The Four Ps and What they Mean for You

Product, Price, Place, Promotion. In marketing, we like to call these the four Ps. These four strategy perspectives are a powerful way to examine any product or service and its marketing strategy. Whether evaluating someone else’s product or service or your own, by first looking at the existing strategy, you can then see where there is room for improvement.

Product  is simply taking a look at what product or service is being offered. From the raw materials that go into it  to the label on the box, examine what exactly the product being provided offers for the customer. Specifically, what value does it have. Looking at the value is especially important for the service industry, as they often do not have physical goods being provided. Their product is the value gained from their service.

Price may seem obvious, and it is. How much does the product or service cost? After asking yourself this question, it is important to then decide if the price set covers the costs of providing the good or service, as well as accurately accounting for the value. Later, when examining the competition, understanding your price is key.

Place is the strategy of determining where your product or service is being purchased. This part is key to learning where the audience for you product is. By determining where the items are going, you can better focus on providing value specifically to a more targeted audience, as well as advertising to that same targeted audience. You could also potentially see where your product or service is not reaching, that you believe it should reach. Then, you can adapt your marketing strategy to that audience.

Promotion – Finally, promotion has everything to do with advertising. Ask yourself, how are you currently advertising and promotion your product. Looking back then at product, price, and place, you may learn many ways to improve your advertising strategy.

The most important rule of the four Ps though is to always look at them in context, more importantly in context of the competition. These four ways to look at your marketing strategy are made even more powerful when used while also considering the competition in the market. Once you know your own product, price, place, and promotion and work to improve them internally, you can then look at the competition’s product, price, place, and promotion and improve externally.

How To Make YouTube A Vital Part Of Your Social Strategy

YouTube has become a the go-to destination for video content. With over four billion videos viewed daily, it’s no surprise that marketers are beginning to make YouTube a vital part of their social strategy. YouTube is a valuable asset to your company because videos help SEO and are more likely to go viral compared to a text or image post. But remember, the videos won’t share themselves. Combining YouTube with other social platforms can create a social strategy that cannot be topped, and we’re going to show you how. There are two main aspects to making YouTube a vital part of your social strategy – creating the content and promoting it.

1.      Create content your customers want

Your customers don’t want to see a boring informational video about your latest product, they want unique, innovative videos. When it comes to YouTube, the more creative the better. The video doesn’t even have to relate to your product really. You want an eye-catching video that will make customers click. Showcase your creativity and add a unique twist to your brand. However, we would like to caution you when creating this type of content. Even if the video itself is unrelated to the product, you want to ensure that customers are feeling what you want them to feel and the video comes a full circle to tie into your promotion. The last thing you want to do is leave customers feeling confused by posting a random video with a link to your product at the end. Although the connection between the content and the product doesn’t have to be direct, it does need to correlate in some way or another.

Although stories tend to provoke the best response on YouTube, you have other options as well. Feel free to experiment with the following types of videos:

  • Business intro video: Give your audience a brief introduction to your business. You can put this on your YouTube Channel Trailer to welcome new viewers.
  • Tutorials/Product Demos: Show your viewers how to perform a task using your product
  • Customer Testimonials: Interview a satisfied customer
  • Behind-the-scenes videos: Take your viewers on a tour of your office or workspace, or introduce them to your staff or co-workers
  • Tips and tricks: Share useful insights that will help your prospects
  • Commercials: post your commercials to YouTube for viewers
  • FAQs: Compile a list of frequently asked questions and respond to them via video

2.      Promote that content

Once you’ve created great content, you must get it seen! Some YouTube videos will get enough exposure without outside promotion, but most will need some extra help. If you have a large number of YouTube subscribers or your video becomes highly ranked on YouTube, then you may be able to skip this step. Otherwise, you’ll need to find ways to promote your videos to the desired audience. The easiest way to promote your YouTube videos is to share them on your other social platforms. Be sure to add engaging copy to the video, and a direct link to your YouTube channel. You may want to embed the video directly on your Facebook page, as Facebook videos are rapidly growing in popularity. Another way to promote your YouTube content is to post it on your company website or blog, or to partner with other YouTuber’s to promote each other’s videos. We recommend experimenting with your particular audience and seeing what works best for you.

Don’t get left behind, start creating YouTube content today! If you need assistance in hopping on the YouTube bandwagon, please contact us today.

10 Things Every Marketing Plan Should Have

The first step in developing any marketing strategy is to start with a plan. Developing a plan for your marketing strategy may seem overwhelming. Plans can range from super simple to extremely advanced and complex. However, all marketing plans, big or small, have a few things in common. We will go over ten necessary elements that all marketing plans must contain in order to be successful.

1. The Product

Possibly the most important aspect of your marketing plan is the product. What makes your product superior to others in your industry? Why would someone choose you over someone else? Find what makes your product unique and go with it. Emphasize what you can offer that others can’t.

2. The Research

Okay, so now you know why your product is the best, but whose going to buy it? You need to conduct market research to analyze buying trends in your industry. Collect, organize, and analyze data regarding the demographics of customers, your competition, current sales in your industry, suppliers, and market patterns. This valuable knowledge can help you successfully market to the right people in the right ways.

3. Define

Once you understand the market, you need to define the target audience. Instead of trying to please everybody, zone in on a specific group of people who will be more likely to purchase your product. Describe you ideal customer in detail. Be sure to get more specific than women in their 30s-60s. Really dig deep to decide who your ideal customer will be.

4. Goals

Don’t just keep your goals in your head. Writing them down can help you more clearly define them and set realistic, but ambitious goals. Write full sentences that state what you want to accomplish in your business overall and through your marketing strategy specifically. You can break up your goals into specific mission statements, and it may be helpful to make them quantifiable. For example, a mission statement could be to gain two new clients a month.

5. The Medium

Where is you marketing strategy going to take place? Will your company benefit most from social media or a more traditional approach? Think about which mediums appeal to your target audience and how your product will best be displayed.

6. The Promotion

Putting your product on social media or on television is not enough; you must also promote it. Promotion could be consistent branding on social media, events, giveaways, etc. There is no right or wrong way to promote your product. You just need to make sure you are consistent with your brand and reaching the right audience.

7. The Positioning

Where your product will be positioned in the market? You must decide if you are going to be top-of-the-line or if you want to seem more casual and appeal to the masses. Decide a position for your product and make all of your advertisements surround it.

8. The Schedule

Once you have all of your ideas mapped out, you need to place them on a schedule. Keep the schedule brief and organized, as it will likely need to be changed frequently. Having a schedule can help you keep yourself on track and better monitor how your strategies are doing.

9. The Budget

Of course, in running any business budget is important. See what strategies you can afford and which may be better saved for a later date.

10. The Analytics

How are you going to monitor your results? You need to ensure you can test and analyze to identify the strategies that are working. You can use tools such as surveys, database management tools, and number of engagements to measure your success.

Now you are ready to begin your marketing plan! Be sure to consistently compare your actual marketing strategy to your plan and make sure you are reaching your goals.