Season 1 Episode 4
People. Products. Price. Promotion.
Welcome back to the DAC Podcast, I am thrilled that you are here and that you are wanting to grow your business. In this episode we are talking about the 4 P’s of marketing and how we can use that to focus our efforts and find solutions to problems. By breaking down our marketing this way, we can tackle the problem in smaller pieces and keep from getting overwhelmed. Let’s get into the content!
Let’s think about the product’s that you are offering. If you can, I want you to create a list of these and be writing notes beside them. Here are 3 things to think through for each product.
1. Does our customer want this? Or is this a dud product? Think objectively. If you don’t know, talk to your customers! Find out what their problem is. Sara Blakely put on Instagram the other day to sell the problem. What problem does this solve?
2. Does this product offer value? Does the customer get more benefit than the cost?
3. How is this perceived and who are our competitors?
1. What are your sales goals? This goes back to episode 1 and talking about SMART goals. Do you know what price your product should be and what the margin on it is? If you don’t think you’re making money, this may be why. (btw, you can book a numbers strategy session with me if you want to dive deeper into this! Email me at Lydia@dacbalance.com)
2. Do you need to raise your prices? If you have a luxury or high-end good, you may need to. Price communicates to your customers value. You get to decide that.
3. Think about the prices of your products. Make sure that you have thought through the time it takes you to make it, the raw materials you use, the overhead and know how many products you need to sell to meet your revenue goals.
1. Where do you interact with your customers? If this is online, how does your website look? Is the customer able to easily purchase what you are selling? If you are service based, is there an easy way for your customer to know how to contact you and what you are selling? This can be hard, especially if you’re like me and really you’re selling your time and expertise. A lot of fear is behind this especially when you are starting out. I’ve found that anytime that I have fear about a new task or setting prices that if I tackle it head on, it’s not that bad. I’ve had to do this over and over again, and each time I’ve found that actually doing the work makes it less terrifying. Don’t live in fear.
2. Think of other ways that customers can get to your product. Offering a digital download, a podcast, offering your products on different sites, starting an affiliate program for others to promote your product on their website. Think through the delivery process as well. If it’s an online delivery, how can you improve that and put your branding and wording in each step? If you are shipping products, how can you give your customers some joy as they open up the packaging?
How are we going to tell people about these products? We want them to know about it! This could be an entire podcast, but I want you to think about how you are promoting your products right now. Think of all the ways. Are those ways working? I want you to be brutally honest with yourself here. If you are doing something and it’s creating no results, it might be time to find a different way to get the message out. It might be that you don’t focus on social media for your marketing and you start focusing on your net work and current clients. This was something that I’ve had to focus on in my business recently. I’ve been blogging and doing social media for DAC for a while now, and I have yet to have a new client strictly from that. After all, a bookkeeper is someone that you really have to trust! It’s hard to build that trust online. But what I have found is that I have to network and talk to people in person, which is a lot harder for me to do. But that’s what works for my business. Also, put the blinders on. Don’t look at everyone else’s business and what they are doing. It may be that for their different industry, social media is really important and for yours it is not. Think through the clients or sales that you have and see how you got there and how you can do more of that.
Well your action steps this week is to do just this! Think through your products, price, place and promotion of your business and really be honest with yourself. Are you doing what’s best for your business in each category? If you want to dive deeper into your business with me, I would love to do a strategy session with you! I’ve mentioned this a few times, but I want to really break down that this means.
It is a 45 minute call on zoom that will be recorded for you to play back later. After the call neither of us are required to do anything. Before the call, I will send you a questionnaire so that I can get to know your business. My strength is in bookkeeping and numbers, so any information that you feel comfortable sharing will be helpful! I also want you to think of a few questions of where you are stuck on something and we will talk through a solution. I’ll give you action steps to take at the end and hopefully that will hep you grow your business. There is something special about talking with like minded women about something you are passionate about. I’d love to chat with you. I am just starting to offer this and am offering 5 free calls. If you are interested, email me at email@example.com and I will be in touch. If you know a woman who would benefit from this, then please, send this information to her! I will link the information in the show notes so that she can read about it there.
Thank you so much for listening! If you would, please subscribe on iTunes and leave a review, that would mean so much to me! I’ll talk to you next week.