As a business owner it is imperative that you understand key factors on how to advertise and brand your products or company. Why? Managing your expenses on sales promotion and advertising is only going to save you money and increase revenue.
Advertising has been defined as “any form of non-personal presentation or promotion of ideas, goods or services, by an identified sponsor.” (The American Marketing Association, Chicago). It is very important to understand what advertising is and its purpose. Advertising is targeted messages to large groups or customers. To advertise, you are portraying your services and products to the general public by paying a publisher. There is control on who sees your advertising and this is where you want to take advantage so you are not wasting your dollar.
Here are the 4 P’s to marketing that should get you on the right track.
Product: This is what you have to offer. It can be a good or a service. When thinking of products you want to advertise whatever you have that satisfies the most needs. Portray what it looks like or how the customer will use it.
Place: As far as place is concerned, it is the question of where are you distributing your goods and services. You could be using a warehouse and selling online, a store, or a small boutique in a shopping centre. To determine your place think of what your competitors are doing and if it is working for them.
Price: Determining the value of your products and what the return will be. Some industries have established price points. Since business growth and competition is always present, price matching has become one of the most popular. Determining what discounts you can afford to still make a healthy profit.
Promotion: It is beneficial to target your promotional message to your targeted market. You do not want to advertise to children about home buying. Make your promotions stand out by giving good value and creative design. Do not cross the line where the offer is too good to be true and have customers left unpleased.
This strategy can be used for all your advertising ideas. It is a simple way to discover if you are on the right track. All four of the points listed should be easy for you to brainstorm and think through. Advertising and promotions should be one of the most enjoyable parts to running your business. It allows you to be creative and bring your business up.
Have questions or need help with your marketing and promotion? Give us a call today: 613.629.2179 or toll free at 888.646.2179