The 4 Ps of marketing are key elements used to market your brand’s products and services. These are used to develop effective marketing plans and strategies that appeal much better to the targeted audience.
To make it easier, we are sharing the digital marketing mix you need to know and how to implement this to sell your goods.
Table of Contents
What are the 4 Ps of marketing?
First things first, let us start with understanding what the 4 Ps of marketing mean:
Product
This refers to the object, goods, or services you are marketing and selling. To do that, you need to know it from inside and out. An example of this is the Flexisourcing services that Flexisource IT provides for our customers.
This means you understand the full capabilities and specifications of your product. Beyond that, you should also understand how users relate to your products and how they compare to your competitor’s products.
While you have invested a lot of time and money in product development, remember that a marketing perspective for your product requires a different approach. As such, you must have a clear understanding of your product.
Price
This is about the cost and the pricing structure of your goods and services. This has an impact on your marketing strategy and other aspects as well.
An example of this is the pricing structure Flexisource IT developed to cater to businesses in Australia effectively. Get in touch with us today if you want to learn about our prices.
To expound, pricing can influence the perception of your brand and how your audience will perceive and receive your product.
Of course, it would be easier to set the price of your product in conjunction with marketing. This just makes it easier to create effective strategies and tactics.
Promotion
Promotion is about directly communicating with the target audience and customer base. This involves figuring out how to tell your audience about your product. In addition, this includes various digital marketing techniques like SEO, content marketing, social media advertising, email marketing, public relations campaigns, and media placement.
That said, it is crucial to consider the messaging your audience responds to based on factors like market segmentation, demographics, and psychographics. Moreover, to get the best results, you should also consider the ideal time to communicate with them and how people usually interact with your brand.
For example, Flexisource IT does promotions through SEO, PPC, and Social Media Marketing.
Place
This refers to where your product is available and where people can see you implement your marketing strategies. For example, for Flexisource IT, the place would be our website already.
That said, the place is more of a concept than an actual destination with regard to digital marketing. Basically, it is the medium you choose for promotions that serve as your digital storefront, where people see your products and services and associate them with your messaging.
What are the benefits of the 4 Ps of Marketing?
The importance of the 4 Ps of marketing is undeniable. This functions as a comprehensive framework that can help your business develop effective marketing strategies. As such, plenty of benefits come with it when it is done right.
Comprehensive Approach
The 4 Ps of marketing cover every aspect, from product development to even sales. As such, this enables marketers to create a holistic approach to formulating their marketing strategies and tactics.
Customer-Focused
The 4 Ps of marketing are essentially centred around the people’s needs, preferences, and desires—particularly the potential and paying customers. Applying these four gives you better insight into how to effectively serve your customers, which will help increase marketing ROI and grow the business.
Flexible
The 4 Ps of marketing apply to all industries, regardless of niche, product, or service. So long as you have something to sell to a specific group, and some people are willing to pay for your goods, you can market it.
Competitive Advantage
Consolidating the basics, such as the 4 Ps of marketing, gives your business a foundational advantage, regardless of your industry. This is because you better understand how to communicate and serve your customers effectively.
With that said, it also makes it easier to identify which marketing trends apply to your business and marketing goals. This enables you to create a focus strategy that can potentially yield more results.
How to start using the 4 Ps of marketing to sell a product?
Here, we are sharing a step-by-step guide on how to make the 4 Ps of marketing work to your advantage and effectively sell your products or service.
Identify which product or service to analyse
When developing a marketing mix, focusing on one product or service at a time is crucial. Even if your company offers a diverse range of products. This is because the messaging of each of your goods has a different messaging and function, and people interact with them differently as well.
Analyse how a product meets the needs of customers
Your product must address particular customer needs in a transparent manner. For this part, list down all potential problems and pain points your customer experiences and how your product can solve these. This will help in the marketing strategy and messaging later on.
Understand the places where your target audience shops
Knowing where most of your target audience shops ensure better reach. For digital marketing, identify the online platforms they frequent. This is also applicable if you have an e-commerce website since you can lead your potential customers through SEO, PPC, and social media marketing.
Decide on a price for your product
This is where marketing search comes into play. The data you gather should include your customer base’s budget and spending habits. It will help you determine a proper valuation and create a pricing structure that appeals to your potential customers.
Formulate marketing messages to promote the product
Once you have completed the aforementioned steps, you can now create marketing messages to promote your product. Here, you will develop concepts that will appeal to your customer base and clearly communicate how your product can benefit them. Consider product specifications, target audience, messaging channels, and intended purpose.
Assess the 4 Ps for the product
While you already have identified the 4 Ps of your product beforehand, it is still important to reassess these factors before you execute your marketing strategy. This ensures that these complement each other and create a cohesive marketing mix.
Reassess and improve the marketing mix
The last step is always to reassess and improve where necessary. This ensures your marketing strategy is up-to-date and adapts to the changes to the demands of your potential buyers. Moreover, it is important to remember the elements of the marketing mix are not static, as these changes in the pace of your product’s lifecycle.
Final Thoughts
The 4 Ps of marketing is a fundamental marketing framework. While it is nothing new, it continues to be effective since it will help you build a successful marketing strategy around each of your products.
With the basic explanation of what each of the 4 Ps is and the step-by-step guide we shared above, you can effectively apply it to your own marketing plan.
Start your marketing campaign with Flexisource IT! Contact us today.
