Mix Up Your Marketing Plan With These 5 Elements.
Most businesses use a combination of the 5 P’s of marketing (Product, Promotion, Price, Place and People) in conjunction with other marketing elements in order to achieve a coordinated marketing campaign. It is critical to understand the interrelated nature of the 5 P's and the marketing elements that are utilized to produce a successful marketing campaign. The product or service is the tangible manifestation of the business. It is the tangible representation of the value or benefit that the customer derives from the purchase. It provides information as to what the customer gets. There are several ways to develop and market a product. Businesses may hire an agency to create the product, assign the work to an in-house design team or have the work done by a specialist who uses design templates that are provided by an agency. The product may be developed internally or outsourced. The promotion of a product is the "How to do it" guide to how to sell a product and get the product into the marketplace. Without promotion, a product or service is worthless. The purpose of promotion is to tell people what the value of the product is and the "How to do it" guide how to buy it. Promotions may be done on the Internet, via email, in brochures, direct mail, kiosks, etc. Promotion is a multi-step process to make a product known. It may be done by people or by technology. The goal is to get people to buy the product or service. The price of a product or service is its intrinsic value to the customer. It is determined by the customer's needs, preferences, budget, level of importance to the customer or perceived advantage of the price. Price is a determinant of the customer's perceived value. The price may be the only variable that is changed during the marketing strategy. Multiple changes may be made to the price, but all must be within the range of the customer's choice. Pricing may be done creatively or statically. Creativity may be done by market analysis, product performance or technical analyses. Pricing must be done dynamically to reflect changes in market conditions. Technically, a company may determine its price by using proprietary formulas, computer analysis, computer programs, modeling or a combination of both. The product or service is typically available at the point of sale or on the distributor's Web site. Products or services may be available exclusively at the distributor's store network or only at the distributor's Web site. The distributor may have direct mail pieces to drive the sale home. The distributor may distribute products only in partnership with a branded retailer. The distributor may make their products available as an accessory or part of a larger purchase. This product may be sold through distributors, independent retailers, wholesalers, online retailers or third-party sellers. The focus of promotion is on building the brand and its associations to establish the company in the customer's mind, making them feel part of the company and feel the connection and loyalty to it. Promotion may be done by traditional media such as print, outdoor, radio, TV and of course the Internet. Promotion may be done in-house or outsourced. The primary focus for the company and its team must be on the company's objectives. The secondary focus and the activities or tasks on the company's priority list, may include customer service, product and service support, and/or other priorities may include branding, social media, business development, employee relations, shareholder relations, product quality, and/or system excellence. The company's secondary focus should be on ensuring that sales efforts are maximized. The company may have sales goals, targets, and goals for revenue, or they may have no sales goals and goals for scientific development. The company may use the distributor's or OEM's Web site as a sales tool to drive prospects to the distributor's site or a free offer. The company may use the distributor's site as a sales tool to drive prospects to the distributor's site. The company's primary goal is to maximize revenue. The secondary goal is to enhance relationships, make sales and get your products into the hands of prospects and customers. The company may decide to sell and market the product as they go along. For example, the company may decide to sell the product once, and then let the distributor take care of all sales and marketing related issues until the product is in the hands of customers. Alternatively, the company may decide to sell a small number of units during the development stage and focus on getting the rest of the product into the hands of prospects and customers as soon as possible. The next step in the process is to create a "marketing package" which may include a web site, a brochure, some catalogs, a press release, and/or some other items related to the company. This is your company's way of letting prospects know that you are in business. The company that creates this marketing package is very likely in the advertising and marketing business. The company must also understand the difference between communicating with potential customers and communicating with them once they've contacted the company. When a potential customer contacts the company, it is the company's job to follow up with the customer until they decide to buy. The company's job is only to ensure that the potential customer has a chance to try out the product. The company's job is to close the deal when the potential customer decides to buy.
If the potential customer is willing to buy, the company must now create a marketing material that communicates what the company has to offer. This material is called a "package". A package must contain a web site and perhaps brochures. But those are only the beginning of the marketing effort. After the customer has purchased the product, the company also has a job to do, and that is to market the product. So, the company must create a program that includes various media like e-mail, brochures, and/or a press release. The last step in the marketing process is to make sure that the product has adequate time to work, since after all, the selling is all done when a customer purchases the product. This article gave you some ideas about what you should consider in your marketing plan. This article is not about the marketing plan and what you should include in your plan. However, it is about the elements that you may consider when you are thinking about what elements to include. Be sure that the elements that you include are the ones that will help you achieve your financial goals. If you need assistance with marketing strategy, use our over 25 years of experience to produce a one-page marketing action plan with one or two goals and initiatives to move those goals forward. Contact Diane at email@example.com, 636-399-7777 or visit the company’s website at http://www.gopromoxpertz.com