A business or organization can make an investment in their marketing and advertising, but it is ultimately a waste of time and money if your employees don’t buy into your brand, if your customer service is less than stellar, the product is bad or inconsistent, your storefront is tired, the delivery truck is beat up, your website is a dinosaur, you have negative reviews on your social channels that are unaddressed, or there is an inconsistent voice in your messaging and communications.
Marketing is defined as an aggregate of functions involved in moving goods from producer to consumer.
The aggregate of functions referred to is everything a business does to complete a sale. And that is why we are in business, right? To sell our goods and services to consumers. To better understand the power and impact of marketing, it is important to understand the basic four P’s of marketing.
Product: This can be either an intangible service or tangible good that fulfills a need or want of the consumers. In order to successfully market a product or service one has to have a clear understanding of what makes it unique and how that appeals to your target audience.
Price: Once you have a clear understanding of the product you will offer and how it is differentiated, a pricing model can be determined.
Promotion: Includes all the tactics you will use to communicate your product and its unique attributes to consumers. Elements may include advertising, public relations, owned media, social media, collateral distribution, blogging, content marketing, events, and more. It is imperative to your success that your established brand identity be consistent across all outreach channels. Frequency also needs to be considered in the promotion mix: how often do you want to be in front of consumers?
Place: Refers to the ways consumers can interact with or purchase your good or service. This includes storefront locations, website, online retail environment, call centers, etc. In today’s marketing landscape, it is all about providing options and convenience to consumers.
The four P’s help to display why marketing plays such a critical role in everything we do. In a nutshell, everything that the people representing your business do-whether it is product engineers, accountants, HR professionals, those responsible for media relations, warehouse managers, baristas, etc.-affects how consumers will perceive and interact with your brand. In essence, everything we do is marketing, so marketing is everything.
Article first appeared in the Great Falls Tribune.