Our next ‘P’ is Place – the place where you sell your products or services. The theory that if you build it, people will come, is not always correct. It is more effective to place yourself where those people shop.
Place refers both to your physical, and your online presence. Both are equally important, and both will benefit from asking these questions:
- Will you be selling from more than one outlet?
- Will you also be selling online?
- Do you also sell through markets or tradeshows? Do you sell through other retail outlets, other than your own?
- Do you use direct selling?
- Only when you answer these questions, and establish your target groups, can you decide on place.
What Is Your Business?
Place is also determined by your industry. Take your ‘physical’ place, for example. If you sell ‘convenience’ products, like takeaway food, drinks, confectionary, newspapers, holiday items, and so on, you need to be located in a convenient location – a place where you will attract passing trade.
You also need to decide where to be active online. The factors to consider here include product, demographic, and cost.
Where Are Your Customers?
Let’s take Facebook as an example. In June 2017, there were more than 2.01 billion active monthly users on Facebook – 17% more than the previous year. So would that be a good place to sell your product? By all accounts, yes it would – but wait.
The most common age demographic on Facebook is age 25-34, and 76% of Facebook users are female. Does that match your target group? If it does, then Facebook is a good place to be. If it doesn’t, don’t waste your money!
We generally recommend defining five to seven clear target groups to determine ‘place’. So, rather than saying ‘mums’, we might say ‘female aged 25-40 in South East Queensland with small children’. You can further define that group by saying they have an interest in healthy eating, or going to the beach, or buying educational toys.
Fish Where The Fish Are
You can then work out where that group goes online, and that’s the place where you should be active. It’s just a matter of fishing where the fish are.
Apart from the obvious social media outlets, you might want to consider online directories. This is a great way to increase traffic to your site and boost your online rankings. Again, this will be influenced by your product and industry.
For most businesses, there will always be more than just one place to market themselves online. A good online marketing strategy will combine a variety of methods and sites, including your own website, social media, specialist sites, directories, blogs, paid search, organic search, and more.