4 P’s of Marketing
I know what you’re thinking: “The 4 P’s of marketing? That’s Marketing 101!” But if you are like me, then this was out of your brain the minute you left that last exam. But no matter how basic, understanding these concepts is critical to an organized and successful marketing plan.
See, many small business focus on their product. Makes sense, a good product is essential to build your business on. Often ignored, however, are the other critical, behind the scenes details that will make your product successful.
Use the 4 P’s of marketing to not only create a better understanding of your business, but also that of your competitors’, and think about what you can do to differentiate yourself.
Product: What does your customer want from it? What features are demanded? Where/when will it be used? How does it differ from competitors?
Price: What is the value/how important is price to the customer? Will they pay full price immediately? How does your price compare to competitors?
Place: Where will people look for it/where will you sell it? Does it require a sales person? What is your competitors’ positioning and can you improve on it?
Promotion: How will you spread your message to customers? What methods will you use to communicate to them? When is the best time to promote? What do your competitors do?
Consider Uber. When Uber decided they were ready to begin competition with the taxi industry, they chose large events such as concerts or taxis to offer their first services. During these times, demand was high and people were more willing to take a risk with a company with which they had no experience. Uber offered a unique experience, with customers able to book a ride all from the press of a few buttons on their phone, and best of all, they offered a much lower price than taxis did. After a few successful first trials, they were able to grow to the ubiquitous ride-share company they are now.