The four Ps of marketing
A quality marketing strategy requires a significant amount of time and effort, but before a brand can dive into their marketing, they need to understand the marketing mix, aka the four Ps of marketing, and this is why.
What are the four Ps?
The four Ps, also known as the marketing mix, is the value proposition that your brand or product has in the market.
The Economic Times defines the marketing mix as, “The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix.”
Since the 1950s, maybe without even realizing it, this marketing mix has been implemented in traditional and digital marketing campaigns as a staple. How do the four Ps of marketing work together in a marketing campaign? The four Ps of marketing are listed below.
What does your company sell? Whether it is a tangible product or an intangible service, there is a need or a want from consumers; however, what is that need or want?
In the process of creating a product or service, a company will start with exploratory research to ensure that their product or service is truly wanted or a need in the market. What is the biggest problem that it can solve? What is so unique about it? What is a competitive advantage that you can bring to the market?
From there, it is important to start the beginning stages of testing. A small release to several potential customers or sending out a questionnaire to a list of potential customers is the best way to guarantee that the product will thrive in the market.
How much will this product cost? What are competitors in the area charging for these products or services? If your services or products come at a higher or lower price, why is that?
This can provide an edge against the competition, and just because your products or services are cheaper, it doesn’t mean it has to “cheapen” your brand. It can mean that you provide high-quality work without the Gucci price tag.
Where is the product or service going to be located? Will it be an online store with local locations? A local store only? Do the consumers come to the store? When it comes to the digital world, the place can mean something different.
While there is the local location, where will this be promoted? Based on your target audience, where are they located?
Just because everyone else is running Facebook advertising doesn’t mean that your target audience is active on Facebook.
At the end of the day, the consumer should be at the center of all these questions because this is how to properly promote your company to these consumers.
Once you have optimized the other three Ps listed above, it is time to start promoting the products or services.
Should you be marketing on LinkedIn? What about TikTok? Are you marketing to other businesses or to consumers? Would Facebook and Instagram commerce be a great opportunity to market products and services?
These are the types of questions that are imperative to ask to properly promote a company.
Take notes from these four brands with excellent social media strategies!
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Posted In: Social Media and Digital Marketing