Plan your marketing tactics
Once you have decided what your marketing objectives are, and your strategy for meeting them, you need to plan how you will make the strategy a reality.
Many businesses find it helpful to think in terms of the four Ps:
- Product - what your product offers that your customers value, and whether/how you should change your product to meet customer needs.
- Pricing - for example, you might aim simply to match the competition, or charge a premium price for a quality product and service. You might have to choose either to make relatively few high margin sales, or sell more but with lower unit profits. Remember that some customers may seek a low price to meet their budgets, while others may view a low price as an indication of quality levels.
- Place - how and where you sell. This may include using different distribution channels. For example, you might sell over the internet or sell through retailers.
- Promotion - how you reach your customers and potential customers. For example, you might use advertising, PR, direct mail and personal selling.
For a more comprehensive approach, you can extend this to seven Ps:
- People - for example, you need to ensure that your employees have the right training.
- Processes - the right processes will ensure that you offer a consistent service that suits your customers.
- Physical evidence - the appearance of your employees and premises can affect how customers see your business. Even the quality of paperwork, such as invoices, makes a difference.
Implementing your marketing plan