As incredible as ideas, products and services may be, some may not have the visibility they deserve for not having good marketing strategies. Thus, they end up not living up to initial expectations.
Therefore, good marketing strategies are essential to leveraging the business brand. Thus, there are several aspects that directly impact the success of a business, and having full knowledge of everything that is strategic marketing and that it encompasses is one of the most essential. Therefore, it is possible to draw up assertive action plans to reach the top.
So, check out 4 marketing strategies here and how to use them to consolidate your business in Taiwan.
What are the “4 Ps”?
Also called Composite or Marketing Mix, the “4 Ps” are the four most important factors of any business.
Thus, divided into Product, Price, Place, and Promotion, they are considered the pillars that support the planning of all types of commerce.
Therefore, being aligned with this tool is the first step to building a solid marketing strategy, and this is fundamental to creating a workable plan.
Thus, these variables can be controlled and must be defined so that they complement each other. In this way, it makes it possible for all planning and execution to work at the same pace, have the same focus and achieve the same objective.
1st of the marketing strategies: The product
The product is what the company has to offer to the market, regardless of whether it is physical or not.
Therefore, having a well-defined product is the most important step in a good marketing strategy, as only then will it be possible to determine the next steps that will generate impact.
Also, this definition serves so that everyone can understand your real objective, from the company at the time of its marketing planning to the consumer at the time of purchase.
Therefore, in order to have a well-defined product, it is important that everything surrounding it is very clear and easy to identify. For this, there are some suggested questions to facilitate this visualization:
- What’s your name/brand?
- What are its color and content?
- What is your differential?
- What effect will it have on the consumer’s life?
- What exactly is your range? – To provide services.
2nd of marketing strategies: The price
Then, the price of a product is a reflection of several factors, which include production cost, market exclusivity, social value, among others.
The price must be consistent with the reality of the product, as consumers often do not mind paying more for relevant, important items with irreplaceable functions. Furthermore, at other times they avoid consuming something superfluous, no matter how cheap it may be.
So, you need to find the right price, as it will boost sales and profit, and there are many ways to reach that answer, such as a competitive value analysis or a sales balance.
However, special care must be taken with the price during the construction of the marketing strategy, as it is the one that is most directly linked to the company’s cash inflow and this impacts its survival.
Remember that it is very important that the customer is aware of the impact that the product will bring him, and this perception will have a direct connection with the defined value.
3rd of marketing strategies: The square
The square works with the forms of distribution and sale, that is, it deals with how the customer can reach the product, whether through physical means or online; but it also deals with the logistics, visibility and distribution channels sectors.
In short, every type of movement, whether by the customer or by the product itself, must be worked out in the marketplace.
If, in your eyes, the square doesn’t seem to be as important as the other items, you are making a serious mistake !
It’s no use selling an excellent product (or service) at a great price if you don’t recognize where your customer is or if your contact with him isn’t viable.
Accessibility is an essential requirement for a good flow, and the customer cannot have difficulties in reaching the product.
This can be considered the item that most involves “strategy” in a marketing and sales strategy, as it deals with positioning and reach.
4th of marketing strategies: The promotion
Promotion deals directly with disclosure and is where you define how the product will be displayed. Thus, creating his first image and building how he will be seen by everyone, making him recognized for those attributes.
It is essential for “making the head” of consumers and increasing the number of sales.
Therefore, at this stage it is necessary to show people that they need to have the product, even if they do not know it yet.
Therefore, this is the time to spread the brand to all corners, thus seeking its consolidation and recognition, as well as abusing advertisements in the most appropriate media (radio, TV, newspapers, social networks) in order to attract the right customers and stand out from the competition from strategic marketing.
What to do then for good marketing?
Some of these items may seem too obvious and intuitive, but when you take a more critical look, it’s easy to see their complexity and importance.
Given this fact, these topics illustrate different paths, but which have the same purpose: strengthen the brand and win more customers.
The division of the “4 Ps” serves to make everything more visual and noticeable, however, no matter how divided they are, they should always work well and together, as one pillar directly affects the other and, if only one is not well-positioned, the support of your business may sag at some point.
So if your business is struggling, use this strategic marketing tool to identify where the problem is and start drawing up action plans and a marketing plan to solve it.
Also, if you are starting a business in Taiwan, pay close attention to the formulation of each of these topics, as good planning now will only bring good results in the future!