Welcome to Main St.
What is marketing?
Marketing is really about developing business goals, and then creating strategies to meet those goals. If your goal can be defined clearly, marketing is choosing what roads will take you to your destination.
The basics of marketing have remained relatively the same over the past 100 years, the strategies you can choose from are endless. To start any marketing plan you need to have a basic understanding of each of these “5 P’s of Marketing” to get started.
Product means not only understanding what product or service you’re offering, but WHAT about that product your customers value. This means talking to your customers, getting feedback on what they love and hate about what you’re offering and making sure you’re developing strategies to bring the best product or service to market.
Price is incredibly important. Setting a low price means you can undercut competitors, but you may have to give up some of your quality. Setting a high price means you can provide a top-notch product or service, but price sensitive shoppers may choose a lower-priced alternative.
Placement is about distribution. How does your customer access your product or service? Can they schedule an appointment or buy something from your website? Is your brick and mortar store in a high end neighborhood? Do you have more than one location, or begin to offer services in more areas?
“Promotion” is the advertising component of marketing. What is your message, and how will you communicate that at the right time, to the right people?
“People” is a P that has been added to what used to be the 4 P’s of marketing. People refers to all of the people who work for your business. Do they know what makes you awesome? Do they know what your marketing strategies are? If everyone in your organization isn’t as committed to your strategies as you are, then your efforts will fail.
Holistic Marketing Concept
The Holistic Marketing is when the “5 P’s of Marketing” are how you run your business. It is how you create a customer committed company. When an entire company is committed to bringing value to your customer, and you communicate that value and commitment relentlessly, you can’t help but succeed.
What the customer wants is what your business delivers. This means understanding your customer like they are the love of your life and you just want to make them happy.
Everyone in your company is committed to understanding and valuing your customer. From accounting to the janitor, the culture cares about that commitment.
Communication is a two way street. You have to communicate consistently and clearly to your customers and employees…but you also have to listen, so you’re always innovating new ways to love your customers.