Once your business is established and you’re making a profit on the products and services you sell to customers, you may want to start thinking about how to get your message more out there. With this, this is where marketing comes into the mix. It is key for any business, no matter what the business does. This is also the case regardless of whether you may have a product or service business also.
For any business, whether a global enterprise or small company, a comprehensive plan that outlines every possible avenue to attract customers’ attention is vital. The building blocks of an effective marketing strategy include the six P’s of marketing: product, price, place, promotion, people, and presentation. The effective integration of the six P’s of marketing can serve as the foundation for an effective growth strategy.
What are the 6 P’s of marketing and how does each help sales?
- Product: The product is what is being sold. Fulfilling a market opportunity with a timely product that meets customers’ needs will help boost sales.
- Price: The price is the cost the customer pays to acquire the An effective pricing strategy ensures that customers are willing to buy the product, generating sales for the company.
- Place: The place is where customers can buy the product. Whether a brick-and-mortar store, website, or app, proper placement of products creates sales opportunities.
- Promotion: The promotion includes all the tactics used to communicate a product’s value. The goal of promotion is to attract a customer’s attention and foster interest in learning more about — and eventually buying — the product.
- People: The people are the individuals involved in the marketing process on both sides of an exchange. Employees such as salespeople and customer service representatives influence how customers view a business or product, and customers provide feedback to improve the product. This interaction between internal and external people helps determine success.
- Presentation: The presentation is how the product appears in the market. Customers’ opinions of how a product is presented (for example, through packaging and messaging) can impact their buying decisions.
Being in the right place
Where a product is sold affects business success. Place refers to the site where a customer can buy a product. Consumer products such as sneakers and electronics have traditionally been sold in retail stores. Today, many retailers have gone digital. They place their products on their websites or offer them through e-commerce sites such as Amazon or Etsy. Customers’ purchases are then delivered directly to their homes. Products should be strategically placed where customers can easily view, access, and purchase them. In physical stores, this may involve strategic product displays and merchandising. A good marketing agency will advise this.
Placement in marketing also refers to product placement in large retailer displays, such as in Walmart or Target, and in television shows and commercials. In digital stores, the user interface and search function of a site play an important role in whether a customer can find a product or not. Beyond a business’s own site, search engine optimization (SEO) plays a key role in where a product appears in the results of a search on a search engine such as Google. SEO uses keywords to attempt to strategically place products at the top of the results, where customers are more likely to find them.
How you can now use Google My Business
Google My Business is a platform by Google where consumers can search for businesses through Google Search and Maps. This platform is free and should be a part of your digital marketing strategy as it helps you manage your profile across the Google platform. With this profile, your company can take advantage of the Google Business Listing and post crucial information such as your physical location, operating hours, and contacts. Just like on a social media platform, you can share business photos and videos. The platform also has Insights that you can use to know how people find your business online and where they come from. You can also include attributes such as a URL to your website, Wi-Fi availability, or wheelchair access into your business.
Social platforms contribute highly to your overall digital marketing strategy because you can grow your fan base and increase your sales. You can advertise your new products, share information, and communicate directly with your customers on a social media account, and save time using handy tools to manage all your social media accounts. In this case, a social media account serves as a marketing tool and a sales platform. Popular platforms include: Twitter, Pinterest, LinkedIn, Snapchat, Reddit.
The platforms you choose to include in your social media marketing strategies depend on your target audience. If your marketing is photography-based, Instagram, Facebook, and Pinterest should be part of your social media marketing strategies. However, if your digital marketing strategy is blog-based, Twitter, LinkedIn, and Reddit will work better. Facebook is the undefeated king, with more than 2 billion monthly users. Using Facebook Ads is an excellent option for social media marketing because you can target your ads for a specific audience. Instagram follows with 500 million monthly users, and social engagement rates 58% higher than Facebook.
Investing in a proper CRM
Marketing goes hand-in-hand with sales productivity tools to reduce downtime and increase efficiency. Different tools serve various purposes from enabling video calls, conferencing, and webinars, lead generation, email outreach, and CRM. An example of a sales engagement platform (SEP) is Salesforce which is crucial for email tracking and CRM. The purpose of SEPs is to help your sales team deliver high-quality interactions and consequently, market your band. However, optimizing your sales productivity tools should come with meticulous calculations.
You can achieve this will a sales productivity formula. Though no constant formula exists to measure your sales productivity, there are several measurements you can use to verify if your b2b marketing strategies are working. For example, conversion rates are an excellent measure for your sales productivity formula. Knowing your conversion rates, you can identify the marketing strategies that are generating your best leads and those that need more work or abandoning. Lastly, remember to focus on your salesforce forecasting to estimate your future sales. The best sales forecasting software will help you redirect future resources to generate more revenue.
People love video
Videos attract some of the highest engagement rates online compared with other mediums, such as text and images. This means that brands operating online can promote their businesses by creating videos and establishing links back to their site. Search engines typically favour rich content such as videos, so they push websites that feature and/or release videos higher up in their search results.
Google Adwords is sort of the godfather of online marketing channels. It’s been around a long time. It’s competitive. Also, it’s expensive. And if you know what you’re doing, it can work very, very well for you. Despite being a paid channel, Adwords’ goal is still to deliver relevant search results to users, and as a result, it will be less expensive for you when you are utilising proper on-page SEO. Google assigns a quality score to your ad, which is dependent on CTR (Click Through Rate), relevance and the landing page your ad sends traffic to.
This quality score factors into the bid rate you will need to get an ad displayed, with higher scores lowering the bid cost. Unlike many of the channels we will discuss today, Adwords is a remarkably symbiotic channel that can be paired with many other strategies to maximize output. As a paid marketing channel, it also allows you to obtain immediate results and can scale as far as your budget allows.
Being badly located can have an adverse affect
Poor location affects foot traffic which can become a problem if your business relies on in-store purchases. In the same way that a bad storefront location can hurt your business, so can poor internet presence. Even if you rely on some foot traffic, people like to purchase things online, so it’s crucial your small business site is easily found online. If not, your credibility could come into question and discourage people from doing business with you. This is where your marketing plan comes in. Poor marketing can affect your exposure, messaging, and how it connects with your target audience. It’s crucial that you have an advertising plan as well as an effective SEO strategy so you can be found in more ways than one. Otherwise, your sales and business operations could suffer, negatively affecting revenue and forcing you out of business.
Study the big data and closely review it
Big data is changing the way of things, including marketing. Leveraging data will help you increase the quality of your leads. It will also improve your customer experiences. It can also assist the management in making business decisions. With a data analyst on your side, you can identify your leads. Also you can find out your best marketing strategies. From here, you can channel your resources to the right audiences.
The cost of keeping a customer is much less than the cost of acquiring a new one. And while we highly recommend (and already have) actively gaining new customers, that doesn’t mean you should neglect to keep the ones you already have. While you’ll need new customers to fill your pipeline, increase sales, and grow, you must also work on retaining current customers for repeat business and stable revenue. What is even more telling is how good market can and will be able to make the main overall difference to your business.