The 4 Ps of Marketing
Way way waaaaaay back in the early days of marketing, long before the internet was around, advertising companies followed a concept called the four Ps of marketing. Now you might think something that was invented back in 1950 isn’t relevant in todays world of digital media, but the truth is, it’s by not following some of the traditional tried and tested methods that many marketing campaigns fail.
The basic concept of marketing, whether you’re doing an onsite, digital or print campaign, is to simply put the right product in the right place at the right time, for the right price, so the right people see it. Sounds simple doesn’t it? Let’s break it down even further.
P is for Product
Be specific about what are you offering. Define one single product or service that you provide that meets your customers need and solves their problem, making it so compelling that the consumer believes they need to have it. Work on the product description using some of the techniques previously explained in the “Marketing Mind Tricks” blog.
- What does the customer want from your product?
- What features does it have that meets those needs?
- How and where will your customer use it?
- How is it different from your competitors?
P is for Price
Regardless of how awesome your product or service is, if the price isn’t right, the product won’t sell. Especially in the current age of smart phones, consumers are much more capable of doing that extra bit of research to make a smart purchase. Put the time and effort into researching the best price for your product, remembering that more expensive doesn’t always mean better quality, and very low cost often signifies budget quality.
When you are determining the standard sell price of your product or service, also take into account any seasonal discounts you might like to include at different times of the year.
- What’s the value of the product to your customer
- Are there already established price points for similar products
- Can you offer trade or other discounts
- Where is your price in comparison to your competitors
P is for Place
Regardless of whether you are selling a product in a store or purely online, the place where your customers can find your product is critically important. Your customer simply won’t spend a lot of time searching the internet, or browsing your shelves – they want the easy option.
Determine where the best placement options are for this particular product making it easy for your client to make a quick purchase. This may include upgrading your website for online sales and linking this through to google merchant and ebay, or doing a window or counter display in your shop.
- Where are your customers looking for your product already?
- Would it help to affiliate with other stores to stock your product?
- Do you attend expos or trade fairs?
- What are your competitors doing?
P is for Promotion
In the old days this was mass media marketing, but other elements include Instore Sales Promotions, Telemarketing, PR, Direct Response, Digital, Social Media, Emails, Website. The list is endless so don’t just dive in without having a strategy in mind. Have a clear idea with some specific numbers on how long your promotion should go for, how much you are willing to spend, and what you want to acheive as the end result. Then do some research on where your customers are spending their time and where your competitors are spending their advertising dollar. Don’t be afraid to run a couple of small test campaigns to give you some trackable ROI.
- Where and when is your target audience most receptive?
- Seasonally, when is the best time for you to promote? eg: Tax accountants traditionally use EOFY.
- What is your budget?
- What is your defined goal?
If you follow this marketing mix, it should help you define the elements for successfully positioning any new venture, allowing you to optimise your impact with your target audience.
This article contains my opinions, based on many years in the printing, marketing and advertising industry.
Graphic Artist & Designer