The 7 P’s of Marketing
This is where you start to get critical of your creation. You have to look at your product as a consumer. Consumers are always comparing products in order to make the best purchase. How does your product compare to your competitors? Do you offer more? Is your product appropriate for the needs of consumers today?
Example: 50 years ago, one computer would take up an entire room. Today we are living in a digital age where we can hold a computer in the palm of our hand. Would it make sense to sell a computer that is the size of a room in the 21st century? Probably not.
Knowing the strengths and weaknesses of your product can help you determine its best selling points when creating marketing strategies.
As explained in the economics section, price plays a role in what people buy. Finding a balance between what you are willing to charge and what the customer is willing to pay is very important. Price can also play a role in how people view your company. High-end products are often viewed as high quality and their prices reflect that.
As a general rule of thumb, make sure you are monitoring the market so that your products can stay competitively priced.
This is how you tell people about your products. As an entrepreneur, you should be thinking about promotion all the time. Opportunities are everywhere. All you need is a little creativity. Something a simple as how you describe your product on social media can make a difference in whether it’s shared 10 times or 10,000 times.
This is where you sell your product. This could be online, in a store, through a distribution company, in a school. The placement of your product can make a big difference in sales. If you sell sports memorabilia in a hair salon…you might not make a lot of sales. However, selling your sports memorabilia at a NASCAR race or a sports bar may boost sales.
This is another reason why looking at your product from the perspective of a consumer is so important. Packaging can make or break your product in terms of sales. As an entrepreneur, you have 30 seconds to make a first impression on a potential customer. Does your product capture the attention of the customer? Does it visibly stand out from its competitors? It never hurts to add a little flashiness to your product to attract potential buyers.
How do others view your product? How do they view your company? This is when you need to think about how you want others to perceive your product/brand. When people talk about your company is it in a positive or negative way?
Example: If you create a line of toys and people often see your toys at Ronald Mcdonald houses or St. Jude hospital then people will generally think positively about your company and products. People will associate your company with bringing joy to children who are sick.
When it comes to people you need to think about the people inside and outside your company. From the worker to the consumer. Think about what kind of people would be interested in your product. Who does your product cater to? If your product caters to little girls ages 8-16 then you can create effective marketing strategies for that target demographic.
Example: If your product caters to little boys ages 7-10 would you develop a partnership with a monster truck company or a barbie company? Knowing your audience helps you make these kinds of decisions.
You also have to think about the people inside your company. That means being smart about who you hire and who is associated with your company. If you work with people who are passionate or care about what they do then it will show in their work. For this reason, it’s important that you surround yourself with people who are willing to put forth the effort and work just as hard as you are.