The foundation of your marketing efforts are centered around the 4 P’s of Marketing: Product, Price, Place, Promotion. This will help you define your product or service and the problem you solve, identify your customers, how to reach them, and what price point to consider.
Product, Price, Place, Promotion
The 4 P’s of Marketing, or also known as “The Marketing Mix“, is the way marketers decide who, what, when and where to market to. Originally proposed by E. Jerome McCarthy, it became widely accepted as the framework for marketing decision-making.
Product (or service)
Your product or service is the SOLUTION to your potential customers PROBLEM. The solution may save people time or money, be a better version of an existing product, be brand new and innovative, provide entertainment or leisure, etc. The customer wants to receive something of value, feel confident in their purchase decision – and not only in the product, but the company.
Price
If your product or service exists in the market already, do some research and learn what competitors are charging. Are they offering the same exact product, a bundled deal, extra customer support, faster shipping or customization? Just as no two houses are the same, because of location, layout, size, features, etc. Learn what your competitors are doing right, and use that as a guide to price your offer.
Place
The ‘where’ of marketing. Now you may think it’s where you advertise the product, but that’s the second half. The first half is where the product is available for sale. Online, In-Store Retail, Delivery, etc. Now let’s figure out WHERE these potential customers research, compare and decide which product or service to meet their wants or needs.
Inventory, Logistics, Delivery
It’s important to understand how your product or service will be delivered. How many can you sell on-time while still meeting the customers’ expectations? Be careful of over-promoting without first having the proper inventory, staff and systems in place.
Promotion
Finally, the last P of the 4 P’s of Marketing. Whew. The promotion stage is what most consider advertising and marketing. It’s the message, value proposition, channel distribution and overall strategy of the campaign.
Message Strategy
How do you communicate your value offer to your target market? You can think about the stages of the buyers journey: Awareness, Consideration, Decision.
Awareness
The customer becomes aware of a problem. They begin researching and learning more information about potential solutions. They may be reading articles and blogs, watching videos and finding resources. Some may watch how-to videos, and think about how they can upgrade or improve their current solution.
Consideration
Prospects have now done their preliminary research and are considering what options, tools, or devices will meet their wants or needs. They will watch demo videos and learn how other people solved a similar problem.
Decision
Now the prospect will consider reviews, ask family and friends, and compare between brands. It’s their chance to understand the pro’s and con’s of the possible solution, and decide on the option the best meets their needs.
Putting 4 P’s of Marketing Together
Your PRODUCT is the solution you offer to prospects. While offering a competitive PRICE, you provide the product or service in the PLACE the customer expects to receive it. Knowing WHERE your customers researches the solution; you position your message, branding, and promotional sales strategy to the target market.
Need Help With Marketing?
If you want professional assistance creating a marketing campaign focused around the 4 P’s of Marketing, contact us a Focused Business Solutions. We provide websites and marketing for new and growing businesses. It’s easier now more than ever to start and operate a business. With free and low-cost tools, one-person can run an entire business. We can guide you every step of the way.
