The 4 Ps of marketing sounds like a boring topic; you’ve probably read somewhere on Google or heard about them from a friend.
So, this marketing strategy is not just ideal for big companies, but to leverage the 4 Ps of marketing is equally important to you even if you own a small-scale business.
So before we get ahead into it, let’s take a look at the origin of these 4 Ps.
Neil Borden popularized the marketing mix idea, primarily known as the 4 P’s—in the 1950s. At that time, Borden was an advertising professor at Harvard. An article, “The Concept of the Marketing Mix” by Borden, demonstrated how businesses could use advertising strategies to catch up with consumers’ interests.
After so many years, the concepts that Borden popularized are still being used by businesses to advertise their products and services.
A marketing professor at Michigan State University, E. Jerome McCarthy, created the idea of the “4 Ps,” a powerful marketing term.
Let’s know more about the 4 Ps.
Explanation of 4 Ps?
The 4 Ps of marketing is the key elements involved in the marketing of a product and service.
- Product: What product or service are you going to sell. For example, clothes, software, consultation, etc
- Price: What is the cost of the service or product you are selling.
- Place: From where your consumers or buyers can get the information about that product or service.
- Promotion: How your buyers or consumers can find your product or services. What techniques or strategies you use for marketing?
It seems quite easy to understand, but the question is, how can we apply the 4 Ps of marketing?
The purpose behind the 4 Ps of marketing is that applying all 4 Ps will result in higher sales. But, sadly, nothing is quite that easy.
The origin of the concept, “marketing mix,” goes back to the 1960s when McCarthy introduced it in his book Basic Marketing: A Managerial Approach.
I understand that approach is old, but the 4 Ps/marketing mix concept is still the talk of the town.
Let’s explore the 4 Ps concept with the help of examples to understand how to apply this to your own business.
Step by Step introduction of 4Ps
First element of Marketing Mix: Product
The product or service is what the company sells.
It might be a product like a soft drink such as Coca-Cola in the beverage industry or dresses in a clothing store. Or these days, your product may even be software like Ahrefs.
This P of marketing also includes services, such as paid consultation gig or even a therapy session.
In short, the product and service is everything that is made available to the consumer.
In the 4 Ps strategy, you need to understand what you offer to stand out from competitors and grab the attention of customers.
In other words, what makes your service or product unique and different than others? Because if you don’t stand out from the crowd, it will be hard to thrive.
For example, Ahrefs and its competitors, such as Ubersuggest.
So what’s the big thing that makes Ahrefs software stand out from everyone else?
Not every time you need to focus on features to have 100s of reports. Instead, try to focus on the usability of your product and service.
If you are new to marketing, then your goal is to make your product or service handy to use.
On the flip side, your competitors may focus on hiring ad agencies and advanced marketing policies. Try to build something unique and different, even though you are in a crowded marketplace.
Creating the Product Your Customers Love
To run a poll, go to Hotjar, signup for a free account.
Look at the steps below.
As you are just starting off, take an idea of open-ended questions given below. Ask,
- Your problem to give you a solution.
This will help you to understand what your service or product needs to change.
- Your most favorite marketing software.
You can replace the word “marketing software” with whatever industry you are in. This question will help you understand your competitors and their successful strategies.
- Your purpose of visiting the website.
This will answer you why people come to your website and what they need.
- Your suggestions to make our services and products better>
This will help you to get honest feedback from the consumers.
- Your reason to dislike the COMPETITOR XYZ? Replace competitor XYZ with your competition’s product or site… Again, this question tells you about where space is to be filled.
All these questions are equally helpful but, I want you to pay more attention to the 5th question. It helps you identify the problems in your competitor’s products or services. Now, it’s an opportunity to make a difference by uplifting yourself from the competition.
The Second element of Marketing Mix: Price
The second P of marketing is simple; it refers to how much money you charge for your service or product.
Although this concept seems simple and easy, it’s really hard to develop the “right” price for your product or service. The one that doesn’t just increase your sales but also drives the profit margin.
Here comes the question, how do you want to be distinguished?
E-commerce company Amazon is where you can get high-value products from A to Z with fast delivery.
Grocery company Imperia Caviar offers high-end caviar at lower prices. They offer the same caviar that expensive brands charge many thousands of dollars.
You must be thinking having a low price means cheapening of a brand, but instead, this company is bringing awareness to the market and letting people know that caviar isn’t expensive in real. Instead, it’s just a marketing tactic.
Take a similar approach to duplichecker. Education and marketing software shouldn’t be expensive. So this software allows us to check the plagiarism for free or super cheap.
Now, tell me what you think about this marketing strategy? This has cheapened their product? Well, let’s look at the data:
On the other side, would Tesla be Tesla if their cars were selling for $1000? You are right, definitely no.
Idea to Set the Cost for Your Product
To get an idea about your product or service pricing, read the price Intelligently blog. These bloggers have dozens of articles to help you understand the phenomena of setting your product’s right price.
It’s important to think about pricing if you are in a crowded or new space.
Charge the premium in new space and lower prices when your market is saturated.
Before, I go ahead. Think and ask these questions from yourself;
• The lowest cost you are willing to sell your product
• The highest cost that consumers would be willing to pay
• Prices of the same products your current market leaders charge in your niche?
• Comparison of your prices to the competition
The Third element of Marketing Mix: Place
In general, place means location. Location plays a significant role in marketing.
You have to choose a location near your customers.
Ideas to Choose the Right Place
In this virtual world, the place or location may seem irrelevant, but it isn’t.
Let me quickly explain this. What would happen if I put my business all over Tiktok?
Honestly, I wouldn’t get my desired or new clients because none of my ideal customers are on this app.
TikTok dominates 16 to 24-year-olds, and they aren’t looking for marketing services.
Think of other places or platforms your desired consumers are, and let’s be there.
That could be a specific website like Google or an offline place like conferences.
Remember, go to your ideal customers instead of bringing them to you; it’s much more manageable.
To help you find the right place, here are some points to ponder.
- Your customer’s location
- Online and offline platforms to sell your products
- Your distribution channels
- Do you sell directly to businesses(B2B) or consumers (B2C)?
- Do you sell to your customers directly, or you have to deal through an intermediary?
- Your competitor’s place
The Fourth element of Marketing Mix: Promotion
Once you’re done with the previous 3 Ps of marketing, now it’s time to promote your business.
Let’s make it clear; promotion is not just talking about getting your business out there but generating revenue.
What’s the advantage of promotion if you’re unable to drive sales?
Which channel do you start with first?
Go to the site Similar Web. Put the URL of your competitor, and you will find their promotion data there.
There are many tools to help you understand the last P of marketing, So use them to make your life easier.
Strategy to Promote Better
Ask yourself the following easy questions:
- Which channels does your audience use to get information?
- What kind of messages would be more helpful when promoting the solutions?
- The ideal time for promoting your services or products.
- Concerns about seasonality.
- Your competitor’s strategy and plan for their promotion?
Here are some easy promotion ideas to start.
- Promote your social media handles, even in person. (Online Marketing)
- Join in on popular hashtags. (Twitter, Instagram)
- Create short, engaging Vine videos. (Youtube)
- Pin your site images and graphics. (Pinterest)
- Affiliate, Content and Email Marketing
The 4 Ps of marketing may seem conventional and boring, but to create a successful marketing plan, they are essential.
Remember, market is flooded with boring ideas. So come up with something special, unique, high-value, and high-quality.
By following all the 4 Ps of marketing, you can stand out from your competitors.