Marketing today encompasses a dizzying array of techniques, including market research, branding, inbound and outbound marketing, search engine optimization, content creation, influencer campaigns, and more.

Marketing can seem complex, especially to an executive without direct exposure to them marketing the team. However, there is a simple basis of all marketing that American Marketing Association calls the “four Ps:” product, place, price and promotion.

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A product primer

You believe you've invented (or acquired) the best thing since sliced ​​bread. But before you start a business, use it market research to determine whether there is an actual market for it and whether that market is prepared to pay its price. According to Small Business Association (SBA), “market research combines consumer behavior and economic trends to confirm and improve your business idea.”

Market research can be done by hiring a specialist company, engaging with an online platform or a DIY alternative like Survey Monkey. Here's what you should answer:

• Is there a desire for your product or service?
• Where do your customers live and can your business reach them?
• Are similar options already available and how much do they cost?

Once it is clear that there will be a strong audience for the product or service you intend to offer, it is time to move on to the next “P” – the place.

“Location” of the product

Unless the business you're running is focused on a large e-commerce platform like Amazon, proper business location it is important. For my company, starting our exclusively brick and mortar restaurant as a food truck in Miami, we knew where our customers were and that determined our first physical location – but our experience is not the standard for every business.

The site will revolve around the type of business and the results of your market research. Here are some examples of “places:”

• Home-based — a good place to start a DIY enterprise.
• Retail – storefronts, malls, airports, pop-ups.
• Mobile – for example, a food truck.
• Commercial – for businesses that do not need foot traffic.
• Industrial – for production and distribution operations.

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The price is right

Without an advanced business degree, it can be difficult to analyze all the factors involved in pricing. Only from a marketing point of view, knowing the economic status of target customer is of primary importance. Simply put, how much will the market bear?

Cost containment may be required to earn a greater profit while keeping the price linked to the market. Here are some tips:

• Perform a full cost analysis.
• Negotiate with suppliers for better deals.
• Implement portion/product size control measures.
• Introduce energy saving practices.

Promote yourself

Now for the fun part. Promotion is where creativity reaches maximum impact. The fact is that: “Brands that are willing to take risks and think outside the box are often the ones that stand out in a crowded market.”

When you think of promotion, keys with business logos, signs and signage in general may come to mind. While these can be great promotional vehicles, there are newer and more exciting options. Consider exploring how your business can benefit from pop-up locations in addition to your main location, or offer car magnets to customers and let them be “brand ambassadorsSocial media presence is also essential (and a whole topic in itself).

Here are some specific ideas that can help a business raise its profile on several levels:

1. The gift

Consider donating an item that represents the brand. In our case, this is a taco gift, but it can also be just a rope with your logo. Giveaways should always be an item in the advertising and public relations marketing budget, because nothing creates goodwill like freebies.

Here are four reasons why gifts work:

• Creates brand recognition with an unforgettable experience.
• Can be shared on social media.
• Reach new customers and foster loyalty among existing customers.
• Offers the ability to collect data such as email addresses.

Giveaways—whether an actual product, a promotional item, or the offering of free services—increase community engagement, brand awareness, rapport, and social media buzz. Always use social channels to communicate giveaway highlights before, during and after a campaign.

Connected: Like a contest or a giveaway can attract business prospects

2. Guerrilla campaigns

Many businesses underestimate the value of a proper execution guerrilla marketing campaign. But first, what exactly is a guerrilla marketing campaign? According to Encyclopedia of Small Business Entrepreneurshipit means going after the conventional goals of profits, sales and growth using unconventional means, such as expanding offerings during periods of economic disruption to inspire customers to purchase increased quantities.

It is important to develop a campaign that uses guerrilla marketing tactics in a way that you can measure its impact by applying a combination of quantitative and qualitative metrics. Here's how:

• Set clear objectives.
• Track online engagement and monitor media coverage.
• Calculate the ROI to make sure the money you spent was worth the resulting sales and/or customer engagement.

Here's a personal example: A customer ordered food from my restaurant to be delivered to her home, and when it arrived, raccoons stole it. She recorded the incident and posted it on social media, and she was caught Local News. We worked to get the video uploaded to some of the biggest meme accounts on Instagram and Facebook, and it got more attention than any print ad or TV ad. All it cost us was a $100 e-gift card to the customer to make up for the stolen food.

3. “Old school” PR stunts.

PR stunts used to get a bad rap, but they're becoming more common again – as long as you're ethical about it. or PR stunts it can often be an unconventional marketing strategy that is easy to implement. Before we were a brick and mortar restaurant, we operated a food truck. We got friends and family to line up all day to create the perception of a busy food truck. Promoting the small crowds that filled the truck attracted even larger crowds.

Eventually, the number of fans enjoying the food truck became so great that we had to open a physical location—then another, and another. Now we have become a successful franchise business.

Connected: Does PR actually help increase sales? Yes – Just do it right and be patient

4. Strategic alliances

Look for businesses that are related to, but not in competition with, your product or service to create cross-promotions. For example, look for a partnership with a local sports team. Studies show that 66% of sports fans “forever” take action after seeing a brand sponsor.

For the four P's of marketing (product, place, price and promotion), I would like to point out a “C” – Creativity. Creativity is key in marketing, but don't get too carried away: Always keep the customer in mind and make everything you do relevant to the brand.