10 for £1By joanne | 17th August | Marketing Skills
Markets are where it all started… trading your goods for those of someone else. It was considered a privilege to be granted a licence to hold a market in your town and people travelled from miles around to trade with each other.
And the essence of marketing still lingers on when you visit your local market…
- Product – you receive instant feedback as to whether your product is in demand. The way you display your products is important and you’ll sell more if it’s appealing.
- Price – instant feedback again – are people buying or not? If not, you can change your price instantly. The fruit and veg sellers are fantastic at this and will alter their price throughout the day; knowing they have to move as much stock as possible whilst it’s at its freshest and can demand a higher price.
- Place – Some positions on the markets are hotly contested…it’s all about location, location, location. Where is the highest footfall and which streets attract more of your ‘target audience’?
- Promotion – I love the bustle of a marketplace. Sellers promoting their wares and trying to catch your attention with shouts of ’10 for £1′. As the promotion is verbal, it can be changed many times throughout the day and the regular traders will know which ‘promotions’ or headlines work best
I usually visit the local market wherever we travel in the world and have been impressed by the presentation of products in Spain and France, but the noise and bustle of the marketplace is more exciting in the markets of England and Africa.
This really is marketing back to it’s roots and its worthwhile revisiting what you do in your business – and whether things have become unnecessarily overcomplicated.