“The aim of marketing is to know and understand the customer so
well the product or service fits him and sells itself.”- Peter Drucker
Marketing isn’t easy, and without a proper marketing plan in place, your
company may suffer. The main ingredients for a successful marketing
campaign are the four Ps.
These essential marketing items are product, price, placement, and
promotion. To provide a positive experience for your customers, it is in
your best interest to ensure that each P works with all the others.
It takes a lot of work and effort to determine what customers want and
need, as well as identifying their shopping habits.
Once these steps are taken, you will then need to produce your product,
find the right price point, and promote it. All of these actions must be
taken together to avoid problems.
Let’s explore the four Ps of marketing, determine what they are, and how
they work together.
Product
Your product is the heart of your business. It is near and dear to your
heart, and if you’ve done your homework, it’s something that is unique
to the market, allowing it to stand out from the rest of the competition.
The challenge with any product, however, is remaining distinct and
unique. From a product perspective, it is best if you have a solid
understanding of what customers are looking for in regards to
benefits and features.
It’s also imperative that you learn how they will use your product, that
way you can make sure the product you’re offering fits their wants and
needs.
If the product doesn’t fulfill a need, it won’t be likely that customers will
purchase it. Perform market research to have a good idea of ways
your product will be used.
Price
Of course, your product is only going to sell if you set the appropriate
price point. Your business will want to use production costs, projected
fulfillment, and other key metrics to determine the proper price for your
product.
Make sure you are conveying the quality of your product to customers
when considering the initial amount of your product. At the same time,
do what you can to keep in mind how the price you select, along with
costs of manufacturing and production, will have an impact on your
product in the long-term.
Placement
In today’s market, placement is no longer simply about identifying the
appropriate retailers or best locations. There are now many other channels
and outlets to give consideration when thinking about your product
placement.
Where is the area with the highest foot traffic? Which retailer is showing
growth and expansion? What businesses does it make the most sense
to establish a partnership with?
These are all questions you will want to consider when it comes to product
placement, but you’ll all need to think about the digital aspect of
marketing.
Will you want to have a social media campaign? Ensuring your product is
in a spot which will gain traction and attention in the market is the key to
successful product placement.
Promotion
With the continued growth and immersion of our lives into social media,
it only makes sense to promote and market your product online.
This means that your product marketing needs to be multi-pronged,
something that did not require as much attention in the past.
Nowadays, customers want to see the product first-hand. They want to
interact with it, ask questions about it, get answers about it and learn
more about the brand, all from the comfort of their home.
Provide high-quality videos and content to your potential customers,
and they will reward you with their loyalty.
Take time to understand each of the four Ps and how they can make
or break your marketing campaign. Have a strategy for each ingredient,
and focus on trouble spots that may disrupt a successful product.
Pay close attention to the four Ps of marketing, but also consider other
marketing resources which can accentuate and highlight your product.
For more information on the four Ps and other marketing tips,
subscribe to DFY now!
Hope you received value!
Thanks for the visit, please like, comment and share…
Talk to you soon,
Stan Fuller
StanFullerCoaching.com
