In this day and age, how a business markets itself and it's products to consumers is crucial. We've come up with a few easy-to-remember words that will have you become a marketing pro in no time!
When it comes to running a business, it can be argued that nothing matters more than how you decide to market yourself to your target audience. With app lists growing longer and attention spans getting shorter, it’s safe to say that this is no easy feat!
With this in mind, we bring to you what we – and some other really smart people – call
The 4 P’s of Marketing. Your mum may have always told you to eat your P’s when you were younger, but we’re asking you to learn them instead!
Product The first of the four P’s of marketing is Product. As most of you will already know, a product is defined as either a intangible service or tangible good that fulfils a need or want of its consumers.
You could be selling ice cream down the road or air conditioning to major building companies, it doesn’t matter as long as you have a firm understanding of what your product is, what it offers, what users can expect to gain from it, and how it is distinguished against similar products that already exist within the marketplace.
PriceThe second of the four P’s of marketing is Price. A high or low price point of a product can make or break it, therefore, establishing the price around the product you will be offering needs to be well thought out and implemented.
Price will determine how much profit will be made, how much supply is produced, what the demand will be within the market, and how the product will be advertised to the market.
PromotionNow that you have the product decided and a price sorted, it’s time to introduce you to the third P of marketing, Promotion.
Promotion not only talks about how the product is advertised, but also communicates to its consumers how to use the product and how it should make them feel while doing so.
Firstly, it is important to establish what type of promotion you think will be the most beneficial. The types of promotion can vary from social media marketing, email marketing, video content, TV advertisements, using a PR company and many more.
Each category needs to be well thought out and positioned correctly with the product in order to make the most out of it and achieve your business goals.
PlaceSince we are nearing the end, the last P of marketing is absolutely crucial if you want the first 3 to work, and that P is Place. It can be amazing to know exactly what your product is, what it’s going to sell for, and how you’re going to sell it, but it could all be a waste of time if you don’t market it in the correct environment.
If you’ve ever heard of the saying ‘Right place, Right time’, you’ll know exactly what we mean. There is no point being a mobile phone producer like Apple and trying to market your product to an audience who still uses landlines… (not that we know any but hey, there’s a bit of nostalgia for you!)
Our advice? Start off by evaluating why the product was built in the first place and for what audience, then think about where that specific audience is most likely to go to look up such a product. Is it online? Is it in the local newspaper? It’s all about getting your audience aware of the product you are offering and why they may not only want it, but need it.
Now, I don’t know about you guys, but learning those 4 P’s has brought me far more satisfaction and happiness as an adult then eating them ever did as a child, so if it did for you too, then you are most welcome.
Thanks for reading and don’t hesitate to check back in from time to time and see what other advice we have to offer. Until then, P’s out.
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