The 4Ps of marketing are product, price, place, and promotion. The most important of this group is the product, of course. Get it wrong and none of the others matter. We’ll discuss your “product” more in a moment.
Marketing is often misunderstood; most small business owners see it simply as a way to get the word out. But, it is much more complex. In this article we will discuss one of the many aspects of marketing… the 4Ps.
Know the 4Ps and…
You will have a product that people want, love and tell their friends…
You will maximize the benefit of each sale…
It will make your product easily accessible to the people who want it most…
You’ll have a way to get more people to try it (who otherwise wouldn’t).
Product – You need to spend enough time developing your product. You need to understand the wants, needs, and dislikes of your market and then incorporate them into your product. And then go one 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 should you? What is different about you?
Price – Find out how your top 3 competitors rate your products. Then determine the true value of your product. Then determine the cost of developing your product. Then decide if you are 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 choose your position. Now you can price your product appropriately: above your cost and then above (or below) the competition based on your “position” decision.
Square – Make sure you know where your prospects hang out, where they meet. When they need your product, where are they? Then find a way to get your product to those places. You want your product to be where you need it. Sell hotdogs in a baseball stadium and you’ll make a profit. Sell hot dogs in the lobby of a dentist’s office and you won’t do it.
Promotion – Give something away, because offering a gift is one of 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 therefore may never buy. You can give away a free consultation, 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 your product to get into the hands of as many people as possible. You want them to talk about it. However, do your math on this one. Make sure you fully understand the cost to you 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 break even on your promotional costs? Do the math. Make sure it’s viable. If so, then go ahead.