Marketing Basics (continued)
The New ABC’s of Marketing
The 4 P’s include:
- Product included such features as the brand, inherent product attributes, product design and packaging.
- Price factors included strategies like mass market, niche or premium pricing, as well as seasonal or volume pricing.
- Place was about physical distribution, market channels, marketing policies like selective or authorized distribution.
- Promotion covered things like advertising, sales method as well as sales promotional activities.
As times changed with the addition of faster and wider communication methods, ending finally is the information age we live in today, the focus has shifted from products to the consumer. As a result, the New ABC's of Marketing apply if you run an online powerhouse or the corner conveinence store. Buyers today have far more purchasing information available then ever before. At the same time, this increased communication has led to a global world market with more competition than ever. What a world… informed consumers with many choices! And that is the environment that the small business must operate in today. Depending on your product, you might compete with the guy next door, across the country, or even across the world. How can you create marketing for this environment (while still keeping your day job…remember all the hats?)
This marketing arena has led me to “rethink” my approach to marketing, causing me to keep the 4 P’s in mind but to also jump beyond when assembling my marketing plans. I’ve adopted what I call the ABC’s of Marketing, Action, Brand, Competition, Delivery and Education.
ACTION. If there were only one thing small business marketers could remember it should be action. The speed of life really does support the support the phrase “lead, follow, or get out of the way.” Technology and competitive pressures change daily. You can be ahead today and behind tomorrow. Without a tendency toward action, your business will get left behind. A big problem I see with many businesses is that they get a little ahead of the pack and become complacent. You must work on the marketing of your business each and every day…no matter how big your lead, or how much time you may or may not have. Inaction on your part will certainly lead to inaction on the part of your customers or target audience. Do something every day. Make time and build the discipline to build your business each day. You can complete small tasks that in the end will add up. With today’s technology, you can automate many activities. Never quit, as strong marketing is only built over time.
One thing to keep in mind as you dive into your next ACTION or any action for that matter…make sure that you track the results. Good or bad, you want to measure your activities so that you can improve on your successes and avoid disasters in the future. It may take a few ACTIONS to find the one or two that best fit your business and turn on sales like a faucet!
© Copyright 2004-2009 Strategic Marketing & Business Solutions
