For any successful marketing campaign, you must understand basic marketing essentials – The Four P’s (Product, Price, Placement and Promotion). This is when market research comes in handy. After all, comprehensive knowledge of your target audience and competition is the determining factor of whether your business will fail or succeed.
Product
This is the tangible good or intangible service that you are selling. Prior to producing and launching your product, you should start by researching the consumers’ wants and needs, and determine what, if any, value your product will bring to the consumers.
Price
Setting the right price for your product is crucial to success. Does your price match the amount that the consumer is willing to pay? Is your price higher than your cost, allowing your business to grow? Figuring out these questions early on is priority.
Placement
This means strategically placing your product on the market, so that it is easy for the consumer to find and purchase. Before choosing the best channel, you have to understand your consumers and their preferences. Some prefer the internet; others prefer to buy products in-store only. Overall, the placement of your product has to be convenient for your consumers.
Promotion
Promoting your product is an absolute must. This can be done with a variety of PR and communications campaigns, such as radio interviews, TV segments, news articles, online placements and social media. By implementing continuous promotion tactics, you will boost your company’s visibility and credibility, and more importantly you will create a relationship with your consumers. Again, the key is to know your consumers and their preferred communication channels.
For more marketing essentials and promotion methods, go to www.ThePRGroup.com.