WHEN MARKETING THEORIES CHANGE

The 4P approach is the most popular Marketing Model that businesses have been following for at least 60 years. These are namely: Place, Product, Price and Promotion.

Today, businesses are forced to move away from the 4P approach. Research shows that marketing trends have changed profoundly. The shift is a necessary one if you are an entrepreneur and want to keep up with your clients’ needs and wants.

Place – This no longer only refers to a physical place where you conduct business. Social media and online networking makes an online presence a necessity. A physical presence therefore becomes less important. Most businesses no longer rely on client walk-ins to generate income.

Product – Generally, services have always been harder to market than products. Consumers are more inclined to pay for something tangible that they taste or feel. When offering a service, you must help potential clients see how your service will benefit them in a way that is tangible. As an example, I don’t sell policies to my clients. They pay me a fee to provide advice and put processes and plans in place. Which in turn ensures their standard of living.

Price – Even if you are just starting out as an entrepreneur, you most certainly are already a consumer. This will have made you aware that value for money is often more important than price alone. The way you package your service is imperative.

Promotion – Advertising is expensive, particularly for businesses with a turn-over of less than R10 000 000 per annum. However, a well-managed online presence will most likely result in repeat business as well as generate referrals.

Northwood Financial Services CC offers a business coaching service to entrepreneurs. For an obligation free meeting, do not hesitate to contact us.