Episode 189 - The 4 Ps of Marketing

Many small business owners get into their business with an idea, rather than a full plan. You want to make t-shirts or print signs. You know it's profitable and you've already got some referral business. It's not that hard to make some money and get overwhelmed with business. What IS hard is growing your business to achieve your dreams and goals. 

One of the first steps to understanding how to create a great marketing plan (that will lead to success) is understanding the 4 Ps of marketing. In so many words, it's understanding your businesses goals, so you can make truly educated marketing decisions. 

So, what are the next steps for your marketing?

• Should you start a TikTok?
• Should you do local paid advertising?
• Would doing google ads be a good idea?
• Is renting a booth at a farmers market going to be profitable?
• Is hiring a marketing firm/person the right move?

Anyone who tells you they have the answer to these questions is wrong. None of these can be answered correctly without knowing your 4 Ps. So let’s get to them!

All Marketing revolves around the 4 Ps:

Product:

The number of products categories, product lines and variations your company sells.

For example:

• Product Categories: Workwear, Signage
• Product Lines:
  • Workwear
  • Men’s Workwear
  • Women’s Workwear
  • Signage
  • Printed Graphic Decorative
  • Indoor Signs
• Product Variations:
  • Workwear
  • Women’s Short Sleeve t-shirt
  • Women’s Long Sleeve t-shirt
  • Women’s Polo
  • Hats (One)
  • Signage
  • Room Names / Braille
  • Restrooms
  • Directories
  • Maps
  • Instructions (wash hands)
• How a product is presented or packaged and served
• How will your customer place their order?
  • ecom, call in, email, in-person.
• How will your customer get their product?
  • Personal delivery, by mail, customer pick up.
• Do you install or instruct?

Price:

• What is the fair market rate of each item sold?
• How do customers pay? Can they pay online? Deposits? Pay in full?

Promotion:

• What channels are you currently utilizing?
  • New business: Nothing because your business hasn't started.
  • Existing business: Google My business? Social Media? Word of Mouth? YouTube? Paid Advertising?
• What channels are you capable of utilizing?
  • Can build a website? Can you hire someone to build one?
  • Can you afford a paid advertising budget?
  • Are there live events you can attend?
  • Do you have a personality for social media/YouTube?

Place:

• Are your products sold online? In store? 3rd party?
• Do customers need to be local?
• Are your products only sold with your physical presence? (e.g., signs)
• Is there anywhere you won’t / can't sell?

BONUS

Once you have 4Ps then you need to look at your demographics

• What is the face of your customer or their profile / avatar?
  • e.g., local small business owners - Dentists, Drs, Pharmacy, Interior Designers, Real Estate, Golf Course

Now that you have the 4Ps and your Demographics. You can start answering questions: 

• Should you start a TikTok?
• Should you do local paid advertising?
• Would doing google ads be a good idea?
• Is renting a booth at a farmers market going to be profitable?