While owning and operating Penny’s Pastries I developed a pet peeve that to this day makes me cringe and want to correct the speaker.
It’s all about the difference between cooking and baking. If you're preparing something on top of the stove, that’s cooking. If you're using your oven that’s baking; or I guess you could also roast but that’s not part of the pet peeve.
If someone asks me how long it takes to “cook the cake,” or “cook the cookies” for me it’s as annoying as running out of hot water when you're filling a tub, paper cuts or spending countless hours on a document that you forget to save; it drives me crazy.
If I gave myself the opportunity I could develop an annoyance around marketing plans. But I choose not to because I'm much more interested in making a difference that empowers people.
So often when entrepreneurs talk to me about marketing I quickly realize they are talking about promotion. They are not talking about a formal, implementable strategy tethered to a budget.
Maybe the easiest way to remember that marketing is more than promotion is to think in terms of the Marketing Mix.
The Marketing Mix is a business fundamental that determines your product or service offering. Promotion is but one component of the marketing mix.
It’s old school but the easiest way to remember the components of marketing is to become familiar with the “P’s” of marketing. I personally use 5 “P’s” for the marketing mix but for certain you’ll see formulas that use 4, 5 or 6 “P’s.” I'm also aware of the 3 or 4 “C’s” making up the marketing mix but the “P’s” still work for me and they will for you too whether your business is product or service, online or physical.
The 4 “P’s” that are consistent to the marketing mix are: product, price, placement (distribution) and promotion. I add positioning to the mix; some add; people which is logical.
There’s tons of information available to create your comprehensive marketing documents. Of course look online for templates and discussions. The city or college library remains a wonderful source for marketing books. And don't forget microlenders and other nonprofits focused on entrepreneurship; these folks hold classes on a regular schedule that will benefit you.
And as always don't forget MARGIN – comment and we’ll for certain answer your questions.