2017 Analysis of United States Households
Hope all is well and you are having an awesome day. It seems to me that we usually approach Marketing or overall business from a micro-level which definitely works but something that I try to focus on is the obvious factors that we tend to ignore.
Globalization has definitely made the world feel smaller but let’s look at some amazing examples of United States alone. Two great videos below that explain what 100$ means in each state and respectfully, what it takes to be apart of that highly exclusive 1%.
I did not make these videos but they are made by some trusted sources. My goal with sharing these videos are that, we should realize that everything happening in other markets are creating a ripple effect; if it is happening on certain states, don’t be surprised when the same patterns shift over to other places.
How much 100$ is worth in USA?
The 1% in United States?
My conclusion after watching these videos should be similar to yours; you should understand why your products are much more successful in certain states verses others (I truly hope these videos provided some value – even if you knew this information, at least now you can confirm what you already know).
Let’s finish off with something cool.
You guys should know this guy Neil Borden!
He popularized the 4 P’s that are involved in great marketing
“The four Ps are the categories that are involved in the marketing of a good or service, and they include product, price, place and promotion. Often referred to as the marketing mix, the four Ps are constrained by internal and external factors in the overall business environment, and they interact significantly with one another.”
The 4 P’s are: Product, Price, Place, Promotion
You can see how the two videos above are so related to what Neil spoke about over half a century ago. Understanding how your product’s price works in a certain location, you can create the most accurate promotion for your brand.