Having an own business is one of the beautiful blessings an individual could have in his life. But having a business of your own could also be a challenge to test several skills such as management, production, marketing and domestic distribution as part of your logistics.
Because marketing plan is important to make your business successful, here are the 5 P’s you need to always keep in mind to help you organize your own marketing plan.
Product
If you want to experience a financial breakthrough in your business, decide on a product (or service) your target market will need. Consider the kind of environment your market belongs to. Do not give them something they abundantly have nor don’t over them something they grossly can’t afford. In addition, make sure that you have the needed amount of knowledge about your target product. And if you have already decided on the product you are about to sell, maintain a good quantity of it.
Place
And as you maintain ample amounts of high-quality product, make sure that they are properly distributed to your target market. If you are to market your products in different places, hire a logistics company capable of efficient domestic distribution. Having a reliable domestic distribution process helps you meet a client expectation and that in turn, builds your customers’ trust.
Also, as there are competitions everywhere, so do your market research. This will help you determine the strategies you will need along the way.
Pricing Strategy
Of course, for your business to move forward, you need to gain sales. The Pricing strategy is used to determine the price of your product and is divided into several kinds: premium pricing, penetration pricing, economy pricing, price skimming and psychological pricing. Premium pricing is establishing a price higher than your competitors and is effectively used if you’re offering something unique to your product—a premium if we might say so. Penetration pricing, on the other hand, works differently. It captures the market by entering with a lower price relative to the competition. The price sensitive market is the target of economy pricing by keeping prices competitively low and is widely used in the retail business. Price skimming is the changing of product price over time. The product price will be set on high at first and then eventually lowers it to attract buyers. Psychological pricing works by subtly convincing buyers through perception like how stores make a product cost 99Php instead of 100 because the former looks psychologically and subliminally less the latter.
Promotion
It is, as you’d imagine, about how well your market knows about your product. With this, creativity is important as you need to attract your customers with the use of campaigns and other advertising strategies. Especially when handing out freebies, you would want to have well-planned and well-thought-out distribution process to help expand you market and fortify loyal clientele.
Perception
This is the last “p” which is equivalent to brand awareness. Perceptions about your product depend on how well you promote it and what you do with your perceived success. Perception is the overall trust that your target market gives and associate to your brand so consistency with the other latter Ps pretty much culminates with brand perception.
So there you have it, the five P you need to always keep in mind. Add all of those to a little perseverance and patience, and you’ve got yourself a solid business waiting for product distribution to excited customers.
