As a business owner, there is so much that could be done in marketing, but sometimes so little time to do it. Don’t you wish you could just snap your fingers, and it could all be taken care of? Well, it’s not quite that easy. But there is a neat and tidy, 4 P’s of marketing that covers the basics! To make sure you check all the necessary boxes to run a successful marketing strategy, we wanted to walk you through them.
The 4 P’s of Marketing is a mix concept introduced by E. Jerome McCarthy, a professor of marketing at Harvard University during the 1960’s. It is specifically designed to allow businesses to reach their customers effectively and pointedly. The idea is to define the 4 Ps to boost your chances of having a successful business.
Define your product. This may seem trivial, and you may be thinking “Well… my product is my product, what else is there to say?” Go deep into the layers of its existence. Analyze its purpose, its design, its functions, its packaging, its use. Determine the absolute best way to encapsulate what you are offering. The more you boil it down, the easier it will be for your target to instantly grasp what it is. Check what your competition is doing: what is good about their products, what could be improved, what specific need from your target your competition is not answering through their products yet?
You could have the best communication plan in place, if you don’t have the right product, you won’t go anywhere.
Is your product a bit technical or revolutionary? Make sure to show your target how to use it. Lots of tech companies have user onboarding videos or pop-ups that are really helpful for their users, for example.
Set out a pricing strategy definition. How much should your product be to attract customers? How much should it be to generate a comfortable margin? What is the competition doing? Is the perceived value of the product aligned with the pricing strategy. You may want to seek the help of a marketing consultant for this step.
To get you started, think of which value proposition you want to be offering to your customers in relation to what they can be getting from competitors:
- More for more Higher price for an upscale service. Getting your money’s worth
- More for the same Same price for an upscale service. You feel like you’re getting a deal
- The same for less Low price for the average service. Like Wal-Mart, not necessarily better, but at a lower price.
- Less for much less Low price for subpar services. Think of choosing a Super 8 Motel over the Fairmont.
- More for less Low price for upscale services
Each of these positions will have its own target market, and needs to be planned for accordingly.
Master plan your distribution strategy. Where should you sell the product? Online? In store? Through partners? What is the competition doing? Where are there opportunities on the market? Depending on the industry, product, target, it can be a mix of all the above. Business owners need to define which channel or channels would generate the best awareness and conversions.
Make sure to choose distribution channels that are consistent with your positioning. Are you a sustainable slow fashion online shop? Platforms like Amazon might not be right for you for example.
Whatever channel you are using, you also have to make sure your branding is always consistent.
What is your communication strategy? This is your great big bullhorn to the masses! So make sure it’s what you want them to hear. What kind of messaging to use to reach the target? Which channels to use? If you’re not sure which channel is best, this is another area where a marketing consultant, or digital marketing consultant services could come in handy! Explore your options of social media, SEO, print media, a town crier… whatever works! For more details on social media advertising, take a look at our blog.
When marketing your product or service, each of these pillars needs to be carefully planned and researched for them to work harmoniously. A comprehensive outline and game plan for all of these components will help you differentiate yourself from your competitors, and make sure that the right people are seeing what you have to offer. The 4 P’s of marketing are here because they work. Have a marketing consultant help you through them, and you’ll be properly positioned in no time!
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