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.

Hard to read, hard to do

Scientifically, the more difficult something is to read, the more difficult we perceive it to be. The difficulty could be a font style which is demanding to read, small unclear print, or even an unfamiliar letter combination that makes a word difficult to say, but the...

read more

The impact of post-literacy

These days, consumers understand and communicate with brands so much through technology and multimedia that it could almost seem that they are post-literate. That for modern consumers, words don’t matter all that much and that literacy - the ability to read and write...

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.

Hard to read, hard to do

Scientifically, the more difficult something is to read, the more difficult we perceive it to be. The difficulty could be a font style which is demanding to read, small unclear print, or even an unfamiliar letter combination that makes a word difficult to say, but the...

read more

The impact of post-literacy

These days, consumers understand and communicate with brands so much through technology and multimedia that it could almost seem that they are post-literate. That for modern consumers, words don’t matter all that much and that literacy - the ability to read and write...

read more

Stop trying so hard

We’ve all suffered last-minute nerves before public speaking events, business presentations, interviews, exams, the list goes on. You’ve done your preparation, you’ve got the answers to questions, and you absolutely know that you know your stuff, and yet, no matter...

read more