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The 4Ps of Marketing

The 4Ps of marketing are product, price, place and promotion. The most important of this group is the product, of course. Get that one wrong and none of the others matter. We’ll discuss your “product” in more detail in a moment.

Marketing is often misunderstood; most small business owners only see it as a way to get the message out. But, it is much more complex. In this article, we’ll cover one of the many aspects of marketing…the 4Ps.

Understanding the 4Ps and…

You’ll have a product that people want, love and tell their friends about…

You will maximize the profit from each sale…

You’ll make your product easily accessible to the people who want it most…

You’ll have a way to get more people to try it (you wouldn’t otherwise).

Product – You must spend enough time developing your product. You need to understand your market’s wants, needs, and dislikes, and then incorporate them into your product. And then go even further, do something more for the “Wows”. Because if your product does not meet the needs of your market better than the competition, why you? What is different about you?

Price – Find out how your top 3 competitors rate their products. Next, determine the true value of your product. Then determine the cost of developing your product. Next, decide if you are going to be the low cost provider or the premium provider. There are pros and cons to both. Make sure you understand them, then choose your position. Now you can price your product appropriately – above your cost, then above (or below) the competition based on your “position” decision.

Place – Make sure you know where your prospects hang out, where they congregate. When they need your product, where are they? Then find a way to get your product to those places. You want your product to be where it is needed. Sell ​​hot dogs in a baseball stadium and you’ll make a profit. Sell ​​hot dogs in the lobby of a dentist’s office and you won’t make it.

Promotion – Give something away, because giving a free gift is one of the best ways to get people to try your offer. Once they’ve tried it, they can decide to buy it. If they never try it, they will never know if they like it and may never buy it. You can offer free consultation, free trial, free sample, free inspection, free report, free video, free e-book… get creative. Find something your prospects want, then find a way to give it away for free. You want to get your product into the hands of as many people as possible. You want them to talk about it. Do your math on this one though. Make sure you understand the cost to you and then your break-even point. How many sales do you expect to make from the promotion? How many sales will it take to break even on your promotional costs? Do the math. Make sure it’s viable. If so, then go for it.

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