There are many different ways a company can market its business but there are some essential basics that must be included. Here are the 4 P’s to the marketing mix that should be included when conducting your marketplace.

Product

What are you selling exactly? Without a service or product, there is no business. Once something is created, perfect it to the best of your abilities. Don’t be afraid to reach out for help and get advice. A great place to check out would be the Interactive Marketing group on Linkedin.  Do some research on what works and what are the best possible ways to make improvements.

Price

Have you studied the market? No one will buy your product if your price is set too high, especially if you are not an established business in the marketplace. Find others in the market to compare with yours in order to see what the best market price is. Keep in mind; those may be more established companies, so it may not be a bad idea to price it a bit lower to generate some early leads.

Place

Where will your highest chances of business be? This may not necessarily apply to every business considering many are online based, but it is good to target a specific region or city. For example, San Francisco is very big on technology as well as Silicon Valley. It wouldn’t be a bad idea to do business in these 2 regions as your success rate would but much higher.  

Promotion

When do I start promoting? This is huge in establishing your business. With the numerous channels of social media, there is no reason why you shouldn’t start promoting now. Even if you haven’t fully established your business, create a Facebook, Twitter, and LinkeIn account at the least. These are the best tools to start your promotions and to simply create some buzz about your marketplace!

It’s never too early to start! Get planning with your marketing team to establish the groundwork and figure out a plan of attack for each of the 4 P’s. Be sure to look at the pros and cons of each and determine the best-case scenarios for each one. Sometimes having a lot of challenges is a good thing, as it will require some thinking outside of the box.