If you are on a budget, marketing can seem like an expensive and risky adventure. But it doesn't have to be. Not if we prepare with the Five P's of Marketing.
Marketing starts with the customer. With whom are you communicating? Are they men or women? How old are they? Where do they live? What are their interests? What do they value? Where do they shop? You should know your customer as well as you know your product. Your product should solve a problem for your customer. Let your customer educate you on how to perfect your product.
Tips: Use social media, to learn more about your customers. Facebook, for example, gives me "Page Insights" with tons of great anonymous information about my customers. You can also use social media to ask questions, like "Which do you prefer, the blue bag or the red bag?" "Do you like to shop online or in person?" "Do you like to know the story behind the products you buy?
To price you product, you should consider your materials, labor, expenses and your profit. All of these factors make up your wholesale price. If you are selling retail, then you should double this number. You should also consider your customer. Your customer should feel that they are getting a bargain. Pricing your product is a delicate balance.
Where you advertise is extremely important. You want to make sure that you are reaching your customer. Are you going to advertise on social media? send an email? leave flyers at local shops? Call your customers? Write them a note? My sister, for example, does not check her email very often and she doesn't have Facebook. If I want to reach her, the best way is to call or text. My teenage nieces are friends with me on Facebook and follow me on Instagram. We are constantly messaging or tagging each other.
People refers to you. Remember, when someone buys your product, they buy you first. If you are at a craft market, the customer gets to literally meet you. If you are not enthusiastic about your product, the customer is not going going to be. You should also consider your branding, packaging and labels. Everything the customer touches, should reflect who you are and what your company is about.
I have saved the most important point for last. You have established who your customers are and what problem your product solves for them. Your price is phenomenal and your presentation is perfect. Now, what is your message to your customer? What makes your product better than anyone else's? Why should they buy your product? This message should be short and effective. Messages that we remember the most, touch us emotionally. Click here to see some amazing examples collected by the Huffington Post.
Now you see that if you prepare with the five p's of marketing, you will increase your chances to hit your target, even if you are on a budget.