THE 4 P’S OF MARKETING REINVENTED: DOES YOUR BUSINESS ENGAGE?
Product…Price..Promotion…Place…we all remember these from Marketing 101. But are you truly practicing those elements for your business to the max? StartHub’s Miami Incubator knows the best companies are consistently restrategizing, fluid and out-of-the-box creative at regular intervals, look at Google or Apple’s swift innovations over the last few years.
Yes they have the experience but they are also relentless at consistently stepping up the status quo against their global competitors with reinventions of their products and services. Smart move. Here are the 4 P’s of marketing and some bold ways you can make a difference in your presentation…
Read More below to see how StartHub’s Miami Incubator is dedicated to helping entrepreneurs:
Product (or Service): When you are an entrepreneur, you must have a complete understanding of your product. More so, it is best to have an utter passion for your idea and business product or service and never stop learning about it. You should have at least several years experience surrounding the industry of that product, so that you can be seen as an expert and hold respect & credibility. And definitely develop the right, multi-skilled team around you so your company is stronger in presenting your product or service to the world.
Your product or service should address a major gap or need in the market, maybe even hidden. You must surround yourself with higher level resources and mentors that are more knowledgeable than you. They would have more experience and reach than you, but they must believe in your idea’s vision strongly. And lastly, you must see your product through the eyes of the consumer, especially your ideal client. You must nail the right demographics of this client profile, what they can afford, how they like to sold to, their lifestyle, interests, ways of traveling the world and walking through society culturally. Most of all, you must know how your client sees the world and their perception of you and your awesome idea.
With the eyes of your client, you will be able to know the truth of your product or service. You must be humble towards it, when you get client feedback in the beginning stages, and know that no matter what, your product/service should never be a state of stagnation. It can always be better in some way. There is always some new technology, communication method, or human resource just waiting out for you to evolve your product. The corrections to your idea are mandatory, because if you don’t, your competition will certainly eclipse you. Then one day you will find yourself closing up shop and giving up on your dreams. Our Miami incubator will guide you with steps on how not to fall into this trap.
So research and know your industry, find mentors, join a coworking space in Miami, speak with business accelerators, live and breathe 24 hours your idea and essentially be your client. Never stop learning and knowing the future and current trends of engagement with your customers. That way you will always be ahead of the pack…
Bold Strategy for Maximizing Your Product: Try to think of the future of your product. Then the future of your ideal client age range and how that generation may be in 5 years. Paint that picture of that future world. And research and bring those to life now.
Price: When you are presenting your business idea to a potential client, you must have an understanding of how they like to purchase and to be sold to. How = Do they have high levels of income and prefer to make a full purchase? Do they want a special or first time customer discount? Installments? A free trial? Money back guarantee? Do they love a high VIP price point that rewards them more? A free gift to go with purchase? All these are potential ways they like to be sold to as a client.
Regarding how they like to purchase, some people prefer to do their research first before or after they meet you or interact with the product or service. Some clients are impulse buyers; they love to buy fast and high. Others prefer a deal immediately to feel comfortable buying. And furthermore, some people prefer to know you and build a relationship or rapport with you as their seller. Will you have a low, mid and high package entry point for purchase? Our Miami Incubator will provide you with market research to identify best practices regarding your pricing structure.
There are really many ways all these selling processes or behaviors can go in. Some people are timing-related; they buy more frequently at certain intervals, pressures or even times during the day, month or year. It is vital as an entrepreneur to understand the different types of customers you will have & their purchasing style and be flexible to capture your market. You must experiment in the beginning to grasp what is bringing you the most return, while producing the most profit for yourself. Find your sweet spot, and you will stabilize, and over time as you improve your product/service you can raise your pricing to your highest level clientele.
Bold Strategy for Maximizing Your Pricing: Hit your highest “value mark”! Yes, add way more perceived and actual value than the price if possible. Think of free gifts and white papers, giveaways. Remember birthdays, pay attention to details that brand you, make a difference in your client’s life. Stretch as far as you can go, and that goes towards customer service too. Be pleasing, the client is essentially your boss, don’t forget that. Pack so many awesome offers and perks to working with you and using your product at a good, fair price point that it will be hard for them to refuse. Once they are your client, the relationship itself will be king!
Promotion: Nowadays there are so many ways to promote your business. You have word-of-mouth (the most vital to your business success), direct marketing, network referral marketing, affiliate programs, print ads like magazines or direct mailings and the advertising channels of TV, the Internet and radio and now social media marketing.
Our Miami incubator is fluent at social media marketing and knows the importance of presence in social media to remain a strong, relevant brand. Above having a well-built site that is SEO strong, beautifully designed and completely time efficient in navigation, are your brand’s social media pages and network. Like watering a plant, you must have a garden of social media marketing outlets to help your business truly flourish.
That means 1. Facebook Page (We all know what FB is worth and even though it’s sometimes annoying, it is not going anywhere anytime soon) 2. Twitter (post at least once daily) 3. Instagram (big one, it’s for the visual generation of Gen X, Y and Z + Millennials, you must go for it) 4. YouTube (if possible do it! Video is thumping everything else so any video footage you can get, unveil it on your own channel) 5. Google Plus(amazing for SEO and staying on top of the Google search pile) 6. LinkedIn (Yes, you should have a page or group to connect with professionals socially) 7. Snapchat (use the “story” visual aspect esp. for videos of your daily grind or events you attend or host, it is the hottest social media there is for the newest generation) 8. Yelp (having testimonials and reviews is a staple in any lasting business). StartHub’s Miami Incubator has been an excellent resource identifying the most important ways to promote your strategy.
Regarding all the other methods of promotion, try as many as your budget can take, start from a bottoms-up approach and scale up or down based on outcomes. Yes, many Miami Incubators believe direct mailers might work great to build your name in your local community. Network or referral marketing might provide an great income to someone who believes in your products and can sell it for you. Word-of-mouth will always be most important because it is the relationship or experience factor of your brand and your best customers (raving fans) will also be your biggest promoters online, to their friends and just about everywhere. Promote in every method possible, do it confidently and do it consistently. Most attention spans are worst than ever and it take 7 times for an advertising message to register in the psychology of a person. Repetition of a brand makes it more credibility each and every time.
Bold Strategy for Maximizing Your Promotion: Email Marketing: Hold contests to engage your potential clients and collect their emails. Put those contests in a newsletter and give prizes away. Everyone loves to have fun and contests have that element of excitement at pretty low price point for yourself for a huge uptake of new attention on your brand. Hold contests with some high value prizes and make it worthy. People know their emails will get snatched up most likely so make it worth their time. And when they win, announce it frequently and boldly! Use that attention to drive further enrollment. Consider hiring a publicist to contact the media on your exciting new developments, and then repeat the cycle of engagement.
Place: Should your product be sold online? At a small boutique? At a huge department store? Does your service thrive as a home-based business? At a huge store or commercial space? Over the internet? As a franchise? What is your reach? Locally? Your geographic region? Nationally? Internationally? Basically where should your product or service be and be seen? How much of the world can its reach cover?
Of course you want to start the business where you are located, but sometimes you are just that connected and good that you can start it at another city or even country. StartHub is the premier Miami Incubator that can assist in making these critical decisions. Most new businesses right now are online business selling products and services virtually. No office really needed really or consider a shared office space in Miami as a business center. Online businesses have the lowest overhead, is the modern storefront and is totally respectable. Have a gorgeous site producing revenue, outsource to freelancers and you may never even need an office.
Other times what matters is the people aspect of the service, so you might need meet your potential clients face to face as do your team or employees. You might need a physical space to make things happen “in real time”. There are loads of non-traditional offices (aka Miami incubator and Miami coworking space) all over the world, over 1k in the US alone, that you may be able to “build your business” at your new home. Virtual office anyone? Or maybe the couch works just fine. But what matter most of all is the work/life balance against the profit/expense ratio. Do you have it working yet?
Bold Strategy for Maximizing Your Place: Visit coworking spaces or a Miami Incubator in your area and try out what the community feels like there. As an entrepreneur, you may love the creative pace away from your home with other very bright people dreaming dreams and making things happen. The networking at these spaces are phenomenal, the people resources to scale your business is enough to feel enticed. Coming back home you will definitely have learned a thing or two about what your place is in the world and for your product and service.