At Thompson and Thompson Management LLC we help you put together a marketing plan that will set the pace for the goals outlined within your business. We guide our clients through a step-by-step marketing process. Below are the 4 P's of Marketing. This is one of the guides we recommend our clients use for effective marketing.
Product refers to the good or service you are offering to customers. What needs does this product fulfil? What frustrations does it address? What makes it compelling to customers such that they will believe they need to have it?
Price is what customers pay for a product or service and it takes into account the cost of production. What is the value of the product or service to customers? Are there established price points for this product or service in the market? How will this price compare with competitors?
Promotion is how you will get the word out about your product or service to your target customers. It includes advertising, public relations, and promotional strategies.
Place refers to how and where your customers will look to see your product or service. It also considers how you will deliver the product or service to them. Will it be in a physical store or online? What will be the distribution channels?
An important part of the marketing plan is establishing the product market appeal. The product market fit list below gives a breakdown of the concept we encourage our clients to use.
Identify Your Target Customer
Use market segmentation and create personas to get a picture of the people you are targeting. No need to be precise. A high-level hypothesis is enough to start testing, and revise as you go.
Make Your MVP Prototype
Create a version of your product to test your MVP hypotheses with your customers. Apply user experience principles to receive feedback and to bring your feature set to life for your customers.
Test It Out to Your Customers
Ensure you are testing with your target market so feedback received will help iterate your product in the right direction. Making your test group answer a survey is a great way to ensure they possess the attributes of your target customer.