How to Market and Why it Matters

Let's get back to basics.

Do you know what your prospects truly want?

Are you communicating that effectively?

It's easy as a small business to open your doors and expect referrals to feed your pipeline. Or believe people will naturally find you. After all, what you're offering is valuable.

Unfortunately, it doesn't work that way. Referrals only go so far. Most people won't find you on their own unless you're selling the greatest thing since sliced bread and have developed phenomenal word of mouth.

To grow your business, you need to market.

• Marketing is how you get people interested in what you offer.
• It attracts potential customers.
• It creates leads.
• It puts you on the map.

If you took a marketing course, you've probably heard about the 4 Ps of Marketing.

Don't worry. This isn't an academic post. It will help you market smartly.

Here are the 4 Ps of Marketing:

Product. What you're selling. It can be coaching, consulting or other services as well as a tangible product.

Price. What you charge and its impact on customers' perception of your brand.

Place. Where do prospects find you?

Promotion. How do people learn about your offer? How do you talk about your offer?

Let's briefly look at each of these.

Product: I often find in my work with small business owners that they offer too many services and focus on the world rather than a defined niche.

How do you create a product or service clients will love?

One easy way to do this is to post a LinkedIn poll. Continuing our stress management example, your poll might ask:

What is your biggest stressor? And list options such as children, work, spouse, money....

Other questions you might ask:

What is the best way you relieve your stress?

Would you be willing to try and then list some options related to your offer such as group coaching, individual sessions, guided mediations....

Asking focused questions like this will help you offer a product or service people want and need.

Price. Pricing is more than a number. It affects how people think about your offer.

For example, I purposely keep my marketing consulting fees affordable, positioning it so it resonates.

This is what I say: "I'm in my encore career. I could retire if I wanted to and am not interested in making a killing. What I care about is keeping my finger in the pie, having more purpose and meaning."

A few pricing questions to consider:

• How price-sensitive are your customers?
• What price are your competitors charging?
• What do industry stars charge?
• What is the lowest price you can charge?
• What is the highest price customers would pay?

And remember, don't lead with fear. You can always reduce your prices if you find you're too high.

Place. Where do your ideal customers hang out? That is where you should be marketing.

Some of my clients initially are on five platforms and unable to do a good job on any because they're spread too thin.

In my case, for example, I focus on LinkedIn because that's where my clients and prospects are. I don't need to do be on Instagram or Facebook for my business.

Place also refers to where you're offering your services. Today, many small business owners don't need an actual office but can market, sell and provide services online. And of course being virtual means your clients aren't restricted geographically. You can serve people wherever you want.

Promotion. This is how most people define marketing. But without doing the other 3 Ps first it will fall flat.

Promotion is how you communicate your product or service's benefits and uses.

It includes:

• Branding
• Positioning
• Messaging
• Offers
• Email
• Search Engine Optimization
• Events
• Content marketing
• PR

Some people include advertising as a subset of marketing. I like to exclude it since i's strategies and tactics are different. Both of course are focused on growing a business.

And here is one other P to consider if you're a service business, say a coach or consultant:

Physical evidence. What are the tangible results people get from your service? Say you're a stress management coach as in my example above.

People may be transformed and able to get a new lease on life after working with you. You want to be patently clear on your results. That is how people evaluate your work.

The 4 Ps of Marketing may seem old-fashioned and yesterday's news. However, like any effective framework, it works.

Using it will make your offer more competitive, better differentiated and more compelling. Done right it will transform your business. Customers will seek you out rather than you're waiting for the phone to ring or an email to buzz.HoH

A Personal Note:

I am taking next week off and will not post next Tuesday. I wish you a wonderful holiday season and a happy, healthy successful new year! Thank you for being part of my life. I look forward to our continuing the conversation in the new year.

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I help small business owners, including coaches and consultants, nail their messaging, branding and marketing to grow their business. Schedule a?free Power Positioning call with me.

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