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Marketing 101

How to Share your Ideas with the World

You have just created the most incredible product, and you know it will revolutionize the world, as we know it.  You cannot wait to share your amazing discovery with the buying public, but you are stuck on what to do next. Tada! Marketing Strategy to the rescue!

The first question to ask yourself when planning a marketing strategy is who will be buying your revolutionary product. This is known as identifying your target market. Target markets can be wildly diverse, with a huge variety of different tastes. What is appealing to teen-age America may not be as appealing to corporate America, and one ethnic groups delicacy could be another’s group’s taboo, so it is important to target your campaign according to these preferences. If you are unsure of your target markets likes and dislikes, market research may be needed.

Once you have selected a target market, you can move on to developing a marketing mix. A marketing mix is made up of four key marketing activities; product, distribution, promotion, and pricing, blended to fit the needs of the target market. Product strategy involves more than simply creating an outstanding product, it also relies heavily on packaging, product name, warranties, and customer service. Distribution strategy relies on getting the customers the products they demand in a timely manner. Promotion strategy is a blend of customer relations, advertisements, and personal selling. Pricing strategy involves setting a price that is competitive in the market and covers the costs of production. Pricing strategy can be the hardest part of a marketing mix, but with effort and research, a fair market price can be reached.

The right marketing strategy can make or break a product, and marketing is as important as the product itself. Always keep your target market in mind for a successful marketing campaign, and to correct problems as they occur, be sure to monitor progress as the campaign develops. Following these basic guidelines will help you in sharing your product with the world successfully.