Marketing is one of the most important and, in my opinion, most enjoyable job functions at a company. There are numerous activities that must take place for the Marketing team to be successful.
However, most of these activities boil down to the 4 P’s of Marketing:
Your company cannot be profitable without providing a product that your potential customer base wants to purchase. It’s important to conduct thorough market research to identify the niche that best suits your product’s competitive advantages. Customers in this niche will place the highest value on your product offering.
Product Power: A product that provides great value to a customer can provide great profitability to a business.
The tricky thing about pricing is finding the right price. The ideal price would be set at a level where your customers are satisfied with the value they receive from their purchase and your business’s profitability is being maximized. Finding this price point requires extensive analysis, including pricing of competitive products and your cost to produce the product.
Price Power: A price that maximizes profitability, while also keeping customers satisfied.
Knowing your target market and where to sell your product is critical to gaining traction and capturing market share. Selling your product, no matter how amazing it may be, to a customer base that does not value its features and benefits is destined to be a failure. Understanding which customers value which features and to what degree are critical data points for selecting the optimal place for your product.
Place Power: A place where profitability is maximized due to the high value placed on your competitive advantages by your target market.
Picking the right method of communication to build brand awareness and properly communicating your products unique selling proposition are critical to a successful product launch or re-positioning campaign for existing products. If your product is a consumer packaged good, advertising in popular magazines may be the optimal route. However, if your product is a highly technical medical device than it may be more prudent to advertise in technical medical journals.
Promotion Power: Promoting in the correct venue will help your product break through the noise and maximize your exposure to your target market, which in turn should maximize profitability.
Always remember to analyze the 4 P’s prior to making any significant investments in a new product or marketing strategy. Please visit Contact Us and fill out the form to set up a call to discuss the 4 P’s and how they can increase your likelihood of success and maximize your profitability.