Traditionally, there are 4Ps of marketing: price, place, product and promotion.

Most people think of promotion or advertising when they think of marketing – they forget the price, place and product itself.

Firstly, you have to get your product (either goods or services) right. This means doing extensive research on its lifecycle which includes the growth phase, the maturity phase and the decline phase. The decline phase is the point at which you need to reinvent the product or expand or change the offering to stimulate demand.

Secondly, you have to determine the price. This is a crucial relationship between profit and survival; demand and sales – it’s a tricky balance as consumers are unlikely to pay a lot for an unknown product yet may see a low price as a sign of inferiority. So, you need to consider your actual production cost and balance this against how customers perceive its value, whether a lower price could increase your market share, and importantly, what your competitors are charging.

Next, decide on your distribution channels and make them accessible to potential buyers – so find out where they look and decide whether you need a physical or online presence, or both. Obviously, there are budgetary implications to be considered here which vary from business to business.

Finally, promotion, which is necessary to boost brand recognition and sales. Promotion encompasses paid for advertising – traditionally on TV, radio, printed media and nowadays online. It also includes structured PR – informal word of mouth promotion – which can literally be through speech, or, more commonly nowadays, through social media and an online presence. Managing your online social media presence is crucial to your product and is influenced by your budget, your message, and your target market.

This was written as part of a content marketing strategy for Animmersion, a client based in Middlesborough. MCM2 provide full-service digital marketing, including, email marketing, pay per click, content, seo, design, web building and strategy.

MCM2 – no nonsense digital marketing agency in Cheshire.

Marketing maturity? What, how, and when?

A recent study by Heinz Marketing and Integrate has looked at the how and why of marketing maturity in an environment driven by consumers. As consumers are increasingly somewhere on a spectrum between digitally fluent or at least more digitally astute, businesses need...

read more

Personalisation counts

Using a data-based approach to tailor a personalised offer to individual prospects by using data, can encourage them to purchase. The trick is how you define personalisation and what form it takes. Of course, it’s not like buying a made to measure suit - no one could...

read more

MCM2 – no nonsense digital marketing agency in Cheshire.

We provide full-service digital marketing, including, email marketing, pay per click, content, seo, design, web building and strategy.

Marketing maturity? What, how, and when?

A recent study by Heinz Marketing and Integrate has looked at the how and why of marketing maturity in an environment driven by consumers. As consumers are increasingly somewhere on a spectrum between digitally fluent or at least more digitally astute, businesses need...

read more

Personalisation counts

Using a data-based approach to tailor a personalised offer to individual prospects by using data, can encourage them to purchase. The trick is how you define personalisation and what form it takes. Of course, it’s not like buying a made to measure suit - no one could...

read more

So, what are the 4 golden questions?

This is a technique shared with me by Ian Kinnery, an exceptional business coach based in the North East. We run a business book group, and every month we attendees are ‘made’ to read a book that we wouldn’t normally read. Because we’re all quite experienced in...

read more