This week at a Fashion West Event, I participated on a panel alongside Liz Gaige of Market Navigators and Barbara Breuner of Blue Citrus Design. We had assembled in order to provide our different perspectives on marketing and to answer questions from the audience.
During the intro Liz reminded us of the core considerations you should take into account when taking your product or service to market: the 4 P’s: Product, Price, Promotion and Placement.
Products are the products or service you intend to offer, who they are intended for and how they will impact your intended audience;
Price is how much you will charge for your offering;
Placement is how you will take your product to market (ie bricks and mortar store, online, distribution etc);
Promotion is how you will spread awareness of your product.
Social media is a means to promote your offering but it is only one of many tools that you can use. Before you embark on promotion you should always take time to research and plan for the first three.
Always use a mix of marketing tools to promote your offering, in addition to your social media efforts, for added impact. Which you choose will depend on your audience and goals and could include online advertising, search engine marketing, direct marketing and so on. The message should be consistent and complementary across each of these so that your brand becomes more recognizable.
By taking marketing fundamentals into account your social media and overall marketing efforts are more likely to succeed.