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The Four Ps of Marketing
Marketing isn’t easy, and without a proper marketing plan in place, your company may suffer. The main ingredients for a successful marketing campaign are the four Ps. These essential marketing items are the product, price, placement, and promotion. To provide a positive experience for your customers, it is in your best interest to ensure that each P works with all the others.
It takes a lot of work and effort to determine what customers want and need, as well as identifying their shopping habits. Once these steps are taken, you will then need to produce your product, find the right price point, and promote it. All of these actions must be taken together to avoid problems. Let’s explore the four Ps of marketing, determine what they are, and how they work together.
Product
Your product is the heart of your business. It is near and dear to your heart, and if you’ve done your homework, it’s something that is unique to the market, allowing it to stand out from the rest of the competition. The challenge with any product, however, is remaining distinct and unique. From a product perspective, it is best if you have a solid understanding of what customers are looking for in regards to benefits and features.
It’s also imperative that you learn how they will use your product, that way you can make sure the product you’re offering fits their wants and needs. If the product doesn’t fulfill a need, it won’t be likely that customers will purchase it. Perform market research to have a good idea of ways your product will be used.
Price
Of course, your product is only going to sell if you set the appropriate price point. Your business will want to use production costs, projected fulfillment, and other key metrics to determine the proper price for your product. Make sure you are conveying the quality of your product to customers when considering the initial amount of your product. At the same time, do what you can to keep in mind how the price you select, along with costs of manufacturing and production, will have an impact on your product in the long-term.
Placement
In today’s market, placement is no longer simply about identifying the appropriate retailers or best locations. There are now many other channels and outlets to give consideration when thinking about your product placement. Where is the area with the highest foot traffic? Which retailer is showing growth and expansion? What businesses does it make the most sense to establish a partnership with?
These are all questions you will want to consider when it comes to product placement, but you’ll all need to think about the digital aspect of marketing. Will you want to have a social media campaign? Ensuring your product is in a spot which will gain traction and attention in the market is the key to successful product placement.
Promotion
With the continued growth and immersion of our lives into social media, it only makes sense to promote and market your product online. This means that your product marketing needs to be multi-pronged, something that did not require as much attention in the past.
Nowadays, customers want to see the product first-hand. They want to interact with it, ask questions about it, get answers about it and learn more about the brand, all from the comfort of their home. Provide high-quality videos and content to your potential customers, and they will reward you with their loyalty.
Take time to understand each of the four Ps and how they can make or break your marketing campaign. Have a strategy for each ingredient, and focus on trouble spots that may disrupt a successful product. Pay close attention to the four Ps of marketing, but also consider other marketing resources which can accentuate and highlight your product. For more information on the four Ps and other marketing tips, subscribe to DFY now!
About the Author Jim Keys
Currently, I am working with other entrepreneurs and new business startups on challenges they encounter by sharing my experience and knowledge, and through coaching and mentoring when opportunities arise. I enjoy helping others fine-tune their operations and succeed in business and life.