Rethinking the 4P's of Marketing for the Covid-19 Era: Product, Price, Place and Promotion
SCORE Rhode Island’s on-line seminar on rethinking marketing in the Covid-19 Era laid out advice for small businesses on the so-called 4Ps of Marketing: Product, Price, Place, and Promotion. The seminar offered helpful advice on adapting to new audience behaviors, tailoring products to new needs, plus pricing, social media, and channel selection in the COVID 19 era.
The web seminar was hosted by SCORE RI chapter co-chair Rochelle Blease and featured advice from two marketing experts who offered tactics to adapt to the new COVID 19 reality. An on-demand replay of the web seminar can be found online by clicking here. A downloadable Rapid Action Plan called Adapting Your Marketing to Covid-19 is also available with the recorded seminar.
On adapting your Product offering to new realities, Taylor Butts of KSA Marketing recommended that small businesses shift flagship products to adapt to new consumer behaviors, such as creating at-home self-care and activity kits. For instance, he cited examples of spas offering at-home spa kits or restaurants offering at-home meal kits.
Being present on the web, of course, is critical in this environment. Small businesses should look to partners who can help them gain visibility, and move products on-line where possible.
Rochelle added that markets will not likely revert to the way they were in the foreseeable future. Instead many current behaviors will persist. So look for ways to build product offerings – such as subscription services – that will last.
Pricing needs to reflect the realities of the new business models, such as the cost of shipping and packaging. But Taylor says that customers will often understand price changes as long as they are adjusted openly and honestly.
Of course, the concept of Place needs to change in the face of new regulation and consumer safety concerns. There is a wide variety of social distancing measures available such as one-way aisles, call ahead appointments, contactless payment, and drive-through pickup. Protecting your staff, Taylor says, is not only important but also reassures your customer.
And of course, “place” is becoming increasingly digital. Taylor offered advice on which digital platform is most popular with specific types of audiences and most appropriate for certain types of products.
Finally, marketing strategy author David Bradley reviewed a range of push and pull advertising and Promotion channels and their applicability to various audience and product scenarios.
There was far more material than can be covered here, so for a full report, check out the recording of the web seminar recording online by clicking here. If you find this web seminar helpful, three more seminars on marketing for small businesses in the COVID 19 era are scheduled for the weeks ahead. Go to https://ri.score.org/content/take-workshop-161 to learn more or to register.
As always, SCORE volunteers are available to assist you. Feel free to reach out to your local SCORE chapter at www.score.org or call 401-226-0077.
For more than 50 years, SCORE has helped more than 11 million aspiring entrepreneurs and small business owners through mentoring and business workshops. More than 11,000 volunteer business mentors in more than 300 chapters serve their communities.
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