You’ve probably heard of the 4 Ps of marketing before. At first glance, it seems like such a straightforward concept, right? All you need to do is figure out what product your target audience needs, what price they’d be willing to pay, what place to sell it from and what promotion strategy to use, right? On the contrary, there is so much more to it. While most people assume the 4Ps of marketing only apply to large corporations, large corporations aren’t the only ones that stand to benefit from this concept. In fact, the smaller your brand, the more vital the 4 Ps of marketing become.
What Are the 4Ps of marketing and what do they mean?
Marketers refer to the 4 Ps of marketing as the four pillars that form the foundation of any marketing strategy.
The 4 Ps of marketing are product, pricing, place, and promotion.
- The product is what you sell to your target audience. Anything that satisfies the criteria for either service or product is acceptable.
- You should consider your pricing strategy and how it affects consumer perception of your organization.
- What marketing channels do you intend to use to promote your products or services? Once your target audience hears about your brand, they’ll probably want to learn more about it. Where will they acquire this information from?
- How will potential customers learn about you? Do you use any particular marketing strategies and, if so, how effective have they been so far?
The most challenging aspect of this is putting the 4 Ps of marketing together in a way that allows them to complement each other. Once you find a recipe that works for your brand, you are more likely to build a marketing strategy that works.
In the following sections, you will find examples and explanations on how to apply the four Ps of marketing to your own business.
You might be selling a physical product, a digital product, specialized services of some kind (including freelancing, consultancy, paid speaking engagements, counseling sessions or even website building and maintenance). Regardless of what your product is, it’s important to package it in a way that will appeal to consumers.
If you want to be successful, your product must stand out from the crowd. The most effective way to make your product stand out is to highlight a particular pain point that it addresses and explain its unique selling point. Whatever you do, your goal must be to differentiate yourself from the competition. If you don’t do that, you will look like just another brand with an unoriginal product and success will be hard to come by.
It is critical for your target audience to walk away with an understanding of what distinguishes your products from those of your competitors.
Another way to ensure that you’re selling a valuable product is to make sure that it accomplishes the basic functions that you built it for perfectly. Once you’ve perfected the basic functionality of the product, then you can add all the bells and whistles. Focus on the elements that you must have first before you focus on those that would be good to have.
A good way to develop a product that consumers will appreciate is to collect feedback about the product as your customers start to use it.
With consumer feedback, you can go back and tweak any areas of weakness in your product. A good way to collect consumer feedback is through polls. If you’re just getting started with polls, open-ended questions like the ones below can be helpful.
- What is the most pressing problem you are now dealing with? This will give you a general notion of the problems your product should be capable of solving.
- Is there something about a similar existing product that you particularly like? If so, what is it? The answers to this question can help you identify competitors and figure out how to build a bigger and better product.
- What drew you here today? You can use this data to learn more about your website’s visitors.
- What can we do to improve the product quality? When this strategy is applied, it is easy to obtain candid feedback on your product. Consumer feedback of this kind is valuable because it can help you make improvements before your existing consumers start getting frustrated with features that don’t work well.
Collecting feedback as you develop your product will also help you to understand what features truly matter to your target audience. In this way, you can develop features that your audience values instead of wasting money on features that only matter to you. After all, it makes no sense for you to spend weeks and weeks producing something that no one will use.
Your “price” is the amount of money you charge for your products or services (or service). It’s important to maintain a fine balance with a price that your target audience can afford and one that will help you make a profit.
As you can imagine, selecting the “correct” price can be difficult.
How to Set the Correct Price for Your Product
It’s crucial to think about pricing ahead of time, especially if you’re in a crowded market. After all, in a competitive industry, your price also needs to be attractive enough to give potential customers reason to choose your product over your competitors’ products.
If your market is already saturated and you are a latecomer, you should lower your rates (ideally, you should offer the lowest price). If you’re entering a market that isn’t that crowded, then you have more room to experiment with the optimum price – one that will sustain your business and attract new customers.
Consider the following questions to arrive at the best price for your product:
- What is the bare minimum price that you are willing to accept for your goods?
- What is the most money that buyers are comfortable spending on a product of this kind? What do industry trends indicate?
- Is your clientele particularly price-sensitive?
- What are your thoughts on the pricing strategy of the current market leader in your specific niche?
- What is the pricing disparity between you and your competitors?
Place refers to the venue or platform where you’ve set up a store – whether physical or digital – to sell your products to consumers. Keep in mind the places where your potential customers spend their time. Waiting for people to find you will not get you anywhere. Instead, you should identify the places where your customers are and go there.
Guidelines for selecting the most appropriate place
Make a list of the platforms and sites where you’re most likely to find your ideal customers, and then try them out one at a time.
Google is a useful tool when you’re trying to figure out where your target customers are hanging out. For example, you could target people who are attending a specific event or conference. Let’s assume that you’re selling website development services and there is a small business convention going on in Salt Lake City, Utah on the weekend of November 5th, 2021. Once you’ve pinpointed this business convention, you can then market your website development services there, either physically or over the internet. For example, you could pay to set up a marketing booth at the convention. Alternatively, you can set up online advertisements and target them to all the people within a specific distance of this convention throughout the November 5th weekend.
Answering the questions below will help you find a suitable location:
- Which businesses sell your product in both the online and offline worlds? Where do they sell these products?
- Do you have any distribution channels that have already proven to be effective for you right now?
- What percentage of your target market is made up entirely of corporations, and what percentage is made up entirely of private individuals?
- Do you want to sell directly to clients? Or would you prefer to use a middleman to get your products out to the right people?
- Who are your most significant rivals? Where do they sell their products?
While answering these questions will help you figure out the best place to sell your product, it’s always important to keep the consumer needs in mind at all times.
Once you’ve optimized the first three pillars of marketing (pricing, product, and place), it’s time to promote your product or service.
When it comes to promotion, simply putting your name in front of people is not good enough. You need to make these people want your product. A big part of ensuring that people want your product is building a positive and relatable brand image. Doing this takes time and a calculated strategy.
PR agencies like Pressfarm can help you to create quality content that will enhance your brand image, capture media attention and excite your target audience. With a professional press release, some thought-provoking guest posts and an eye-catching media kit, you can stand out from your competitors and earn public trust. By submitting this content to the right startup directories, media outlets and professional networks, Pressfarm can boost your online presence. This makes it easier for members of your target audience to find you through organic searches using relevant keywords associated with your brand.
Once people start to recognize you as a reliable source of valuable content, it’s easier to earn their trust and convert them into paying customers.
Pressfarm also provides access to a PR database with over 1 million journalists. With this database, you can filter through to find their perfect media match. The account executive can also build ready-made media lists for you, with relevant media contacts in your niche. This makes your life easier if you don’t have time to build your own media lists. Ultimately, by relying on Pressfarm for your content creation and distribution needs as well as your media outreach, you can put your brand right in front of your target audience.
What tactics can you employ to promote your company adequately?
Consider the following questions before you begin:
- Which educational and entertainment platforms do your target audience members prefer?
- What are your most effective key messages that you want to communicate to this audience?
- When is a potential customer most likely to purchase your product?
- Will changing seasons influence the demand for this product?
- What tactics do your competitors employ to create in their promotions that are distinct from yours?
Bringing the 4 Ps of marketing together to create an effective marketing strategy
Optimizing your 4 Ps of marketing will bring them together to create a recipe where they complement each other and work together to result in a winning marketing strategy. For example, the price you charge and the place where you sell your product will affect your target audience’s perception of the product. Do you charge a lot for your services, and does this affect how your clients perceive your company?
The place where you choose to promote your product will also determine whether or not you can form connections with your target audience. Ultimately, when you build positive long-term relationships with the people you’re selling to, they are more likely to walk away with a positive perception of your product. A good way to do this is to build an active online presence and invest in a good social media outreach strategy.
The four Ps of marketing may seem like a tedious collection of rules to follow at first glance, but they are critical for creating a successful marketing plan. By curating a marketing strategy where the 4Ps come together and work in harmony to boost your brand image, you can win more clients over to your business.