Marketing 101: the 4 P’s of Marketing
Before you can dive into the different sub-categories of marketing, your company needs first to understand basic marketing concepts like the 4 P’s of marketing. You may have heard the term in passing or while brushing up on your knowledge of marketing. If you haven’t, you’re in luck; we can assist.
Although the 4 P’s of marketing sounds like advanced stuff, it is essential in every business’ success. No matter the size. However, smaller businesses can leverage it a bit more than others. In the following sections, we’ll break down the 4 P’s of Marketing, what they mean to your start-up business, and how to implement them like a pro!
What Are the 4 P’s of Marketing?
The 4 P’s of marketing, also referred to as the marketing mix, was made famous by Neil Borden in the 1950s. He drummed up the idea to help marketing teams overcome the physical barriers that may hinder a company’s sales growth. Although it is an older marketing concept, the 4 P’s of marketing still prove to be mighty relevant and useful in today’s industry. They represent four fundamental pillars that any successful marketing strategy possesses. They are product, price, place, and promotion.
The reason these four pillars are so paramount is it’s believed that when implemented, they can result in higher overall sales. Unfortunately, boosting your sales isn’t always that easy. Think of the marketing mix like a chain-link fence, with each p interlocking with another. When used together, they strengthen your marketing strategy’s foundation, ensuring that they reach and engage your target audience.
Now, let’s take a look at what the 4 P’s of marketing stand for.
The 4 P’s of Marketing
What you’re selling. This can be a physical good, service, or software.
Your company’s product is the first and arguably most crucial ingredient in the marketing mix. Without it, you have nothing to sell or advertise. It relates to a physical good or intangible service that fulfills consumer needs or needs or wants, and it can be anything, from a mobile app, cosmetics, a consultation, or a subscription-based service.
No matter what product or service you’re peddling, you must take the time to understand what your product is and what sets it apart from your competitors before you can successfully market it.
The best way to gather this information is to ask yourself questions such as:
- What does my product do that no one else’s does, or does my product do things better than others?
- What problem does my product solve for consumers?
- What message does my brand or package convey?
If you reflect on these questions and come up with nothing, it may warrant you revising your product and or branding.
How much consumers are willing to pay for your product or service?
With the price, you have to consider how much you want to charge your customers for your product. After all, you can’t just give it away; you need to make a profit! Before pricing your product, you need to define what kind of brand you are. Do you want customers to revere you as a cost-effective option, or do you want your brand to be synonymous with luxury?
The answer not only factors into how customers see you and how much money your company will make, but it also factors into the language you use in your various marketing campaigns. The goal is to come up with a price that’s attractive to customers and increases your sales.
As you dream up your perfect price, consider the following:
- The actual cost of material and labor
- Competitor prices
- Supply and demand
- Market fluctuations
Where can your ideal customers find your goods? Where are you promoting them?
No matter what industry your company serves, one of the most critical aspects of marketing is determining where they should sell their product and how it should be delivered to the market. However, one mistake companies often make is trying to get customers to come to them. The trust is you should be going to them.
Just like with real estate, it’s all about location, location, location, i.e., where and how your customer gets exposed to your product. This means how visible your product is in the physical or digital marketplace. The key to growing your clientele is learning where your ideal customers frequent and building your presence there. It would be best to consider how to make it easier for your potential customers to find you.
As you’re considering the ideal place to market your product, look within:
- Where is your customer?
- Where are your competitors?
- Which platforms or channels (online and offline) are best for selling your product?
- Do you sell to businesses or consumers?
How will you highlight your brand and product? How will your future customers learn about you? What strategies are you implementing, and are they successful?
This p is the favorite for most marketers because it allows them to flex their creative muscles. After you’ve defined the previous three p’s, the final step is to promote your product. Contrary to popular belief, promotion isn’t just about publicizing and advertising your product. It encompasses any interactions your company has with its audience. That means actively communicating with your customer base.
Promotion is where you develop your brand voice if you haven’t defined it already. Ask yourself what message will best resonate with your audience or how can you best promote your product? A few examples of those interactions include building brand awareness through jingles, influencers, and sponsorships and increasing your social media presence.
To best promote your product or service, other questions you should ask yourself include:
- Which channels does your audience use most?
- What kind of message is most impactful for promoting your product or service?
- What concerns or challenges will you have when promoting?
- How are your competitors promoting their products?
How to Use the 4 P’s of Marketing
While the 4 P’s of marketing are a concept that got developed in the 1950s, it is still a relevant tool. It is essential in helping businesses differentiate themselves from competitors. Each company has something unique to offer, and the best way to unearth that truth is by using the marketing mix. It is crucial to clearly define your product, price, place, and promotion to develop a successful marketing strategy that grows your business.
The first step is for your team to answer the questions suggested in each p and others like it. The answers you discover while evaluating your business and product will inform your team of the perfect balance needed to help you effectively build or tweak your marketing strategy.
Joseph Studios: How We Can Help
Incorporating the 4 P’s of marketing will give you insight into the best strategies for reaching your customers and sparking measurable growth. As an intelligence-based digital marketing agency, we understand just how vital having a strong foundation is to a business’ success. So much so that we at Joseph Studios offer our expertise through customizable, subscription-based packages that cover social media, SEO, email, and content, and PR.
If you’re interested in partnering to create something great or want to learn more about our services, feel free to contact our team anytime!