Traditionally with marketing we have something we refer to as the 4 ‘P’s’ of the marketing mix; product, price, place and promotion. The thing is, when most people think of “marketing”, they are only thinking in terms of the final two P’s – place and promotion. As marketers we’re often tasked with finding the best places (online and offline) to reach our target customers and then crafting the language that attempts to convince the user to purchase our solution (promotion), but we aren’t usually asked to provide meaningful feedback on the product itself and its price point.
The reality is, however, that these first two P’s are going to serve as the most important factors in your ultimate success or failure when it comes to marketing your business. If you have a product or service people truly want or need, and you provide that at a competitive price, you will set yourself up for success. Keep in mind that your customers almost always have several options when it comes to satisfying a need or want and each time they make a purchase decision they are doing so based on the perceived value of the benefits received alongside the cost of obtaining that benefit. Those providing a superior quality product or service at a competitive price will be far better positioned for business success vs. those businesses who offer mediocre solutions at average prices. If you can’t explain to a customer why going with your product or service is their best option, it’s time to hit the drawing board.
It is crucial to pull at both ends — strive to make your product or service superior to your competitor’s in a way that is meaningful to your customer and provide it at a price that makes the alternative option unappealing and you’ll win!