- Contest Factory
- December 30, 2019
Marketing Principles Your Brand Will Thrive With
In every discipline there are basic fundamentals, or principles, to follow that can help make your business more successful. Marketing principles, be it traditional or digital, is a discipline in itself. The key seven principles to follow when marketing a product or service are as follows: People, Product, Positioning, Price, Packaging, Placement, and Promotion. Marketing is the delivery of a product or service that satisfies a need better than the competition.
When thinking about your marketing principles and strategy, it’s people with whom you must begin. People are your target customers and your employees that will carry out your marketing strategy.
Customers are your most important asset, and without them you would not have a product to produce or employees to help sell that product. Before a product or service can be produced, you need to understand what your customers’ needs are, how you can satisfy those needs, and ensure you have hired the right people to implement the product or service.
Product decisions are based on numerous factors, such as: Is there a need for the product? Does it satisfy a customer need? Who is the target market? What is the product’s functionality, appearance, warranty, and quality? How does it compare to the competition?
In the digital world, a product can come in many forms. It can be informative, a file, access to a web page, a physical product, or a service that can be purchased online.
When considering product or service positioning, you need to be aware of how your product or service will relate to your customers. Ask these questions to ensure your positioning is solid: How will customers think about your brand and product/service when you are not present? Does it leave an imprint in their minds? How will your customers talk about your company and what you can offer them? What position do you have in the marketplace compared to your competition?
How you are seen and thought about through your customers’ eyes is critical in determining your marketplace success. You may have the perfect product/service, but without careful positioning to fit within your customers’ habits and desires, they may not notice or remember your product/service amidst the noise of the crowded, competitive marketplace.
Price as a business principle concerns how your customers are affected by prices and how much they are willing to pay for your product or service. Pricing strategies include margins, profit/loss, dealer pricing, selling price, discounts, rebates, and price-matching, to name just a few. When determining your pricing strategy, you must look at your position in the marketplace and against your competition. Is your product/service considered high quality and high priced, or is it a bargain brand? Whatever persona your product/service has, its pricing should accurately reflect that.
Traditional and digital product marketing must be carefully crafted to hit the right price point for your target market. In digital marketing, as in traditional marketing, you need to be careful when setting your price. Online shoppers want competitive pricing. They want to know they are getting the best price for their money.
Whatever your pricing strategy is, you need to be aware that a price which is good for today may not be so good for tomorrow. You will need to understand your market and always be ready to adjust your prices accordingly.
When developing your packaging, be sure to stand back and look at every visual element in the packaging of your product or service. Your customer must be able to quickly identify your product through packaging from at least 12 feet away. If your packaging has too many visual elements, or not enough, your product positioning will be lost amongst the competition. You need to produce packaging that grabs your customers’ attention. Remember, customers form their first impression about your company within the first 30 seconds of seeing you or your packaging.
Place or placement of products/services involves where the products or services will be seen, sold, or distributed. Make sure to understand where your product/service is being placed, and that it is where the customer meets a salesperson, because this ensures you are hitting your target market. A brand must make sure to have the product/service available at the right place, right time, and have the right quantity to sell.
In digital marketing, your placement is the virtual channel of where to sell and display your products/services. In the digital world, you can sell your products/services anywhere and at any time, in places such as social media channels, image and video channels, e-commerce platforms, and via direct marketing.
Promotion is the fundamental marketing activity where the product or service becomes known to your customers and entices them to make a purchase. Promotion includes not just advertisements, but also more subtle forms such as sponsorships, trade shows, contests, public relations, and social media accounts.
One of the main goals in promotion is making sure you understand your customer, their needs/wants and how you can stand out from your competition. After all, promotion costs can be substantial, and you want to ensure it is worth doing.
In conclusion, the 7 Marketing Principles are the following: People, Product, Positioning, Price, Packaging, Placement, and Promotion. When creating your overall marketing strategy for a product or service, be sure to consider each of these principles, be it in traditional or digital platforms. Without factoring in how all seven of these fundamental marketing principles can affect your strategy, chances are that it will not be as successful as it could have been, and your organizational objectives and goals might not be reached.
Let us know which marketing principles are working most effectively for your brand and why.