CoatingsPro Magazine

JAN 2018

CoatingsPro offers an in-depth look at coatings based on case studies, successful business operation, new products, industry news, and the safe and profitable use of coatings and equipment.

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Page 24 of 116

24 JANUARY 2018 COATINGSPROMAG.COM Marketing Savvy I t takes more than one ingredi- ent to create a truly delicious dish. It's often the combination of flavors and textures that give a recipe its impact. Such is the case in marketing, whether you are providing offshore inspection services or installing a specialized coating for the manufacturing industry. To build a successful — and profitable — business, creating the right market- ing mix for your company is a recipe for success. What Is Your Marketing Mix? Your company's marketing mix refers to the tactics you use to promote your brand, products, and services to your audiences. e 4Ps of marketing — product (or service), price, place, and promotion — are key factors to consider in any industry segment. As the tools available to marketers have expanded — for both large and small companies — so, too has the level of competition for your audience's attention. Today's marketers now have to focus not just on the original 4Ps, but also people, physical environment, and process. • Product: Your audience needs to know the significance of your offerings, whether it is advanced technology that brings efficiencies, a superior product that can save them money, or a higher level of service that can help move their businesses ahead. • Price: It is important to show the value of what you are offering, be it a service or product, so the cost your customer will pay is easily justified. Even if your product costs more than what customers have previously paid, they should clearly see they are getting more for their money. • Place (or Placement): Are you being seen in the right place? This can refer to physical geography of your operations, but focusing on where you're placing ads, billboards, and participating in industry events to maximize your chances of getting in front of your specific potential buyers is essential. • Promotion (or Presentation): How are you presenting yourself in the marketplace? And are you Images courtesy of Foster Marketing. By Kristy S. Bonner, VP Digital Services for Foster Marketing Build Your Own Recipe for Success

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