Marketing is a Bumpy Road

Any time you choose a career as a marketer things are, at one point or another, going to get bumpy. In the end you need to go back to the basics and push through. Right now in our Nation we are facing a difficult road, its time to start back at the basics. Remember the 4P’s; Product, Price, Place, Promotion?

Examine each of these items and determine if you have the best mix, we have an opportunity to experiment now. Take it.

Do you have the best possible product? In a bull economy, you can have a so-so product, and still have great gains, but when the market turns bear and it becomes a buyers market, you must make sure your product stands up. Can you honestly say your product is the best on the market for its chosen niche? Seriously, be honest.

Is your product priced right? Are you in the right pricing category? Do you have a high quality item that is priced similar to low quality… If so, it’s likely you are being bought based on price. This may be an opportunity to increase your price, and see sales increase because you are now in a different price category.

Is your placement right? Real Estate can be a great marketing tool, do you have a good location? Or are you hidden and people must hunt you down. Or are you in the right stores? In retail products, many people try to be in the big stores, but sometimes finding the smaller stores that will give you better placement are much more valuable.

Are you promoting yourself? In a slow down many businesses go into hibernation mode. Take advantage of this. Market the hell out of yourself and see your market-share increase. Even if you don’t see a huge gain in total volume right now, increasing your market share will benefit you when the market rebounds.

There are plenty of times to pull out the big guns, and get real creative in your marketing, but other times going back to basics will have the biggest gains.

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