The Four P's of Marketing Your Business

Whether you are in the planning stage of your business plan, just opened your business or have been in business for a while, it is important to always remember the four p's of marketing: price, place, promotion, and product.

Price: It's hard to determine, which of the four would be the most important, but price would have to be in the top two. This if often (if not always) the determining factor, when a consumer decides whether or not they are going to do business with you. Now, ofcourse, the goal of being in business is to make a profit. However, you want to do thorough research about your competitors' prices, and also the average price of the items that you will be selling. This is a vital tool in determining what your price will be, and ultimately, whether or not you make a profit or loss.

Place: Unless your business revolves around a Peddler's License in which you can pretty much move around, without a specific location, you're going to need a place of business or a location. A lot of entrepreneurs with Peddler's licenses actually use the flea market or setting up a table at conventions, and neighborhood events. Caterers normally rent out facilities with kitchen space. A lot of new ventures are run out of the comfort of their own home. Wherever your place of business is, you want to make sure that it is safe, easily accessible, affordable, preferrably in a good neighborhood, and lastly, organized so that your customer will be able to see the various products that you have to offer.

Promotion: Actually, this may be the most important of the four p's. Without effective promotion, no one is going to know that you are even in business. Promotion can actually be the most entertaining part of marketing. This is where you can see where the success or failure of your business comes into play. There are so many effective ways to promote a business: tv, newspaper and magazine ads, flyers, business cards, radio, conventions, having an event to promote the roll out of your new product...it's endless. Also, another key that can't be stressed enough is to know who your target market is. Ofcourse you want to reach out to other markets also but by knowing who your products are geared toward is a big key in promotion.

Product: You can't even do business without it. It's imperative that you have a niche. Find out what people have a want for and provide that to them. Your product should be unique; you want it to stand out in a crowd. Quality is big plus; we all are consumers, and we know how it feels to buy something that really ends up being a waste of our time. So, be sure to provide a product that will keep them coming back, in the good sense. Your goal is make sure that you build brand loyalty with customers. If your customer needs a t-shirt make sure that it's YOURS that they buy everytime. You want that support base.

Sometimes, we forget the simplest of things in life, that can make the most difference in the outcome of success and failure. With these four key factors, great planning, and an optimistic attitude, I can assure you, that your business, non-profit, or venture will be a hit. I encourage you to pay attention to the way your favorite entrepreneur does business. Study the way they promote; keep notes of how they use the four p's in their marketing scheme. You have my word, if your planning covers all bases, and with the examples of success that you have to follow...YOUR business will be the next one someone compares their business to!!!