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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. If you’re wrong, none of the others matter. We will discuss more about your “product” in a moment.

Marketing is often misunderstood; Most small business owners see it simply as a way to spread the word. But it is much more complex. In this article we will discuss one of the many aspects of marketing … the 4Ps.

Understand the 4Ps and …

You will have a product that people want, love and tell their friends …

You will maximize the profit from each sale …

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

It will have a way of getting more people to try it (which wouldn’t be possible otherwise).

Product – You need to spend enough time developing your product. You need to understand the wants, needs, and non-wants of your market and then incorporate them into your product. And then go a step further, do something extra to “wow” them. Because if your product doesn’t 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 value your products. Next, determine the true value of your product. Next, determine the cost to develop your product. Then decide whether you are going to be the low price provider or the premium provider. They both have pros and cons. Make sure you understand them and then choose your position. Now you can price your product appropriately, above its cost and then above (or below) the competition based on your “position” decision.

Square – Make sure you know where your potential customers hang out, where they hang out. When they need your product, where are they? Then find a way to get your product to those places. You want your product where you need it. Sell ​​hot dogs in a stadium and you will make a profit. Sell ​​hot dogs in the lobby of a dentist’s office and you won’t.

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

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