Know Your Four P's Marketing Mix
This simple marketing roadmap is used by businesses and marketing/branding agencies to grow businesses all over the world. If you can understand this simple traditional marketing concept, then you will understand your own business. A healthy marketing mix grows as your business grows. So we think businesses should keep it flexible and revisit your four P's regularly.
Product
It's your products or services that you provide to customers. Do you know exactly what your product or intangible service is? To nail your marketing, you must clearly understand what you are selling and how it is different from your competitors. Know your features and benefits and how your product/ service meets the needs and desires of your target market.
Price
The price point is ultimately aligned with the value that you offer as well as your brand position. Lux? High price. Budget? Price is low. Define your position, then decide on your price. How it's presented and packaged will determine it's real and perceived value. Your price point will also be a defining factor of who you attract to your business offerings.
Promotion
Know your ideal audience. Discover where they will be and meet them there. E.g. selling scarves to younger women? Use digital marketing at the end of Autumn. Like the famous marketing gurus say: if you market to everyone, you'll attract no one. So niche and work out your ideal client avatar. Get personal, name your avatar, give them an occupation, a lifestyle, determine where they live and what they do on a weekend. This will allow you to produce marketing content which aligns with these groups of people and ultimately attract them to your products or services.
Place
Always consider where you are situated. Which end of town that you are in represents how you are positioned in the marketplace. Establishing as brick and mortar shop or a small pop up at the markets will determine how your audience will find you and how they will perceive you.
“Why use social media? Marketing is no longer about the stuff that you make, but about the stories you tell.”
Seth Godin
All the best.
Marta Hackett
Founder
Published 25/06/21
