How to Develop a Marketing Strategy:
- The basic marketing strategy that has begun to be forgotten.
- “Every year, thousands or even millions of new businesses have sprung up, most of us just upload merchandise photos to social media and hope someone will buy it right away. In fact, the majority of us WILL FAIL. ” = (
- What caused it? Why are only a small number of people successful, but the majority actually fail?
- “Most of us expect instant sales without going through the disciplined process of building a brand, and forgetting the basic 4P marketing strategy.”
- Marketing Definition: Offering the right product, at the right place, at the right price, at the right time, to the right people, with the right communication and giving the right profit.
- So that the 4P and 7P strategies were formed or also called the marketing mix & extended marketing mix, a basic strategy that is still relevant today. Now we focus on 4P first, if we discuss 7P, the information overload will be later.
- Basic 4P: PRODUCT (Product) PRICE (Price) PLACE (Place) PROMOTION (Promotion)
- Products “Your product has to be the best in its class or it has to be very different like being a purple cow if Seth Godin says, so people want to tell you about the uniqueness of your product.
- Product Facts: Products are still, and will always be the most important P of Marketing’s 4Ps. “
- Today’s price competing with the cheapest price will be much more difficult, because: Almost anyone can check and compare prices on the internet easily. There will be someone out there who is always able and willing to make and offer similar products / services at a lower price.
- Price Conclusion: No need to compete with the cheapest price, but make the price as the promise of quality (a reflection of quality) that you offer.
- Place Currently, what is meant by place is not necessarily a physical store, but website, marketplace and social media are also included in product placement strategies.
- Place “If you only have social media or a website as the only marketing place, then you have to maximize its appearance and function very well from all sides. Selection of words, content, ease of access, overall design, product presentation, functions and statistical data collection. IT’S ALL VERY IMPORTANT !! “
- Promotion is the art of communicating the benefits of a product to customers and convincing them to buy the product once or repeatedly.
- Promotion, with the advancement of the internet today, the media options for promoting your product / service have become very complex. The form of content and promotional media channels also varies from blog articles, podcasts, YouTube videos, Instagram carousels, live zooms and so on. Buyer relationships are no longer just transactional buyers and sellers, but now more about building community and emotional bonds between brands and their fans.
- WAIT! There is a 1P bonus from Teru Egawa that you should pay attention to:
- Consumer Perspective. Listen to the consumer’s perspective without prejudice from your perspective as a seller. Listen to the problems consumers face, what they really want and need. Mingle among them, learn how they talk, what they talk about, what media they consume. That insight is the common thread that connects all P’s into one unit.
- Put it all together, do it consistently and you will have one capital B, namely: ” Brand“.
