Last month, we discussed Price – how it’s more than just a number, it’s a value statement. As we continue on our marketing basics journey, the next element of our consideration is PLACEMENT.
Placement is really a combination of two things: 1) Position – what is your position within the market, including who your customer is and 2) Place – which generally refers to channels of distribution or where your market can find you? Back in the “olden days” (less than 10 years ago…), this meant your brick and mortar operation. Now, it usually means your website. WHERE does your market find you? Understanding your position and place drives where you promote your business. We’ll talk about promotion next month.
Position is intricate. It calls for a clear understanding of what your product is and what your value (price) is within your given market. Your market is where you do business and a comparison of where you fall within your specific area of focus, for example, catering, rentals or venue. Then, WHO is looking to buy your product? In other words – who is your target market? Knowing the demographics of your market, allows you to position your product within your given market. Demographics or the attributes of your target market – age, geography, income, education, interests, etc. should be clearly defined. For example, we know the average age of a bride is 24.3 years old, groom 27 years old. This also tells us that most likely they have a college degree and are likely working, possibly even having a post-graduate degree. Because SLO County is a destination for weddings (approximately 70% + of brides getting married in SLO County are from out of the area), your target market is coming from out of our area. Do you know where from? Why does it matter?
The more you know about your market, the better you can adjust to their needs, making you a good fit for what they are looking for. This also influences where you will find them, or gain access to them.
The other component of Placement is understanding where your business is within the market. Do you know what your competitors charge, offer, excel at? Your target market does. They’ve checked out your competition and most likely are meeting with them too. Positioning your business with unique offerings, value-added pricing allows you to fine tune what you offer to your market that sets you apart from your competition.
Things to think about right?! Know that at its’ essence, Marketing is simply the right product, at the right place, at the right price at the right time.
Stay tuned for next months article where we will discuss Promotion.
