Doing the 4P’s Tango
If you are taking a new service or product to market. Then you are going to soon realise that the way you present this and promote it, is going to be the difference between it being a success or a huge flop.
The thing about marketing is that it isn’t always as straightforward as it seems. Of course, if a product or service is good and can offer people what they need, then it should really be a success.
But, this isn’t always the case; after all, without visibility of what you have to offer, how will anyone realise that your product or service is there?
To help you to figure out marketing and to make sure that you use it to your advantage, let me present to you the 4p’s of marketing and what each one can mean for you.
The first of the 4P’s: Product or Service
The first thing is to think about is what it is that you are actually going to offer. What is it that your customers actually want or need? Then, once you have this in mind you are going to need to consider whether or not your product or service is going to be able to meet these needs. You need to double check that there is nothing that you have missed out, nothing that will need to be added.
You will also need to think about how your customers will use it and what experience they will have. Ask yourself what it is going to be called, how it will be branded and what is the cost/profit margin on it. Finally, you need to think about how it is different from what your competitors are offering.
Place
Next, you need to think about your distribution channels. Do your customers head to your store or office to buy and book with you? Do they look online? Perhaps you have a website that sells items or you have a catalogue that can be posted out? You need to target the right distribution channels to really maximise your chances of success; which means that it might be a good idea to look at your competitors and then see what they are doing. If you are in professional services for example your place would be your website and your physical offices.
Price
Price is key and you need to ensure that you can make a profit from what you are providing, but that it still offers a sense of value to your customer. You need to make sure that you have the right pricing strategy. This is particularly true if your customers are price sensitive (something that can happen). You may want to consider whether or not your prices will reflect a certain area of your market (such as offering discounts for trade shoppers) and you also need to check out what your competitors are charging too.
Promotion is the final in the 4P’s
Finally, in the 4p’s, we have promotion, which is when you get your marketing message across to your customer. You need to decide whether or not it is best to advertise solely online or whether to try out other approaches such as leaflets, TV, radio or perhaps billboards.
You should also consider when is the best time to promote yourself, you may have a service or product that is seasonal; which should be taken into account.
Once you have got to grips with the 4p’s then the time has come to put those plans into action and see if you can give that much needed boost to your product or service.
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