The four P's of marketing are no new concept. In fact, it's most likely the first thing you learn when taking a marketing course. These four "P's" are essentially the four pillars of a successful marketing plan. When you're developing your new marketing campaign or updating your plan, it's essential to keep these in mind and keep your company on track. These four letters, all standing for another facet of marketing, make up something called the marketing mix. Which is in part how I got the name for my company, since the marketing mix is so important to, you got it, marketing! Let's got through the four P's with a popular brand, Budweiser, to make them more digestible.
This means the tangible product or the intangible service that is offered to customers. It's vital to understand your goods and services fully before marketing it so you know what makes it unique. In this case Budweiser is a tangible product that is American made. That face that Budweiser is made in America is an edge they use in it's marketing campaigns. Check out the commercial below:
Price is fairly clear cut. How much do you need to charge in order to get a return on investment? Also, are you appealing to the masses or is your item a luxury brand that is exclusive to those with a fat wallet? In Budweiser's case, it appeal to the masses. The company produce a beer that is affordable to everyone and it's claim to fame is it's drink-ability. Basically not only is it widely affordable, but it is widely liked by beer drinkers.
It's true in real estate and its true in marketing...it's all about location, location, location. Where and when you put your products/services out there will affect your outreach. For Budweiser, you KNOW the company is going to have at least one Superbowl commercial since the Superbowl is a huge american event and it is watched by millions of beer drinkers. Superbowl ad spots are crazy expensive since so many people see them and discuss them afterwards. Comparatively, a 3:00am slot on a local network would cost pennies.
Promotion includes everything and everything the company can do to get the word out. This includes social media, videos, commercials, billboards, ads, and much more. It looks at the best ways to reach it's specific target market. Budweiser's main focus is television ads and "swag" at bars. Let's face it, a bar seems like just about the perfect place to find Budweiser customers.
Starting your own business seems like a daunting task. There's so much to do from creating a logo, developing packages, and officially registering it. Not to mention getting the word out and find clients and customers. However, the work is worth the reward. Below is just a few of the many reasons why you should start your own business.
1. Make Your Own Hours
Imagine a world where you can make a dentist appointment without using PTO, or stay in bed with the flu without using a sick day. Or even starting work when you're ready, whether that means 6:00am or 10:00am. This is not to say starting your own business would be less work than your standard nine to five (in fact I think I mentioned in a previous blog post that it is typically more work) but I think we can all agree that freedom is a beautiful thing!
2. Be Your Own Boss
Similar to being able to control your hours, being your own boss gives you freedoms within your work environment that you wouldn't typically have. Not to mention in most corporate jobs unhappy employees out number happy employees 2 to 1. Forbes believes that this is due to the employer not being involved and seemingly not caring about the employee's professional development, among other things. Being your own boss means being able to make important decisions, see the value of your work, have a worthy job title, and taking your opinions into consideration. Basically, everything a driven person wants out of their job!
3. Do What You Love
Choose a job you love, and you will never have to work a day in your life. - Confucius
This may seem like a foreign concept, especially in today's society where making money often outweighs chasing your passion. However, I personally believe the early years of hard work, long hours and occasionally donating your time or product is worth having a successful company that you love working at. Not to mention, every positive review or new client can be directly linked back to you and your hard work. That's a reason to start work with a smile on Monday if you ask me. Did you know that on average we spent 1/3 of our lives at work? Imagine thinking back on your life with regret or worse, being bitter from all that time spent somewhere you dreaded going to. No paycheck is worth that.
4. You Can Do Anything
When we're young we're always told we can do anything and be anything we want. Why is it that after we graduate suddenly words like "outlandish" and phrases such as "pipe dream" are occasionally used to describe our goals? We don't hear it enough anymore but we can do anything. So get inspired and get started. There's no reason to make excuses because you can do it!
Being your own boss doesn't have to mean doing everything the company needs (i.e. accounting, marketing, etc.) on your own. In order to be a good boss, you have to know when to do something yourself, and when to outsource it. If you have a small business (or even a big one!) and you need help with marketing, contact me today. Let's chat.
Hi there, it's me, Michelle! Welcome to my blog. It’s a deeper look into my business and marketing tips for you.