You really need to understand what the four P’s of Marketing are before starting your own online business. This post will give you an insight into what you need to be doing to market a business online.
You really need to understand what the four P’s of Marketing are before starting your own online business. This post will give you an insight into what you need to be doing to market a business online.
Having A Marketing Plan Before You Start Online
Starting an online business can be difficult and time-consuming work but the eventual rewards can be limitless if you get it right.
One of the most important and focal aspects of running a profitable online business is to incorporate some form of successful marketing strategy.
Marketing is more than just advertising, although advertising certainly is a big part of the complete picture.
Understanding marketing before opening your own online business is very straightforward if you can remember the elements of the “Four P’s of Marketing your business”.
Understand The “Product” or Service Your Are Offering Your Customers
The first “P” of business marketing stands for “Product.” This is the product on offer or whatever the business is selling, whether it is an actual physical or electronic downloadable product or a service the idea is the same. This “P” is really about the product quality you are offering your customers, meaning does it actually meet the needs and demands of the target niche market you are selling in.
Having a high product quality will also differentiate your product from any other similar products being sold in your market, so it is important to make sure that the product quality is of a very high standard especially if you are in a competitive market place whether online or off the principal remains the same.
Setting The “Price”!
“Price” is the second “P” of business marketing this will determine how profitable you will be. And you are definitely not alone when thinking this, it would be foolish to even start a business if you did not want to increase your bottom line profits in order for your business to grow, thrive and expand. Basically if you have an understanding about supply and demand then you will know how to price your product in the marketplace.
Setting the price of the product at the equilibrium of where supply and demand meet will ensure the maximum profit for your online business. However nothing is set in stone so it might take so it might require some trial and error on your behalf for a new internet business, but it’s smart to do your research beforehand and find out what pricing strategies are being advertised on similar online businesses.
At What “Place”!
The third “P” of business marketing is “Place,” also referred to as product distribution. Basically all this means is where you are going to be selling your product to the public. There are multiple options available to you for product distribution these are: selling one-on-one yourself, selling the product to retailers or wholesalers or selling online, even recruiting affiliates to do the selling for you at a percentage of the product value.
Usually though in the early stages, a business will start out by selling one-on-one or through the many internet mediums available and then reach the point where they are able to sell to retailers. This helps to keep any outgoing costs to minimum will giving the business time to grow. The place where you choose to sell your product or service is one of the most important aspects of online marketing.
Setting Promotions That Make Your Product Irresistible To Your Customers
The last and equally important “P” of business marketing is the one that most people think about when thinking about marketing. This, in most people’s language, is called “Promotion.” I am pretty sure that this will not be a surprise anyone reading this but there is a massive amount of business people who consider promotion to be such things advertisements, magazine adverts, television adverts, and even placing newspaper ads.
Of course these are all traditional promotion methods and marketing strategies that are still actively used online today and should be used if you have a budget set a side to accomplish this. This is also known as offline marketing.
However, more effective promotions can and should include offering deals and sales on the product in order to draw in more customers that are willing purchase what it is you are offering for sale. As long as the product is of good quality, most will come back to your business purchase again at the standard price. Promotion is all about getting your product out into the marketplace.
Understanding This Concept Will Present More Opportunity Online
Once you understand the Four “P’s” of Marketing the value added to your online business is limitless when correctly implemented. That is why it is a very good idea to have some understanding about online marketing prior to starting your own online business.
