Starting a business is difficult work but the rewards are seemingly limitless. One of the most important aspects of running a flourishing and booming business is successful marketing. Marketing runs beyond advertising, although advertising certainly is a big part of any successful business. Understanding marketing before starting your own business from home is easy if you can remember the “Four P’s of Marketing”.
The first “P” of marketing stands for “Product.” The product is whatever the business is selling, whether an actual physical product or service is. This “P” is mainly about product or service quality, meaning that it meets the needs of your target market. Product quality will also differentiate between your product and other similar products, so it is important to make sure that the product quality is up to par.
Think of it like this, when you go to purchase either an product or service, do you only look at the price, quality or both? Chances are that you look at both trying to find the best possible product or service, along with the best possible price. That is exactly what your target market does.
The second “P” of marketing is “Price.” Obviously, when starting your own business from home you will want to make your price point as attractive to your market to maximize your profits in order for your business to thrive. This is as simple as understanding supply and demand.
Setting the price of the product and finding the sweet spot of where supply and demand meet will ensure the maximum profit for your business. This may be a case of trial and error for a new business, but it’s smart to do your research beforehand and find out pricing strategies of other similar businesses.
The third “P” of marketing is “Place.” Where do you plan on distributing your product or service to your market audience? There are multiple options for distribution: selling one-on-one yourself, selling the product to retailers or wholesalers or selling your product or service online.
Often, when starting your own business from home you will start out by selling one-on-one or online and reach the point where you are able to sell to retailers or affiliate partners. The place where you choose to sell your product is one of the most important aspects of marketing. So don’t under estimate any of your potential options.
The final “P” is the one that most people think about when thinking about marketing. This, of course, is “Promotion.” Many will consider promotion offline to be advertisements such as magazine ads, television ads, and newspaper ads.Some Online options consist of website marketing, video marketing, social media marketing and forums. These are all promotional marketing strategies.
Other promotions will include offering deals and sales on the product in order to attract people into buying. As long as the product is of good quality, they will return to purchase it again at the standard price. Promotion is all about getting your product or service out into the market.
The Four “P’s” of Marketing are easy to understand and will add to your business when they are correctly implemented. That is why it is necessary to understand marketing when starting you own business from home.