The 4Ps of marketing are product, price, place, and promotion. The most important of this bunch is product, of course. Get that one wrong and none of the others matter. We’ll discuss more about your “product” in a moment.
Marketing is often misunderstood; most small business owners see it purely as way to get the word out. But, it’s much more complex. In this article we’ll 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 about…
You will maximize the profit of every sale…
You will make your product easily accessible to the people that want it most…
You will have a way to get more people to try it (that wouldn’t otherwise).
Product – You need to spend sufficient time developing your product. You must understand your market’s wants, needs, and don’t wants and then build them into your product. And then go one step further, do something extra to “Wow” them. Because if your product does not satisfy your market’s needs better than the competition, why you? What’s different about you?
Price – Find out how your top 3 competitors price their products. Then determine the true value of your product. Then determine the cost to develop your product. Then decide whether you’re going to be the low-price provider or the premium provider. There are pros and cons to both. Make sure you understand them, and then pick your position. Now you can price your product appropriately – above your cost and then above (or below) the competition based on your “position” decision.
Place – Make sure you know where your prospects hang out, where they gather. When they need your product, where are they? Then find a way to get your product to those places. You want your product at the location it’s needed. Sell hotdogs at a ballpark and you’ll make a profit. Sell hotdogs in the lobby of a dentist’s office and you won’t.
Promotion – Give something away, because providing a free gift is one the best ways to get people to try your offer. Once they try it, they may decide to buy it. If they never try it, they’ll never know if they like it and so they may never buy. You can give away a free consult, a free trial, a free sample, a free inspection, a free report, a free video, a free e-book… be creative. Find something your prospects want and then find a way to give it away for free. You want to get your product in the hands of as many people as possible. You want to get them talking about it. Do your math on this one though. Make sure you fully understand the cost to you and then your breakeven point. How many sales do you expect to make as a result of the promotion? How many sales will it take to break even on your promotional costs? Do the math. Make sure it’s viable. If so, then go for it.
