ADVERTISING ADVANTAGE IN MAKING A ADVERTISING PLAN 2
Author: Joe Hand
When you have finished with reading this article you will have a better understanding of the Advertising advantage in making a advertising plan. As we covered in the first part we were on a trip and were noticing the changes that were being made. If you have not read Advertising Advantage in making a Advertising plan, you can go here to read the first part. https://www.cyourad.com/advertising-advantage-in-making-a-advertising-plan/
For a long time now Advertiser and Marketers have use the 4 P’s but I would like to add one to this and make it the 5 P’s. Lets look at these in a activities in different ways.
(1) Understanding your Market, Understanding your business. Understanding your competition
(2) Your Advertising/Marketing mix
(3) Advertising/Marketing Research. When should you do it your self.
(4) Develop a functional plan
(5). Setting up a plan on when and what to do to the plan
The five P’s are all closely related as you will see as I explain below.
(Product) In the first article I ask you to look at your business and market you are in. If you have done this then have you evaluated your product or service to make it better. Think about your customer. How can you make it easy for them to use?. How to make the product package and shipping easy for you and them to use?. Doing a complete overview of this may be the answer you have been looking for. This could easily become the core market strategy.
(Place) If you’re in the retail business then this is an easy answer. Is your business located in the right locations? Is parking a hassle and is traffic count high. Is the area safe for your customers? Now if you are not in the retail side and you are in distribution Then how are you getting your products to the customer at the right time. Look at your operation from the strategy and from the vantage point. How the product gets to the customer
(Pricing) The price will have to be a decision you will have to make based on several factors. Somewhere between what will the traffic bear and what it cost you. Here is where advertising and marketing cost comes into play. So you will have to make a decision on where you have less quantifiable factors. What factors do your customers consider important to them. Quality or quaintly. or you can look at value in cost. How does the pricing effect your image and product. If you under priced your service when you wish to be perceived as prestigious could be dangerous. You can make a huge difference in your advertising strategy. You can work with your accountant and others advisers to establish a pricing strategy.
(Promotion) This is the last of the original 4 P’s. Which promotion should you use? Print Advertising, Media Advertising, Publicity, what ever you use you will need to bring your customer to buy. In later articles I will cover many way to get your customer to buy. What,When and how long should the plan run.
(Persistence). This is the easy one keep working the plan. Keep making all the changes.
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