If you’ve made your rounds in the marketing world, then you have probably heard of the quintessential four P’s of Marketing: Product, Place, Price, and Promotion. This is often referred to as the Marketing Mix, and it’s a basic groundwork for any good marketing formula.
Let’s take a look at each of the four P’s individually:
Any campaign in the marketing world starts with a product. It might be a physical product like a new book series or trendy bracelet, or it might be an informational product or a service. If you are providing a service, then the “product” in your equation encompasses the entire business transaction, from the quality of the service itself to the customer service you provide while delivering it.
Location, Location, Location! We’ve all heard that placement is essential to a business’ success, which is especially true for small brick and mortar businesses. The neighborhood you’re in, how visible you are to passers-by, and the appearance of your storefront all play key roles in bringing in customers. But what if I told you that your location is also important when you run an online business? Whether or not a business has a brick and mortar store front, they still need to be seen by potential customers if they’re going to stay afloat. Your Website, Google Listings, and Social Media platforms are you storefront in the online world, and they will determine how a potential customer views your business. This is especially important to remember for Social Media – as a page that doesn’t post often is like an empty store with no cars out front. Why would you want to hang around?
Pricing is obviously an important variable to your marketing equation. When determining your pricing, you should take into consideration how much it is costing you to provide the product (or service), how much your competition is charging for similar products, and what the true value of the product is to your customer. You of course want to cover your own costs and make enough profit to stay in business, but this is not the only thing you should be thinking about when deciding your price. Ask yourself what it would cost the customer to not have your product, and how your product compares to similar products on the market. For services, it’s especially important to remember that not all offerings are created equal. Don’t let it discourage you if a competitor is offering a similar service at a lower price. Research the specifics of what your competitor is offering and then remind your potential customers of the extra value that your service offers.
No matter how good your product is, how prime yourself placement is, or how well your product is priced, you won’t make a single sale if nobody knows about it. Without promoting your product or service in as many arenas as possible, you won’t grow your revenue. This is where small businesses can really shine thanks to social media. In the past, you would’ve had to pay outrageous amounts of money to get in front of your target audience and deliver your message. With social media you can do it for a fraction of the cost, so powerful marketing campaigns aren’t just for huge companies anymore.
What’s Your Order?
The Marketing Mix has gotten a bit, well…mixed, since its creation over 60 years ago. Nowadays, you are likely to see the four P’s presented and implemented in a different order almost every time you come across them. Which variable do you think is the most important to take care of first?