We’re quite sure that most of you’ve heard already about the four P’s of marketing. For many professional and experienced marketers, this topic will seem like a throwback. Well, it might sound like a ubiquitous topic, but it’s crucial for every marketer. So, before diving deeper into fields like Digital Marketing, let’s learn more about these basic concepts.
What are the four P’s of marketing?
The four P’s of marketing is basically the pillars of any marketing strategy:
We know it sounds easy, but their implementation is the most challenging part. You might think of using this concept to generate more sales, but again nothing is easy. If you want to understand them more clearly, then think of them as a chain. In this chain, every P links to another P. It forms a structure that is vital in every marketing strategy. Let’s have a look and understand each P –
The first P in our four P’s of marketing is the product. Anything that your organization is selling is known as a product. It can be any product like a soda drink or any service, such as financial assistance. Now, many people think that having a product is the first step in your marketing strategy. However, the truth is that this concept focuses on the uniqueness of your product. Before you start investing time in building a product, ask yourself these questions first:
- Which thing will make my product unique?
- How will you work on making it better?
- Why should people choose your product over others?
Once you’ve answered these questions, you’ll surely save yourself from making a product which no one will want to use.
Now that you’ve understood the product concept, it’s time to focus on its price. Let’s take an example; Amazon is offering you a random product at some price with their fast delivery option. Now, there’s another new and less popular e-commerce website offering the same product but at a low price. You might think that this new e-commerce site is cheapening its brand. However, the truth is that they’re bringing transparency by educating you about how that product isn’t that expensive.
Indeed, we’re not pricing experts, but you can surely ask yourself these questions before putting a price on your product:
- What prices are your competitors charging?
- What’s the lowest and highest price you can offer?
- What discount offers you can provide to your customers?
Our third pillar in the four P’s of marketing is the place (or location). You must have heard that if your business’s location isn’t right then, you’ll not succeed. So, how to pick the right place for your business? Let’s have a look:
- Where are your customers located?
- Where are your competitors located?
- Will you sell your products only on online platforms?
- Is your business B2B or B2C?
These are a few essential questions which you should clear first before choosing a location. Imagine you’re a company whose target audience is people who are older than 40 years. Now to promote your services, you’re using platforms like Instagram, where users’ average age is around 25 years. Indeed, that’d not help your business in any way, and your marketing strategy will fail. Thus, keep your customer’s location in your mind and then choose your business’s right platform.
The last P in the four P’s of marketing is the promotion. Once you’ve cleared the first three concepts, now it’s time to promote our product. Many of us consider promotion as a process of putting your brand name on social media. However, the correct definition of promotion is to put your brand name outside and generate revenues. From analyzing your competitor to displaying advertisements, all of it is a part of the promotion process.
We know that there are so many similar products available on the internet. So, how will you promote your product more effectively? Here are a few tips:
- How your competitors are pulling out the promotion process?
- Is your product related to a specific season of the year?
- Which channels you’re going to use for advertising?
- Is your audience available on those channels?
After answering these questions, we’re sure that your marketing strategy is good to go. However, if you need a bit of help in more ways by which you can promote your services, then here are a few:
Concluding our four P’s of marketing
As we mentioned in the beginning, the four P’s of marketing might sound a bit easy, but their exemplary implementation is the core strength of any marketing strategy. Yes, we know that our world is changing every moment, and marketing techniques are evolving. However, no established industry has ignored these fundamentals of marketing. Thus, if you also want to keep your business on the right track, it’s essential to understand these four P’s of marketing.