If you have ever been on a ‘How to Market your Business,’ workshop, you would have probably been introduced to the 4 P’s of marketing, also known as the Marketing Mix.
However, as helpful as this tool maybe, we are often not taught how to apply this marketing framework to our businesses.
In this blog I am going to explain what the 4 pillars of the marketing mix are and how to use them within your business, so that you to can ensure you are meeting your customers needs, communicating your message in the right way and driving sales within your business.
What are the 4 P's of Marketing?
The 4 main pillars of the marketing mix, (some may argue there are 7) are Product, Price, Place and Promotion.
When we have all these 4 key factors of marketing correct, we are more likely to see sales within our business.
So let’s take a look at each one…
Product
A product is what you sell, whether that be a physical product or a service.
When we talk about our product it includes all aspects of what we sell; the design, packaging, branding, quality and experience. It can be more than just the physical item.
Ultimately we need to make sure we are matching our product to our ideal clients needs.
Ask yourself what is important to them. Are they happy to pay more in order to receive a better quality product or service? Are they price sensitive, and happy to give up any fancy branding and packaging to have a cheaper product?
When you understand this you will be able to send out a clearer message to your ideal client.
For example, some people are willing to pay over three times the price to have a branded carton of orange juice, when the supermarket brand is actually packaged in the same factory and tastes the same.
Think about the problem in which your product solves and how it compares to competitors.
Price
Price refers to what the customer pays, and the monetary value that is placed on the item. Think about where you would like your brand to be positioned within the market.
The price of your product will determine the profit made and sales volume.
For example, you will need to sell a higher volume of a cheaper product to match the profit made on an alternative product that is sold at a higher price.
However, to sell a similar product at a higher price, the customer must see the value in it, and this usually involves having a higher marketing budget.
Ask yourself, is the price of your product reflecting its value and quality perceived by your ideal client?
Place
Place refers to where your customer buys, for example, can they buy online, in a local supermarket or high street store or are the products only available at limited venues for a limited time.
Therefore, is the product accessible to your ideal client, at the right time and location.
An example of this is selling on social media. Is your ideal client on social media? It is no point selling to them on TikTok if they are mainly on Facebook.
Think to yourself, where does my ideal client like to shop, and if selling a service, how do they like to receive that service. For example, for coaching providers, would your clients prefer to meet face to face, or would they be happy to meet online.
Can your service be successfully delivered online. For services such as hairdressing, working online with your clients would not be physically possible.
Promotion
Promotion is how you communicate with your ideal client. Once again, where do your clients like to hang out, what language do they like to use (friendly, formal) and what form of communication do they prefer (video, written content or visual graphics).
There are lots of different ways we can show up and communicate with our audience. What works for one business, may not necessarily work for another business, even if they are in the same industry.
It is so important that we get our communication style right, and it may even mean that we try different forms of marketing to meet the needs of different people.
Some examples of ways in which businesses can share their message include; TV and radio, social media, email marketing, posters, magazine and newspaper ads, online promotions and sponsorship.
So if you’re business isn’t performing in the way you expected, it’s really worth visiting each one of these pillars to make sure they are meeting the needs of your idea clients.
I hope this blog has helped you to understand how the Marketing Mix or 4 P’s framework can be utilised within your business.
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