We are now in the third week of our four part series, “Back to Basics.” I hope as you all read these, you are thinking of how your business and products fit in with everything. We are discussing the 4 P’s of Marketing and have already covered Product and Price. You can click on those links to go back and read the first 2 parts to this series! It’s beneficial for you to read those first if you have not already done so.
This week I will be covering Place; remember to come back next week to read Promotion. You won’t want to miss out on the end of this series because there will be some great tips for you to use!
Place
Also known as distribution, this refers to how you will get your products to your customers. Like every other Marketing “P”, this factor varies with the type/amount of product you carry. If you are a wholesaler, will you have just a warehouse or will you have a store front? Many wholesalers also double as retailers. What is the most efficient way to get the products to your customers, considering time and money? How will you manage your inventory and anticipate future sales? These components, or logistics, are extremely important to consider. By having the most efficient distribution systems, you are in turn making it possible to offer the best quality, pricing, and service to your customer. What will that create? Customer loyalty! 
Also, consider online resources as a way for your customers to access your products. Do you user-friendly, online purchasing? Due to the growth in eCommerce, in most (not all) cases, you should be offering your products online. This is a great time to invest some time into researching your competitors. Please, do not imitate them! It is merely important to be aware of what they are offering to YOUR potential customers! Your website should be appealing and easy to navigate. If your budget does not allow for a professional website, there are many online resources that offer tips/ideas for creating your professional website.
One last “place” question, do you plan to attend trade shows? These are great resources to meet your customers, sellers, competition, etc. Even if you do not experience an immediate return from attending the show, it is a great way to make contacts and to keep up to date on industry trends.
Don’t forget, if you are not currently an FG Market member or if you know someone who could benefit from our services, the FG Market Directory is a great resource for connecting with potential customer’s and informing them about the products/services that you offer!
Danial
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