Marketing strategies form the backbone of any business. They are very important in an evolving business environment.
Most marketing strategies are based on a marketing mix. It is a combination of several factors and is commonly followed.
A lot of analysis goes into the creation of a good marketing strategy says Alexei Orlov. The marketing mix is widely known as the 5P’s of marketing-
Product refers to anything that is sold out of your business. It can be a physical product or a service. Your product must meet the needs of the target audience. To make this happen the business should have strategies from the product development stage.
There should not be any misleading information about the product’s appearance, quality, size etc. This is very important when selling online. Product information must be presented in such a way that the customers can easily read and find out if it fits their needs.
Pricing of your product is another strategy. It should fit in the customer’s and your budget too. For any product or service, the customer associates a value. You cannot meet them exactly but make sure there is not too much disparity. A very low price will hit your profits while a high price may change the minds of consumers.
Your pricing strategy should also take into account the competition. Classify your customers based on age, geographical location, and income levels to help you determine the optimum pricing strategy.
This is the process of advertising your product so that it reaches the final consumer. It can also be through sponsorship or other activities. To be etched in the minds of customers is very important in a competitive environment.
Traditional methods of promotion are placing advertisements in print media, or visual media like TV. Now is the digital age. Social media presence is very important to gain the attention of customers. Your strategy should justify your budget allocation for promotion. A thorough research about the customer’s needs will help you develop a proper strategy.
Place refers to where you sell your product. You may be a wholesaler, retailer, or an e-commerce seller. This should be based on the type of product your business sells. Analyzing where the competitors for your products are selling, can help you identify the strategy.
The place you decide should be easily accessible by your customer. Ultimately your products should reach the consumer. So, all your marketing strategy should be directed towards achieving it. Your budget also plays an important role in deciding the place of selling.
So what do people comprise of? It refers to all the employees connected with the business and those who are involved in the process of selling and reaching out to consumers. The role of each one of them is important. For the success of your business, it is imperative that the staff have complete knowledge and training in your business.
With the correct strategy, they should be able to pave way for the successful operation of your business. Remember your employees can be your brand ambassadors and help your product grow.