Perth News

8 steps to marketing your business

What is marketing? At its most basic level, marketing is the process of determining the value of your service and product. It is also the process of developing effective strategies on how to communicate relevant information to the customers.

Marketing 4 Ps

If you want to succeed with your marketing, the first thing you should do is to know who your customers are. Before you begin selling something, you need to know who you are selling to. When developing a general profile of your customers, you might want to define them by their demographic characteristics. Demographic characteristics include the sex, the age range, location, occupation, interests, etc.

Once you have defined your target customers, you must learn about their needs and preferences. In other words, you learn how to study your customers’ purchasing decisions and how to win their trust.

According to marketing experts, there are four factors that influence purchasing decisions. These four factors are known as the marketing mix or the four Ps.

The first P is the product. Know what you are going to sell. In order to determine what you should be selling, you must understand your target customer’s needs and then tailor your product to meet those needs.

The second P is price. Know how much you’ll charge for your product. How much you charge is important because it influences the number of sales and the amount sold. If your price it too low, it may appear that the product is of lower quality or you may simply make too little profit. If your price it too high, customers may buy fewer items or in smaller quantities.

The third P is place, or where your customers will buy your product. Right now, P is not as big as a factor before because of the internet.

The last P is promotion. This is important because your customers should know how to find your product, know what your product is about and how you can make your customers have positive impression towards you.

For more on how to market your business, read this: https://www.smallbusiness.wa.gov.au/business-advice/marketing/8-steps-to-marketing-your-business