lovely 'burbs of Cleveland, Ohio. We help small businesses and marketing departments within larger organizations with cool projects that involve graphic design and illustration, website development, online advertising and social media strategy. Oh, and we're a pretty awesome group to work with, if we do say so ourselves…