The 4 Ps of marketing are something that you may have heard of but it’s possible that you’re not 100% sure what they are or do. However, the 4 Ps of the marketing mix can make or break your business. If you think they don’t apply to your small business, think again. From small businesses to large corporations like Tesla, fast-growing companies worldwide rely on the 4 Ps of the marketing mix to sell their products and services.
Here’s a brief introduction of what the 4 Ps are:
What are the 4 Ps of marketing?
The 4 Ps of marketing are the building blocks of any sound marketing strategy. They refer to the product, price, place and promotion. If you want to have a result-yielding marketing strategy in place, make sure you take all these aspects into account. A marketing strategy based on only promotion won’t do your business any good. It’s crucial that you understand the individual and collective power of the 4 Ps.
Your product is the commodity or service you’re trying to sell. However, the more important question you should ask yourself is if your product is worth buying. If your commodity is something that solves an existing problem for the customer, they’re more likely to purchase it.
Next, make sure your product is unique. If customers can find easy alternatives in the market, why would they spend money on your business?As a reputable company, you need to give your buyers substantial reasons to choose you.
Is your product priced appropriately? There are 4 major pricing strategies to choose from. Cost-plus pricing is based on your product cost and mark-up percentage. Competitive pricing takes into account your competitors’ charges and uses them as a benchmark. Value-based pricing is based on how much your customers are willing to pay and penetration pricing helps you enter the market at low costs and raise them later.
The third P in the marketing mix refers to the location where you sell your product. You can have a brick and mortar store or be solely based online. Before you decide on a location, find out where your customers and competitors are. This will help you find the optimal place for your business.
This includes the actions you take to drive sales and clicks for your business. Since marketing doesn’t equal advertising, you should focus on all branches of digital marketing, including email marketing and social media marketing, to build brand awareness and target customers.
And if you’re looking for help in this area, feel free to reach out to us. At Mo’Media Mo’Revenue, we provide social media marketing services, SEO services and Facebook advertisement assistance to help you get started. Connect with us for more info.