Honing in on the Four Ps of Marketing
Many things have changed in marketing over the last year or two, let alone the last ten, and don’t get us started on how things were done 20+ years ago. But not everything has changed.
While the online world has seen marketing evolve with seemingly endless spaces to reach your customers, the fundamentals of marketing still remain as relevant as ever. That is, the four Ps of marketing. And if you haven’t heard of them, you had better keep reading.
Product, Price, Place, Promotion
Think of your marketing mix as a recipe for a cake. You wouldn’t just leave out the sugar and expect it to be delicious, would you? Of course not. Whether your business is big or small, product or service-based, the core ingredients for successful marketing are the four Ps:
Product: What your business offers.
You need to be clear on this one from the get go. Ask yourself exactly what you are selling and why people need or want it. Consider your point of difference — why should a consumer choose you over the competition? This should be clear in your marketing.
Place: Finding the best place to sell.
Place refers to choosing where your product or service will be available and where it should be marketed. Do you sell online only or in stores? Place is about product accessibility and where the customer will first meet your business as well as where they will be converted.
Price: Getting the figures right.
Firstly, you need to get your price point just right so that you make a profit while ensuring it is a figure your consumer is willing to pay. It should present well, too. For example, the odd even pricing strategy whereby your price would be $195 or even $199 instead of $200. You might also want to leave room for discounts and offers.
Promotion: Reaching your tribe
Once you’ve got your other Ps sorted, this one will become clear. How will you promote your business? Social media, email, Google ads? Videos, influencer partnerships, articles? All your promotion should utilise the insights garnered from the previous Ps too.