99% of companies believe that they don’t have enough marketing money to spend. Yet 100% of companies will eventually fail if they don’t spend enough on marketing. So how do you market on a shoestring budget?
I recommend a simplified, but comprehensive approach to your marketing planning. This is often referred to as the 13P’s approach. The first 7 of the 13Ps are related closely to marketing and are discussed here...
- Potential Market- Includes Universe of Customers, Competitors and Stakeholders
- Primary Target Market- who will benefit most from your product/ service
- Position- what unique message are you telling your PTM (primary market)
- Product- what needs, wants, expectations does your product solve
- Price- how much do you charge
- Place- where/how is your product available to its market
- Promo- how are you communicating to your PTM (covers advertising, sales promotions, personal selling, public relations and direct marketing)