There are 6 p’s that will help you create a successful marketing strategy, so let’s take a look at what they are:
Product
This is what you are offering or selling and want to market; your product, goods or services. What makes it so special and what is its USP? Why do people choose your product? Is it because of comfort, ease, a physical or psychological draw or something extra such as warranty or delivery? As a business owner, you must take into consideration all aspects of a product because they each play an important role in whether or not customers choose your product over others.
Place
Think about where your customers are, and how you will get your product to them. Will you sell it directly, through a retailer or online?
Price
When is the last time your reviewed your pricing? You must set a price that allows you to make a profit, whilst also meeting your competitors’ prices or beating them. To work this out, you have to know how much it costs to get your product to your customers. You will also have to undertake research to find out what your competition charges and what price consumers will pay.
Promotion
Do you have a PR plan? Use media channels such as the press and online to get your message out to the public through press and media.
People
This refers to the people who work with and for you. Your people are your brand. Do you have the right people in the right places? Are they helping take your product/business/service to its full potential? If not, they are not the right people. You need “people” that treat your product as though it was their own business.
Process
This includes everything that you did to get your product to your customer. As you look at your process you have to ensure that you have planned for every possible scenario so that you can guarantee success. You must also be able to review your procedures so that you can improve as necessary all the time.
Next week, we will look in further detail at the first ‘P’ – Product.
- Jo Spencer heads up the Lake District branch of GAP PR and Marketing Ltd with colleague Polly Winder. Together, they help local businesses decide on the right marketing strategy for them – www.gapgb.com
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