Marketing is undeniably expensive as it is necessary. For your new business to grow, marketing efforts must match your production; if not, go beyond. The following four principles of marketing will guide your execution of campaigns.
Product
For your business to be successful, you have to develop a good product or a service that customers need. You have to consider your product from a customer’s perspective to understand how best to appeal to them. Factors such as quality, differentiation, and a fit to customer’s needs, play in shaping marketing ideas.
Price
Price is the second principle that influences how a marketing campaign should be planned and executed. Price is the money received in exchange for products and services sold to customers. Price answers how much money customers are willing to spend on your product and services compared to competitors and the lowest price a business must charge to make money.
Place
The place is the third principle a business must consider. IT is essentially the process of bringing products and services to where customers are. It influences marketing due to the choice of channels considered to reach a specific or broad target audience. How you place your products or distribute them across target locations is a critical factor in determining business success.
Promotion
With digital advancements witnessed over the last decade, more platforms have helped new businesses reach more comprehensive and targeted demographics. Promotion is the fourth principle a new business should consider. Promotion is the ability to create awareness for your products and services, company, or brand.
The goal of marketing is to connect your business’s value proposition with the right customer’s needs. It addresses the questions on how to define your suitable customer base, what demographics fit, their residential locations, how they look for products in your niche, and who they listen to when making decisions to purchase.
A new business should consider online and offline strategies for online techniques for marketing. Facebook advertising, Google Search, Adwords, Content marketing, and organic social media growth are crucial for new businesses due to their relatively low entry cost. Offline techniques such as billboards, street pole adverts, bus stop branding, and other forms of signages provide a great avenue to market your shop location, introduce a new product or achieve brand awareness.
