Marketing is one of the most important aspects of your business. Without marketing, potential clients can’t find you. Marketing consists of four elements, often called the “four P’s”:
- Product – the item or service you sell
- Price – the amount you charge for your product or service
- Promotion – the ways you inform your potential clients about who, what and where you are
- Provision – the channels you use to get your product or service to the customer
Marketing encompasses much more than just advertising or selling. A major part of marketing involves researching your customers:
- Who are they?
- Where are they located?
- How do you reach them?
- What do they want? (Great product? Great customer service? Follow-up support?)
- What can they afford?
- What do they think?
Your understanding and application of the answers to such questions plays a major role in the success or failure of your business.
For assistance in creating a marketing plan for your business, contact your nearest SBDC or SCORE office.
