MARKETING your home business is by no means easy, and without a proper marketing plan in place, your business will suffer. The main ingredients for a successful marketing campaign are what are traditionally called the four P’s. These stand for Product, Price, Placement, and Promotion. To provide a positive experience for your customers, it is in your best interest to ensure that each P works well, and as a whole with all the others.
It takes a lot of work and effort to determine what customers want and need, as well as identifying their purchasing habits. Once you understand what these are, you will then need to PRODUCE your product, find the right PRICE POINT, and PROMOTE it. All of these actions must be done together to avoid undermining your efforts.
Let’s explore what the four P’s of Marketing mean for you and your home business.
YOUR product is the pumping heart of your business. Not only is it near and dear to your heart but, if you’ve done your research, it’s something that’s unique and stands out. The challenge is, however, to remain distinct and unique. To stay ahead of the curve, it is best if you continually update your knowledge of what your customers are looking for.
It’s also imperative that you learn HOW they will use your product, that way you can always be sure that what you’re offering fits their wants and needs. If the product doesn’t fulfill a need, customers won’t purchase it or recommend it to their friends. Keep your research up to date to have a good idea of ways your product will be used.
THE viability of your product depends on setting the appropriate price point. In a typical scenario, you will want to use production costs, fulfillment costs, and other key metrics you feel are relevant to determine the proper price for your product. You could also compare the prices of similar products on the market. Make sure you’re conveying the quality of your product when setting the price. Do not be tempted to compete on price, you will never win, as there will always be someone else who can sell cheaper.
IN today’s market, there are many channels and outlets to choose from when thinking about distributing your product. For a brick and mortar business it could be something like the area with the highest foot traffic. For a wholesaler it could be about which retailer is showing the greatest growth. Or it could be about finding out which businesses or distributors would make the best partners.
These are all questions you’ll want to consider when it comes to product placement, but inevitably you will be thinking about digital marketing, particularly online marketing. For example, what should your social media strategy be?
Ensuring your product is in a spot which will gain traction and attention in the market is the key to a successful product placement.
WITH the continued growth of social media and e-commerce, it only makes sense to promote and market your product online.
Nowadays, prospects want to see the product first-hand. They want to interact with it, ask questions, get answers and learn more about the brand, … and all from the comfort of their own home. The opportunity for you here is to provide high-quality videos and content online to your prospects without breaking your budget.
Take time to understand each of the four Ps and how they can make or break your marketing campaign. Have a strategy for each ingredient, and focus on trouble spots that may disrupt a successful product. Pay close attention to the four Ps of marketing, but also consider other marketing resources which can accentuate and highlight your product.