The 4 Ps of marketing is a strategy that companies use to manage and optimize the key aspects of marketing a product or service. Product (what you sell), pricing (how much you sell it for), location (where you sell it), and promotion are the four components of the model (how you get customers).
In four phases, you’ll discover how to integrate each of the four Ps into a cohesive plan for efficiently marketing and selling your product or service in this article: Be familiar with the product you’re dealing with. Make a price decision. Choose a place to sell your wares. Make a marketing plan.
Being Familiar With The Product You’re Dealing With:
The majority of you have an item or brand in view or at least a concept for one. After all, that’s where the marketing mix begins. Take a minute to double-check that you’re on the correct road before moving on to the next stage. You should be able to answer the following basic questions at the very least:
Who is the intended audience? What is the size of the market? What characteristics do the market value and demand? What makes your product stand out from the rest? Market research is a career that involves learning the answers to these questions, which you can learn more about here. If you don’t have time to do so right now (it can take a long time), jot down your best predictions so you have something to work with. You can always make changes afterward. Here’s an example of how things may look for our product:
Making A Price Decision:
Price refers to the amount your customers will pay for a product or service, and it should be connected to both the actual and perceived worth of what you’re offering. When settling on pricing, consider the following questions:
What expenses do you need to think about? Is it going to be enough to make you money? Will the product be affordable to your target market? With respect to the benefits and your rivals, how will the price be interpreted? The key issue you must address here is how to link your company’s costs to what your consumers consider valuable.
Incur Costs:
For many products, the solution was data. Data is what our consumers require, but it is also what causes us to incur costs. As a result, we decided to connect Ahrefs’ price to data limitations and the frequency of data updates. Then we decided to split the price into four levels, with a unique business plan on top of that.
The most affordable package is appropriate for basic SEO requirements and smaller marketing departments, whilst the most costly plan is appropriate for SEO Brisbane companies and large marketing departments. To make things easier and more advantageous for our clients, every paying customer receives all of Ahrefs’ features. You might be surprised to learn that we offer a paid trial. After all, this is a somewhat unusual practice.
Affordability:
Let’s also talk about the problem of affordability. To put it another way, how can you ensure that your product is cheap to your target market? Simply asking is one way to go about it. You can conduct a poll or conduct an interview with your target audience. The Van Westendorp model, for example, may be used to identify the best pricing point. The model is built around the following questions:
At what point does the price get so low that you begin to doubt the product’s quality? At what point do you believe this product becomes a good deal? When does this product become prohibitively expensive? At what point does this product become prohibitively expensive?
You may also listen to what people are saying about comparable goods on social media. But proceed with caution. Unless they receive a good deal, it’s difficult to find people who openly declare their happiness at the price of anything. People are more prone to express their dissatisfaction. If you’re lucky, you could come across active price conversations in your product category.
Choosing A Place To Sell Your Wares:
The location is concerned with where and how people purchase your goods or service. Consider the types of stores, cloud vs. downloaded, staffing requirements, and possibly intermediary costs. The following are some of the most important questions to address throughout this stage of the process:
What are the buying patterns of your target customers? Where do your competitor’s goods get sold? Where can clients obtain the finest shopping experience and after-sales assistance? Is there a need for sales representatives, or will it be self-service? How much income will you have to forego in order to sell the product through a specific channel?
Here’s a table outlining distribution models to give you an idea of what to expect:
The sales force is an outstanding example of a firm that has established a tight link between product and location. When they first started up, they determined their solution would be unlike anything else on the market: a subscription-based SaaS CRM. This decision solidified their distribution network and elevated the importance of location in their marketing mix as brand differentiation.
Salesforce:
This choice not only built Salesforce into the firm it is today, but it also changed the industry for others who followed later. Every CRM nowadays is a SaaS CRM. Salesforce took it a step further by establishing a tight link between product and promotion (another “P”). They “transformed” their product architecture into a commercial campaign dubbed “The End of Software,” which aimed to destabilize the existing software distribution paradigm.
The conclusion here is that product type has a big impact on the proper distribution model. Consider the expenses and advantages whenever you discover many places where you may sell your goods. Perhaps, like the Salesforce, you’ll come onto a goldmine.
Make A Marketing Plan
The techniques you’ll need to utilize to reach your target market with your message are referred to as promotion. Consider advertising, blog postings, social media, and public relations. The following questions must be addressed in your promotion strategy:
Who are you attempting to contact? What methods do your rivals use to reach out to their customers? What is your prospects’ usual purchase process? What kind of funding and personnel do you require? How can you fill the marketing funnel with different tactics?
Ahrefs’ Promotion:
Let us know how you’re doing. Some of these concerns are addressed in Ahrefs’ promotion approach. Content marketing is the cornerstone of their marketing approach. They adopted this method of marketing for a variety of reasons. For starters, a large number of individuals are using Google to look for answers to the problems that our product solves. In the United States, for example, there are around 450 searches each month for “how to rank higher on Google”:
They’ve done exactly the same thing with search demand for hundreds of other similar topics. As a consequence, their blog now receives hundreds of thousands of organic search visitors each month. Second, given that Ahrefs is an SEO tool, what better way to sell yourself than by ranking for each and every SEO-related topic themselves?
4 Ps Approach:
They establish a solid connection between the product and promotion inside their 4 Ps approach by demonstrating that they can rank their content using their own methods. That close relationship offers them cause to believe in the worth of their product and provides them with lots of case studies to write about on their blog.
Finally, evaluate their distribution strategy. We need a way to attract their target market to us because their product is self-service and we only offer it through their website. This is an issue that content marketing solves.
Source: The SEO Expert
