Marketing your business or your services is just as important as doing the actual work itself. It’s effort that you put into not only earning more business, but also providing a better work product.
Marketing has the best chances of success with five fundamental elements work together. In business, these elements are known as the “5 Ps of Marketing.”
- The Person: By this we really mean the customer. Who is that you have in mind that would be the best fit to buy your product or service? Everything you or your business does happens because of this person. Knowing this audience’s needs, wants, problems, and preferences will go a long way in not only earning new customers, but in maintaining existing ones.
- The Product: By “product” we mean the thing you actually sell and provide. That could be something tangible like a new app, furniture, pottery, and so on. But it can also mean the service you provide, so really your work product. Either way, it’s what you provide in exchange for money.
- The Price: You have to know what the market will bear for your product or service. Factors such as demand, shifting demographics, unmet needs, and competition also play a role as to how much you can charge for your product or service. Are you priced too high, too low, or just right?
- The Position: Here we’re talking about branding and messaging. In short, how do you talk about and present your business or your service? How do/would your customers talk about them? How do you make sure that your customers’ thinking is in-line with the image you want to project?
- The Promotion: There are several ways to reach prospective customers and to continue connecting with existing ones. But not every customer type wants you to communicate with them the same way. So which way is right?