Starting a business no matter how small it is might be very difficult let alone crafting out a strategy that will get you the very right customer and make sales. Many small business owners take up the marketing role themselves at least for the first two to three years of business. There are some marketing principles which I will share with you in this post which will make you rethink your current marketing strategy and find a better way to get things done. If you are just planning on marketing your business, don’t start if you don’t understand these things as it may be disastrous for your business. As I always say marketing is the greatest investment for your business.

We often hear about marketing and when we own a business we know it's something we are supposed to do, but what is marketing? There are so many definitions that describe marketing as small business owners understanding what it is can leave us confused. We hear about sales, advertising, marketing. Is there a difference? There is a difference and when that difference is understood it's easier to understand what tasks should be handled by specific roles within the company and under the specific actions entitled marketing.
Good marketing is critical to the success of any business and understanding what it is will help your small business get started on the right foot.

I will define marketing in respect to what I want to discuss in this article; Marketing is putting the right product in the right place, at the right price through the right medium. If any of this four things are gotten wrong then your marketing strategy will definitively fail. These four factors are called the Marketing mix.
The marketing mix should be gotten right even before you spend a dime on your marketing. Let me define marketing mix so you can have a clearer understanding of what I am going to discuss further.

The marketing mix is the combination of factors that can be controlled by a company to influence the potential customers to buy their products.

Marketing mix consists of four major variables; which are the product, price, place, and promotion. This will guide the decision you make when entering the market and competing in it. Each of these variables must work hand in hand to drive marketing success. If you understand the needs of your customers you can create products that satisfy your clients expectations and contain features they desire and you will be able to offer the products at the price that corresponds to what the target clients are willing to spend and offer them at exactly where the target market is more likely to shop, and you will be able to build your brand communication in a language that speaks to the target market.

Let dive a little deep into the first variable which is the product, you should know that your product has a great influence in your marketing effort, in fact, it is the most decisive variable in the marketing mix. No matter how good your marketing strategy is or how much you spend on your marketing if your product is not good all is going to be effort wasted, even if you are able to get the first sell with your bad product, you will never get a repeat sell. You should know that your customers are not just looking to buy a product that solves their basic needs. They need what gives them benefit and satisfaction in terms of value derived from buying the product, even the branding of the product is decisive in how people make purchases. For example, when someone buys a Rolex watch, they want to check the time, but they are also interested in wearing the watch as they tend to maintain their status and lifestyle. The best products make people happier and provide positive expectation before being consumed.


Price

Pricing is what a company can change overnight and will see an immediate effect on the sales revenue and profit. Product’s price can have a great effect on the sales. Having a good pricing strategy doesn’t mean that you should have a low price, as that could even have a bad effect on your sales. You may either choose to be a cost leader in your industry with the low-cost strategy, for example, the popular Walmart is known for offering the same quality at a very low price and this has been their competitive advantage. Apple is known for demanding a premium price for their products. Apple creates a differentiated product that delivers a lot of value to the customers and they were able to charge extra for the value they are giving. You should also know that different target segment will react differently to the price. For example, the way a low-income earner will react to a set price will be different from how a high-income earner will react to it.

Place


Where is the meeting point for your products and customers? Are your customers getting the products at the right time? This is the most difficult among the 4ps, it takes a lot of time to set up a distribution channel. The best distribution channel is the one the that delivers a product that the customers want, where the customers want it, and at the right time, they want it. You might spend a lot of time making a great product but the way it is delivered to them might be the final piece of their purchase decision. A great looking store and a well-prepared sales personnel with good customer relations can influence buying decision and increase sales. So many businesses have adopted so many distribution channels such as home delivery, buy online pick up in store to make the place factor effective.

Promotion


Promotion is important, doing a business without advertising is like winking a girl in the dark, you only know what you are doing but nobody else does. This is very true but advertising via the wrong medium or the wrong way can be more disastrous. So many people have been influenced to make a purchasing decision just because of a brand's promotional message which pleases them. Promotion can take different forms and channels and people react differently to messages on different channels. For example, reactions are different on posts on facebook vs posts on Instagram, and on twitter you have just 140 characters limit to deliver your advertising message.


Conclusion

A good product is the starting point of any successful marketing as it is where you will build upon all other factors. Invest more in your products as good products can even advertise itself. Pricing should be done with respect to the product and the target segment. Place and promotion should also be channeled towards the success of the marketing strategy.