How an Effective Marketing Mix can Increase Profits
(Part 3, Place & Promotion)
In this third segment of the four P’s of marketing, we will cover place and promotion. These two segments are intertwined and should be covered in one blog post.
The place is where your sales are located, also known as the channels of distribution. Promotion includes selling, advertising, sales promotion, and public relations.
During these chaotic times, businesses are exploring new channels to sell their products and services. Governors are reimposing the stricter guidelines that were in effect a few months ago. This pandemic will be with us for several more months and businesses will have to adapt and overcome these conditions.
Depending on your type of business you may need different tactics to distribute and promote your product or services. If you are a B2B (business to business) supplier your strategy will require a different approach than B2C (business to consumer) sellers.
B2B distribution in most cases is not done from a retail location. The driving force has been personal selling which is becoming more difficult. Customers and prospects are not receptive to cold calls in this climate. A customer service center with knowledgeable personnel who can sell will be more effective. You should have a website that customers can go to review your product-line, and established customers can place reorders. The most effective way to have potential buyers go to your website is by email promotions. If you don’t have email addresses you can purchase lists online at a low cost. Unlike B2C you have a finite universe to sell to that can be managed with direct marketing. Trade associations that your customers may be members of are a great place to start. You can advertise in their publications or be a guest speaker at one of their events.
B2C sellers whom many have brick-and-mortar locations may have to reevaluate how they will conduct business to survive. Retailers should consider using social media to promote their wares. There is a void forming in the marketplace, the big chains are closing stores and some like Lord & Taylor are going out of business. https://moneywise.com/a/chains-closing-the-most-stores-in-2020
Aggressive retailers can use this as an opportunity to fill this vacuum. Marlton True Value is an example of a local retailer who is flourishing. They have a knowledgeable staff who are there to answer questions. The pricing is competitive, a complete selection of products, a convenient location in a strip center, and curbside pickup. This is an example of why shoppers don’t go to big box stores.
In closing, we are all creatures of habit, and some businesses are thriving, because they have revised their business model. These changes may include pickup and delivery options that make life more convenient.
I really enjoy the blog post. Really thank you! Much obliged. Cacilia Alexandros Nedra