Ideal Recipe for Small Business Marketing
At the time of discussing about small business marketing, various factors which can possibly make a difference are discussed and what is also discussed is the proportion in which these factors should be employed. After every point and aspect has been dealt with, the final outcome that emerges is a recipe of marketing mix comprising of variables that would impact the promotion of the product at every stage.
For your marketing strategy to be comprehensive it should be based on four main ingredients, popularly known as the four Ps’ and these are –
Product – This ingredient emphasizes on the product in terms of its features, style and benefits that it can possibly accrue. Not only is it important to define the product but also other aspects like packaging, quality and warranty offered on it so that the forthcoming decisions can be taken based on these factors.
Price – In small business marketing, setting a price to your product could prove to be the most difficult job for you and it is not just concerned with one value but with determining several values in terms of retail pricing, wholesale pricing, discounts and so on. In the event of your product being a part of wide spectrum, your pricing strategy should be an outcome of thorough research and a realistic picture of your product’s standing.
Place – Where do you intend to sell your product, what are the channels you intend to use and how do you plan to cover the market? These are some of the main questions which you will need to answer in addition to other related aspects like distribution and storage.
Promotion – This is the last stage in marketing wherein you will have to determine ways by which you can inform the target audience about your product and is inclusive of sales strategy, public relations and publicity.
Once all four Ps’ have been mixed in right proportion, the recipe for your small business marketing is ready for being implemented on a practical scale.