The 4 P’s Of Marketing For Small Business

The centerpiece of marketing for small business is understanding your ideal customer. In a previous article, Basic Marketing 101 for Small Business, we discussed questions you need to address to really understand your ideal prospect. Once you have done your homework, you will be able to easily complete the basic 4 P’s of marketing.

Product. What is your product and how does it fit with your ideal customer. Building on our previous example of the sign company, when they determined that golf tournaments were an ideal customer, they were able to design a product that meet their needs of being appealing to businesses who want to sponsor a hole, eliminate the need to store the sign and give the non-profit a reasonable return for their charity. Once they did their research, coming up with a product that was superior to the competition was a simple matter.

Price. Again, when the sign company researched the market place they discovered that the cost of a sign ran about $25. However, if they could reuse the sign frame for another tournament, they could bring the price down to between $10 – $15 per sign and rent the sign to the non-profit organization. This gave the organization a hirer return and helped the sign company because they did not have to repurchase the sign frame.

Promotion. Where does your ideal customer get their information? In this case, they started with the golf pro who were in a position to interact with their ideal customer. However, for more details please visit:- as the word spread about the quality of the signs, non-profit organizations started coming to the store to find out more about the signs. As the store owner engaged with the person organizing the tournament, he was able to find out about other tournaments in the area and obtain a contact name and organization.

Place. In this instance the organization came to the store to pick up the signs. In your business, it may be that you need to deliver your product or service to your ideal customer. This will be determined by analyzing your ideal customer.

Your marketing strategy will develop from your knowledge of the four P’s. Develop a simple strategy that will take your business forward. Start with a single market segment and then move on to other markets over time.

Your marketing plan will be the details that you will fill in to accomplish each strategy. In the case of the sign company, how many golf pros will this store owner visit each month? What is the follow-up plan with the pro after they have met? Are there local golf magazines where the sign company can advertise? Take each area and develop specific steps on how you will succeed in these areas over the next few months. Put dates on the steps to make sure they will happen.

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