he 4 p’s, also known as the marketing mix, are fundamental concepts that are timeless and essential to any marketing method or style. You may be asking ‘what are the 4 p’s of marketing?’ They are: product, price, place and promotion. The 4 p’s exist to help you develop key aspects around your product, so you can be deliberate in your approach. It helps marketers to consider everything that is of value in what they’re offering, and how they can convey that to their audience.
The 4 p’s have been around for a long time, while the practices of marketing have drastically changed over the years. That hasn’t stopped the 4 p’s from being relevant, since they are the foundational elements of digital marketing and beyond. In this blog, we’ll cover what the 4 p’s of marketing are, and how they can help you establish your product in the commerce sphere.
This is, of course, what you are trying to sell. It could be a physical object or a service that you offer. It could even be as abstract as conveying a feeling or an experience. Think about how your product is going to be beneficial — why would people want it? What makes it interesting, unique, or attractive?
With the amount of businesses that shut down because of COVID-19 and the amount of services that went into loss, it’s also more important than ever to consider the longevity of your product. Is your product evergreen, can it adapt to changing times? If not, think about how you can alter your product to increase its demand. Will people still need and use the product in two, five, or ten years from now?
Some products might seem like a good idea, boom for a while and then could end up dwindling. For example, the Clubhouse app was one that was booming in the early days of the pandemic, but eventually the novelty of what it offered faded out. Now it’s seeing a significant decline in its usership.
Every time you make a change to your product, ask yourself why. What is the true purpose of this change and who does it serve? Is it really going to positively impact your product in the long run? These are important questions to find solutions to both before and after your product launch.
This is about how much you are going to charge for what you offer, and why. A lot of things go into this consideration. One of the first things you want to do is market research — what is your competition charging, and how much do you want to deviate from that range?
While coming up with a price to set for it, you have to consider many key factors. How much money do you want to earn from it? How much is going to go into operations, logistical costs, or manufacturing costs? If there’s workers involved, the money that’s made from the product should also be sufficient enough to cover their pay. And perhaps most importantly, are people going to be willing to pay the price that you set? If it’s an expensive item, how are you going to make it worth their while?
How are you going to connect with your audience to make them realize that this product is something that can make a difference in their lives? If they can resonate with the message and see that connection, they’ll be willing to spend money on whatever it is that you’re offering. Or alternatively, if the cost is low, how will potential customers be able to see that your product is still great, high quality, and something of value? You want to convey that it can work well despite the price that it may offer.
In the past year or so, due to COVID, people’s spending habits have changed. These habits might also be a good indicator of what you should consider when you’re deciding the final price you want to set for your product or service.
Nowadays, the place can be anywhere. It can be a physical building or a digital cloud (or a mix of both) but you need somewhere where customers can get in touch and contact you. This could be understood as the place you are or handle your service — or at least can act as a bridge from the customer to you (social media is a good example of this). Wherever new or returning customers can get access to the company and the product, that’s where the location is.
Long gone are the days where every single business needs a separate brick and mortar location (unless your product is food, in which case it’s still necessary). With online shopping on the rise, especially since many people couldn’t leave their homes, you may not even need to be physically present anywhere at all.
Think about where you want to market your product. Know who your target market is: if it’s aimed at a relatively younger audience, your “place” might be Instagram or TikTok, along with an established, working website. Think about what makes sense for your company, and what kind of “place” will get you the most value for the marketing work that you’re putting in.
This is the part where you think about how you’re going to reach the broader public. How will you promote or advertise your product? This includes discussion around the brand, including brand awareness and brand messaging. You’ll want to advertise your product and come up with strategies on how you can produce more leads for it, and figure out how you can separate yourself from the competition.
As mentioned previously, you’ll need to come up with messaging and values that align with your audience. Really think about how you’re going to come across to them — how will you allow them to resonate with your messaging and convey emotions? Are your promotion tactics going to have a lasting effect resulting in them actually wanting to look it up, do research, and purchase your product? Think about ways you can spark interest and create curiosity.
Promotions can come in many shapes and forms which include: social media advertising (which has become a necessity), email marketing, billboards, sponsorships, community events, campaigns, incentives, and more.
Whatever project you’re working on to expand the reach of your product, the 4 p’s should be on the forefront of your mind and used as an overall guide to set your goals. The marketing mix is there to help you create a plan of action so you can achieve the most gain possible.
It will help develop your clientele base with a target audience, and put your product on the map in the sea of trillions of other products. You can learn more by visiting our guide to success in digital marketing and discover what it takes to work in the industry.