Businesses are beginning to face new issues on a daily basis. The fierce competition has led to a cutthroat environment where every day is a fight to survive. In order to grow your business and stay ahead of your competitors, your brand must stay relevant. Relevancy is not an easy objective to achieve. One of the basic marketing concepts, like the 4 P’s, is a good place to begin your refining.
Product. Begin by taking a look at your products. Are they new? Are they outdated? Do people have a use for them? How do they stack up against the competition? If you find that your products are old and no longer the best in the market, it may be time to update. Keeping up with current market trends will allow you to stay in consumers’ minds and grow your business.
Price. Price is something that you must always keep an eye on. During the life of a product, its price will change multiple times. At some point it may be applicable to raise it, but mostly you will eventually have to lower it. As the product ages and becomes less and less useful a cheaper price will allow you to continue to make the sales. A good price will follow the trends of the market and fit with similar products produced by the competition.
Place. This “P” can be applied in different ways. One thought on concept of place refers to your business’ location. Delivery times can have an impact upon purchases. If you are located in a remote area that takes a long time to ship products, you are less likely to get the sale than another company with shorter times. It can also be looked at as the place you sell your products. Do those locations make sense? Are you in enough places? Having your products available in the right stores and available to the right people can increase your sales dramatically. Putting your product in the right place, in front of the right people, will make all the difference.
Promotion. Poor promotion can hurt sales and contribute to a business’s decline. Are your promotion tactics directed at the right audience? Identifying the correct target market will allow you to tailor your message to your product’s audience. It is a waste of time and money trying to attract a group that does not want the product. Keeping up with the current trends through the use of social media and other monitoring software, will be a good way to increase exposure and keep your brand relevant.
Assessing your company based upon the 4 P’s is a great way to see yourself from a new point of view. Regularly review your strategy to ensure its effectiveness. It is a dog-eat-dog world and any advantage you can gain over your competition will help allow you to continually grow your business.