The Four Basic Principles of Marketing
Sure, you may be excited to start marketing that new product or service but is it TRULY ready to grab an audience? A digital agency or advertising agency can use many channels and tactics to promote a business but every best laid plan has to have a simple and solid start. You need to understand the very basic concepts of how marketing works in order to create the best promotional strategy for your product and/or service.
In truth, there could be several more basic concepts added here but if you have a firm grasp on product, price, promotion and place, it will go a long, long way to determining exactly how to to create an advertising campaign around your business goals.
Product
Of course, this is what your business sells or provides. It could be a physical good, such as food or toys, or it could be a service, such as consulting or a subscription. Taking a look at the world today, there is an ever expanding abundance of goods and services to boggle the mind. However, just because you have something that you want to tell the world about doesn’t mean it is actually ready to be marketed.
Sometimes it is even best to work with a marketing firm before the product is completed in order to maximize the final results. An advertising firm could help you design the product or certain features that will draw an audience in the long run.
- Variations – Will or should there be variations to your product? If so, how many and what areas should be covered? For instance, if you sold computers, will it just be laptops or will you also have a line of desktops and another of tablets? A marketing company could help determine if a line will be too weak to be received or how to package and market the unique difference as a whole.
- Presentation – How a product is presented is a key factor in how it can be marketed in the end and features that could be highlighted during a campaign. Will it come in a box? A bag? Is your service easy to understand and fulfilling their needs? Can they connect with your business?
- Guarantees – No matter if it is a physical good or a service, what guarantees do your consumers have? You should think about how returns will be handled, what type of warranties are involved and how to handle any claims. Marketers could even help you figure out what features might really sell a product and fine tune your guarantee package.
Overall it might benefit you to have your marketing team work directly with any and all product teams.
Price
Yes, you need to have a cost attached to a product but price can be a bit more complicated than slapping on a figure. In order to make a profit you need to consider what the market will support and not what you want to make.
- Market and Cost – How much does it cost to make your product or keep your service active? This is everything – materials, delivery, keeping the lights on. How much are people willing to pay for it? It has to be a fair price for that particular product or service and a contender with your competition. This will entail some market analysis and research on your competition market – everything from vendors, variations, quality, features, presentation, etc. should be dissected so you can not only find the best price for your product but a range in which it is safe to play with.
- Discounts – Will you be offering discounts or coupons for your product or service? If so, you need to figure out at what times of year you should offer them according with how your business can handle price cuts.
- Payment Options – Is this item a pay-at-once- kind of deal or a product that could be split into monthly payments? By offering options, you can attract a wider range of consumers and ensure the longevity of your product.
An advertising team could definitely help you on research and market perception for cost and cost features.
Promotion
Now you are getting to the crux of marketing – the actual promotion. You can launch a product but if no one cares that it exists, it won’t sell. A fine-tuned, well-researched marketing strategy for your product and industry is exactly what an advertising agencydoes day in and day out and will make or break your sales and ultimate product life.
- Where – You need to know what avenues will best benefit your particular product. For an efficient campaign, you want to use as many roads as possible but your product may not benefit from all. In-depth research by your marketing agency can show you how things like events, online, offline, in-store demos, etc. can boost your promotion power.
- Channels – How is it going to be promoted? This is where a marketing plan really peels back the layers – there could be dozens or even hundreds of ways and places to promote your product efficiently. Offline channels, such as radio, billboards, print magazines, and online channels, such as social media, directories, search engine optimization and the rest of the enormous amount of digital solutions. are explored and implemented for the overall launch of your product.
- Message – Your overall message is CRUCIAL. What are you saying that tells them what the product is about and why they should buy it? Your copy needs to be on-point to be able to evoke emotion and action.
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Place
This not only applies to which channels you should promote it on but which regions your product would benefit the most. There IS such a thing as being in the right place at the right time. Deciding if you are going online, offline, events, etc. is only the first half of the location battle. Not every channel will benefit every product. Just as that rings true, not every REGION or location will have the same impact on your sales. If you sell snow boots, your likely not to move units in Hawaii but you might be distributing them like hotcakes in Alaska. Pay attention to market trends or regional purchasing history to focus on where your promotion might make more sense.
While these four principles may seem so simple and obvious, if you are not rock-solid and fine-tuned on any of these points it can throw your entire marketing campaign off-center or not reach the true potential of its effectiveness. This beginning core is vital and should not be taken lightly or sped through. Some companies spend hundreds of thousands of dollars researching how a product should be packaged. It truly benefits your company growth and your bottom line to make sure you have conquered the basics for each product.
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