One of the questions Joe and I often are asked by clients is, “What do I post to Twitter? Nobody cares what I’m doing every second. No one cares that I’m getting out of the shower.” Although I’m sure we all have someone in our lives who cares if we’re heading to or from the [read more]
Most business owners tend to think of Marketing in terms of Advertising and Promotion, but there is much more to it than that.
Marketing is the process of creating and promoting products that satisfy a consumer need, providing the business with revenues, profit, and a competitive advantage in the marketplace. There are four key components to a marketing strategy. In business school, these are called the Four P’s: Product, Price, Place and Promotion.
The Internet provides a rich and cost effective platform for a business to satisfy the Four P’s.
Product: How well does your product satisfy the needs of your customers? As an interactive medium, you can leverage Internet tools like your website and social media to engage in a conversation with your customers to find out how they use your product and gain valuable feedback for product improvement.
Price: A successful business pursues profits, not revenues. A product with greater utility will command a higher price. Using customer feedback in the product development process can help you create a more valuable and profitable product. The Internet is also a valuable tool in determining competitive pricing strategy and for promoting pricing specials.
Place: Engage in E-commerce, and your small business is suddenly global. Optimize your website for local search, and more people will find you at your place of business or the locations that sell your products.
Promotion: The Internet is where the advertising world is going. Print media and direct mail are suffering declining revenues. Television is moving to the Internet. But right now, the bar is low enough for even the smallest business to create a major promotional impact on the internet, using a smart strategy that incorporates social media and user utility.
Remember: There is more to Marketing than promoting your products and services. If you want to grow your business, use the tools of the Internet to help you with the Four P’s.