Is Your Business Stuck AF??

Is your business stagnant? Maybe you’ve even seen a downturn in sales or traffic. Sometimes businesses get stuck on old ways that used to open doors but no longer work now.

Markets and technology move fast. The digital age means that you have to stay on top of trends even more than you used to. And you have to stay in touch with what’s going on, or else you’ll lose your place. 

When things get weird, I like to go back to the FOUR fundamental rules of marketing: The Four P’s.

All brands are created with The Four Ps of marketing in mind (and I throw in a couple more for good measure) 

The Four P’s to Marketing are:

• Product
• Price
• Promotion
• Placement

And my extra two are:

• Packaging
• Perceived Value

Why the Four P’s of Marketing is Important

The Four Ps must be considered carefully and none can be left out.

Your Product – Is your product needed, wanted or relevant in the market? Maybe there was a time when it was in higher demand. Look and see who and what your competition are now. What was going on 5 years ago may be a huge difference in what the market wants now. What can you do to make your product fresh again if it’s a bore? How do your products fill a need or solve a problem now? What makes your product unique?

Pricing – How are you priced based on perceived value and your competition? Maybe you didn’t have much competition when you first started out. What does the market demand in pricing now?

Promotion – Pricing and Promotion always work well together. Promotion is based on a special price or offering. Offer something: 10% off, free shipping on all orders, red tag clearance sale, etc. Are you offering promotions regularly to keep your audience engaged? Are these promotions attractive enough to get them on board? If not, adjust your promotional strategy.

Placement Where are you showing your products? Are you marketing your products in the right places to the right audience and at the right time?

My Two Bonus P’s of Marketing

Packaging For many products in the fashion and beauty industry, the packaging is everything. Even if it’s a simple lotion or a pair of socks, what does the packaging say about your company and brand? How does it make the end consumer feel? Does it look like it could be a brand who could hang with your competition? If not, make sure it does!

Perceived value is what a customer believes merchandise to be worth when she agrees to pay (or not to pay) for ownership of the product. Compared to the real value of the product, the perceived value is more difficult to measure sometimes. But this can be achieved with the right angle of your marketing strategies. Perceived value states: This product to me is worth as much as or more than the price tag attached because of _________.

Take for example the frenzy of supply and demand. People will spend more on an item if everyone wants it and if there are is a finite amount of that product available. The perception is that this item is rare, and therefore more valuable.

eBay taught me a lot about perceived value, and how to make things look their best, because that’s really the difference between literally putting a plus-size ladies anorak on a hanger and taking a picture of it, and putting it on a cool girl and making it look like something beyond your wildest dreams that you can snag for way less than Comme Des Garçons. – Sophia Amoruso Founder, Nasty Gal

A great example of the Four Ps in action with the addition of ‘Perceived’ value is Brandy Melville. The Instagram photos, soft colors and basic styles are loved by teens everywhere. The looks are classic but on-trend right now.

The marketing is done in a way that girls identify with and the clothes are made in Italy (Perception: luxury). You’d assume by the ‘made in Italy’ label, the photos and the styles that Brandy clothes aren’t affordable. The perception is already created before you shop, so a customer is very pleasantly surprised to discover she can afford everything! From $16 tops to $20 shorts and $28 dresses. For a small price, any girl can become a #BrandyGirl

Having said that, the perceived value of products offered by a brand is also measured by the loyalty, awareness and positive association by which the brand has created in its target market. 

If you want to learn how to brand like a pro, consider signing up for my free Branding 101 Course!