Marketing Basics: 4 p's of marketing
The marketing mix: 4 p's of marketing
Usually, when people think about marketing, they only focus on the promotion part and ignore the other 3 p's of the mix and that's a formula for failure. The worst thing you can do to a bad product is a great promotion. To put it simply, each one of the marketing mix (product, price, placement, and promotion) should revolve around the customer and should answer one big question: What is in it for the customer?
1- Product: USP, What's in it for the customer?
Whether selling physical products or services, you need to always think about your product USP (Unique selling proposition).
Is your product just a me-too product?
If yes, How can you increase it's valued so that it's different from the competition?
Does it solve a problem?
2- Price: How much does your customer value your product?
Does it make sense to spend x amount of dollars to buy your product?
What is the perceived value of the product?
Can you compete with the current market price?
When pricing your product, avoid the race to the bottom. Instead, think about how can you increase the value of the product and consequently increase the price.
Can you sell bundles or complementary products?
Think about it ... most of the time, your prospective customer wants to save money and time and use any convenience available.
3- Placement: Place your products where your customers go
How do your customers buy your product/service?
Brick and mortar? Online? special events and mixers?
Get into your customers' shoes and think like them.
4- Promotion: Focus on the benefits
When you figure out the product, price, and placement, it becomes easy to promote.
You want to focus on the benefits your clients are getting.
Print out marketing materials, and run online marketing campaigns targeting your ideal customers and focus on the USP, benefits and the value your clients are getting for the small price of x$.