TIP-ical Tuesday: The 4 P’s To Market Your Business
By Bria Silver on October 6, 2020
What are the 4 P’s of Marketing?
Product, Price, Promotion, and Place — are key marketing elements used to strategically position your business.
Why are they important?
By following them you can help ensure that you are effectively understanding and reaching your target market.
The last thing you want to do is market blindly. Having a clear comprehension of your target audience is vital for the success of your business.
For Product, think about the products and services you provide. What are their physical attributes and details? Be clear and specific. How you package your product for children versus adults will differ dramatically — be aware of who you are speaking to — age, gender, income level, location, interests, etc.
Be sure to keep your competition in mind as well. How does your product or service differ? What makes you stand out? What are they doing that you could do better? What are they not doing?
When it comes to Price, what are you charging? It needs to be enough to cover your expenses and make a profit, but also fit within the market margins. Do plenty of research. It’s important not only market about price, however, you must be aware of what’s appropriate for your business.
For Promotion, what methods are you going to use to let your customers know about what you have to offer?
This is when knowing your audience really comes into play. What platforms should you use — Facebook, Instagram, TV, Radio, Google Ads, Billboards, Magazines, Emails? Once you narrow down the appropriate platforms, you need to figure out which type of messaging speaks to your audience the most. The goal here is to get them to convert. It’s likely you will have to go through a period of trial and error. Don’t let that deter you, as it is necessary for success. Continually optimizing your messaging will allow you to enhance your connection with your audience.
Place, refers to where your product or service is seen, made, sold, or distributed. It’s important to consider how accessible your product is for your customers. Are products available online? An association with different distribution channels will impact your target audience.
Taking the time to utilize the 4 P’s is a great way to help you market to your target audience. If you aren’t taking the time to know your audience and directly market to them the path to success will be more difficult to find.
To help better promote your products and services reach out to Compass Marketing. We know the way.