The Ultimate Guide to the 4 P’s of Marketing
[This is a transcription from the Clickx Marketing Hack of the Day video series.]
Hey everyone! I’m Solomon with Clickx. For today’s Marketing Hack of the Day, I’m going to talk about the 4 P’s of marketing and how that relates to your online marketing strategy!
Incorporate the 4 P’s Of Marketing Into Your Strategy
The 4 P’s that I have laid out here is Product, Price, Place and Promotion. The Stuff that you may have learned in college anyway, but I want to help you take that and actually make that into a strategy for your online marketing; how you can get success, getting more traffic, more customers for your business! So, let’s get started!
What Needs Does Your Product Solve?
We are going to start with the first ‘P’ which is your product. So your product, in your marketing strategy is really what that thing that you are solving for is! What are the consumer’s needs and wants you to be solving for! Maybe you have a product, maybe have a service. It is not quite matter if you are in the B2B space; it is not matter if you are in B2C, you have to understand that what are those consumers really asking for? Right!
So in my case, I sell software that business is need to improve their marketing, right! We know that they have this pain that they want to go their business and therefore we build a software that they are going to buy and they are going to improve their marketing, they are going to know what its cost to generate the lead, they are going to know how many leads does it take to become a customer! That’s the challenge that trying to solve.
In your case, it might be different, you might be a school, you might be a service company, you could have a product, you might be an IT, doesn’t matter; think about that product and figure out how you are going to exploit it, the pain that they have in their business!
They are probably not going to buy your product or listen to your page, if you don’t talk about the pain that they are having, more people can relate to the pain that they are having than maybe the value of the product or the price of the product or where you might be conducting your business! They are not really listening until you can pinpoint that pain and talk to them!
What Prices Are Your Customers Willing To Pay?
Now, my second ‘P’ is the price point. The price point in which that you sell this product or service to! So, you have to realize that what the consumer, what the business person, whoever you are talking to is asking is, how much do I have to pay to have this pain solved. Right! Do you want to know what they are asking themselves, what is it going to cost me? I have this really bad pain, whatever that is you are filling the blank for your business; I need to know what it is going to cost me! Sometimes it could be a 500 dollar fix, it could be a 50 dollar fix and it might be a 50000 dollar fix, but you have to understand what price point are they going to buy this thing at? And it really depends on how bad the pain is, is it affecting the sales, is it affecting their health, is it affecting their energy, the mood whatever it is; you have to understand that what is it that they are going to by buying the product!
How Will The Products Or Services Be Provided To The Customer?
Now, I want to get to the third ‘P’ which is place. To me it is all about convenience! How fast can I fix this issue! Can I do this without leaving my house! Can I do this on my phone! Can I just literally, call someone or place the order, order a new Uber; it does not matter what it is! Can I order my drinks on Starbucks app or can I get my lunch on the app, can I do it from right here, right! Most of my purchases that I do these days are on my mobile device. I don’t even have time to go to my laptop or my tablet or my desktop I rarely use, because people have made my life so easy! I can do anything literally, from my phones. So if you can think about how you can make easy for your customer to buy that product; you will make your life easier and you are going to start seeing sales start to go up!
So, think about that convenience factor for your business. And I think a lot of businesses haven’t figured this thing out yet! You might have an awesome product; you might have at the right price point but you are not necessarily making it easy for people! I don’t know if you know this, millionaires usually buy everything and anything on their mobile device, right! Millionaires are ordering their entire trip, if they are going on vacation, if they are buying something; they are going to do it!
I personally have air tickets, hotel rooms and everything on my mobile device in one sec without even getting off my couch. Why? Because they have made it really convenient for me! It is almost like the strategy of mobile first!
Have you looked at your website from your mobile device? Have you seen how easy it is to go through your order process on your mobile device! Not on the tablet, not on the desktop; can you actually execute an order on the mobile device and can you get through somebody, your live chats support whatever it is, you might have to build an app, you might have to build the better website, but if you can actually make it easy for consumers to buy the product and experience the product; you are going to see so much more success in your marketing! I would say convenience trumps everything. Alright!
How Will You Communicate The Values Of Your Products Or Services?
Finally, I want to talk about promotion. The promotion ‘P’s is really…really talks about your value! Right! Why are you in business and what differentiates you, why are you better than your competitors, what unique offering can you provide to the market place that nobody else is doing! That’s how you need to communicate that message on your website, whether you have an Ad, whether your PPC Ads, your social Ads, the graphics that you produce; you have to talk about that value exchange! Why you are worth ten times? What the price that you are charging?
You see a lot of people think that price determines the success! You have to be at the lowest price as possible! I disagree! I don’t think it is the lowest price that matter or even there has to be the best product that nobody else has; I believe it is really combining all these 4, right! You need to make sure that it is a really good product, it is a convenient price and you are making it convenient for them to buy and exchange, good for money and your value proposition is second to none.
So really in this video I have laid down the principles of marketing. Right! The 4 Ps that you might have learned in college, I definitely have learned! If you put all this together in your business, I promise you are going to get much more success!
Thank you for watching another edition of Marketing Hack of the Day.
Solomon Thimothy is the Co-founder of Clickx, a Chicago-based white label digital marketing platform. He has been in the agency space for over a decade and has helped 100s of entrepreneurs build 7 and 8 figure agencies. He helps agency owners on a 1:1 basis to scale sales and fulfillment. Follow him on twitter @sthimothy