Now that we have covered who you are, we can start to get a better understanding of where you sit in the marketplace. The classic reason for doing this is building out what is often referred to as the “Four P’s.” They are: product, price, place, and promotion. They are important to evaluate as you start investing in marketing. There are entire books written on this topic alone, but we are going to take a quick look at each of these:
- Product- What is it that you are selling? Is it good? How good is it? What makes it special?
- Price- How much is your product? Is it expensive for the market? Is it cheap for the market? Do you use coupons or would that hurt your brand? (Also, you are probably not charging enough.)
- Place- How are customers getting access to this product? I imagine this answer was much simpler when the concept of the Four P’s was created.
- Promotion – How are you going to communicate it? Are competitors communicating in certain ways? Are there any no-no’s for your industry? What have you already tried and was it successful?
This blog post is a portion of Attention and Action. The book walks you through the marketing process that Adelsberger Marketing follows with its clients. You can read this book for free as a blog on the Adelsberger Marketing website or purchase on Amazon.com.