First on Race Day

All month long, I’ve been featuring articles I first sent out in my weekly Sound ADvice newsletter and this one was sent to subscribers last fall.  If you’d like to get them delivered to your inbox each week, just send an email to Scott@WOWO.com and I’ll add you to my list of free subscribers.

Marketing, or at least marketing that has impact, doesn’t deal with the world of reality; it deals with the world of perceptions. The perception your prospects have of your business is formed more by feelings than by facts.

A look at market share, for example, may lead one to feel that Heinz makes a better ketchup, and consumers who feel Heinz is a superior ketchup may actually feel short-changed in a restaurant that serves another “cheaper” brand.

The reality is that the ketchup perception is formed more by what kind of ketchup your mom served when you were a kid than by the actual recipe or ingredients in the ketchup.

Died in the wool Ford fans will tell you that Ford is an acronym for “First On Race Day”, while opposing Chevy believers will joke that Ford stands for “Fix Or Repair Daily”. Both sides may try and argue the facts, but more often than not, it’s the emotions that drive the perception.

While your customers want great “value”, their perception of the value you deliver is affected as much by the way your prospects perceive or feel about you as it is about the actual price of your goods or services.

Over time, the perception of your business is a product of the five “P”s in the marketing mix. You must have:

1. The right Product. Is there a demand, or can you create a demand, for what you sell?

2. In the right Place. Location. Location. Location.

3. At the right Price. Does your price match customer perception and is it profitable?

4. Delivered by the right People. Are your people trained to provide customer satisfaction? Can they walk the talk?

5. With the right Promotion. Have you created the right feeling for your business before your prospects are in the market and before they have preconceived perceptions of you or your competitors?

Your Promotional “P” can be the icing on your marketing cake. Just as there are five P’s in the marketing mix, there are another five P’s in effective promotional mixes. Click here to see the Five P’s of Successful Promotions. It’s free!