The witching hour of Halloween is just around the corner, so what’s the perfect concoction to create a marketing spell that is just right for your business? Fill your marketing cauldron with the 4 P’s of perfect marketing which are product, pricing, place and promotion.
What is your product?
As a business owner, it is important to understand what makes your product/service magical-a.k.a. unique. You should be able to define what makes your product or service something that others want and/or need. If you are starting a studio where you will hold yoga classes, you need to be able to define what makes you unique and why the world needs another yoga studio. Are you holding classes at different times than traditional studios? Are you incorporating other wellness aspects that make it different from others? Maybe you are a teacher who has earned a reputation from your students for successful healing and wellness, so maybe that is what casts the perfect spell to keep customers coming back time and time again! Whatever it is, maybe it’s a number of things (which is great and idyllic), but one of the most important aspects of marketing (and a successful business venture) is knowing exactly why the product is special!
How do you price it?
The price has to be considered a great deal to cast the right spell on consumers. It could be that your price is something that is unique about your product especially if you are able to make your products at a price point that is much lower than your competitors. The price for your products/services can’t dwarf what your customers see as the benefits; there has to be a balance between what it costs and what it is worth for your loyal fans. Underprice and you can potentially hurt your business, maybe even cause it to go out of business. Overprice it, and you may cast a curse on your business that can’t be reversed.
Where do your place it?
Your “place” is your distribution center. Where are you going to be able to sell your product or deliver your services? Right now, the “place” to be is on the internet because it is relatively inexpensive in comparison to brick and mortar spaces, but also because so many consumers rely on the internet to make their purchases. Evaluate where you are selling your product and where you might want to be placing it in order to generate more sales and growth.
How will you promote it?
Promotion is the magical spell you cast over your customers which builds awareness. Awareness is you demonstrating to your customers the benefits of what you have to offer. It also means understanding who you want to cast a spell on and determining how they get their information and what guides their decisions in what to purchase. “For charm of powerful trouble” and promotion takes research and analysis and adaptations. But, it can be done in a number of ways, through advertising, including social medial campaigns and print campaigns (not to mention television and radio at a greater expense), sales promotions, networking, and shameless self-promotion (it’s your business, don’t be shy). On a positive note, no “eye of newt or toe of frog” is needed. And, as nothing is forever, you don’t have to ever feel you can’t back out of a particular promotional strategy if it isn’t working.
You want your business to cast a spell on your customers that keeps them wanting and needing more. Fortunately, “scale of dragon, tooth of wolf” are so last Halloween, instead, just knowing your product inside and out, putting it at the right selling point, placing it where it will sell, and promoting it will go a long way to make the “fire burn, and cauldron bubble” (and you don’t even need a broomstick).”