Running a business in today’s marketplace is far more demanding than it was 10 or 20 years ago with all the new technology and different forms of competition springing up. Thankfully, some things are still the same, like your commitment to customer satisfaction, client relationships, and the four Ps of marketing. Today we’re talking promotion.
If you’ve forgotten the four Ps from your marketing 101 class, here’s a refresher course:
- PRODUCT. What is the main thing that justifies your business’s existence?
- PRICE. How much do you need to charge and how much more can you charge to increase revenue?
- PLACEMENT. Where will your product be sold? Also thought of as distribution.
- PROMOTION. How will people find your product?
These four Ps are all equally critical to your business’s success. Most companies think hard about the product, how much they can charge for the product and if that price point will make them profit, and where they want to sell their product. However, many businesses stop at this point and leave the fourth P up to chance. Sure, you can throw some money at an advertisement here, or a brochure there, but throwing money at promotion is not nearly enough to address the fourth P. No, if a business wants to be healthy, they should invest in the development of their brand strategy. That is why Doodl exists. Contact us to find out how we can develop a consistent creative promotion that will help build brand loyalty and long term effectiveness.