Price, Product, Place, Promotion, and Everything in Between

Marketing Overview: Price, Product, Place, Promotion, and Everything in Between

March 5^th 2018

5:17pm

As a small business it is important to market my products and brand in creative ways that will make me stand-out from the crowd. Up until this semester, I was a self-taught marketer, learning from experience and the occasional Pinterest article.

Marketing can be a daunting and risky endeavor, but it is also necessary for a growing business. Here is a little look into ways I market and my interpretation of the 4 P’s of marketing.  

PRODUCT

            My product is the jewelry I make. This could be a necklace, rings, bracelets, or a pair of earrings. It’s important to me that I hand make as much of the jewelry as possible. Besides the actual metal, stones, and certain clasps, I make all of the components of my jewelry.

As a small business it is important to have quality products that give you a competitive advantage over other businesses.

PRICE

            For me price has always been something I struggle with. I have to price my work at it’s true value, but since my immediate market is college students I want to try and keep my prices lower and more affordable. I compensate by using a pricing formula for each of my pieces that includes the cost of materials and labor. I also try to make pieces that use less materials, thus keeping prices lower.

PLACE

When deciding where to permanently display my jewelry I wanted to have it in

areas that were attracting my target market. I also made sure to only display in a couple of businesses in my area to remain relatively exclusive. I currently have displays at the Visions of Vermont Fine Art Gallery, Sterling Ridge Lodge, Frog Hollow, and the Mount Washington Omni Resort. I also sell jewelry online on Etsy.com which allows me to reach a much greater market than I could in person. Because of Etsy I have people from all over the world looking at my jewelry.

PROMOTION

            Social media is my largest source of promotion. I interact with customers through Facebook and Instagram, showing them not only the products but a behind the scenes look at running the business. This also allows me to create more personal relationships with customers. My physical promotion is mostly done through sales events such as pop-up shows and festivals. At my tables I try to include free activities

such as raffles or free stickers in order to attract people who may not be interested in buying currently, but could be future customers. I enjoy shows because I can personally interact with my customers and discuss the jewelry with them.

Ways I Have Marketed

            Craft Shows/Pop-Up Shows- My first step in marketing was actually showing people my work. I started by going to a local craft show at a church. I was so nervous about how people would receive my jewelry and I. After having a successful show, I continued to go to more and more craft shows, pop-up shows, and artists’ markets. The way I handled myself, my displays, and my products were the only marketing I had. At shows people see my pieces, I talk to them for a couple of minutes, and that is how I market. Now that I have a more established brand people often know of Homegrown Jewelry before coming to a show, but for those who don’t I have one chance to entice them to buy or at least take a card.

Social Media/Online Presence- Social Media has been a huge marketing resource for me. I am able to connect with my customers, show my jewelry in different scenarios, and let my customers see what making jewelry and running a business is like. Through Etsy I am able to keep my customers up to date on my inventory and new products. This helps me make consistent sales throughout the year.

Classes-Hosting jewelry making classes gives me a chance to share my passion with others. One of the most frequently asked questions I receive at shows is, “You make all of this by hand?” Teaching classes allows people to become part of the process and feel more connected to my jewelry.

Hosting Events- I have recently started planning art events, on campus and in my hometown. In the Fall I planned and hosted a Small Business Saturday Artisans’ Market in Jeffersonville, VT. This included collaborating with American Express,

local businesses, the Cambridge Economic Development Committee (CEDAC), and WCAX marketing department. I was awarded money from CEDAC to market the event and promote Small Business Saturday. We had local advertisements in Lamoille and Chittenden County as well as state-wide advertisements on WCAX.com. Our ad on WCAX produced a .25% click through rate, compared to the national average of .04%. This event was very successful and we had a great customer turnout. We are already planning for similar events this year.

Creating a Brand- One of the most important aspect of small business marketing is building your brand so that customers easily recognize your work. Your

brand is not only your products but is shown through everything from business cards to social media pages and even how you interact with customers. I also make my vision clear to customers by posting an “about” section on my social medias and Etsy that describe me and the reason behind Homegrown. I try to be as honest as possible with my customers about myself and the brand.