Where it all starts. 4 Ps of Marketing
It’s rather obvious to start a marketing blog with the basics. But why not take a moment to get back to grassroots and refresh what marketing is and why your business needs it?
Why do people invest in it? Why do companies look to employ the best marketers? Isn’t marketing just advertising? No! Marketing is a complex, complicated and interesting “animal” and those who want to grow business and sales need to understand the basics of it. Let’s begin by looking at the basics and the famous 4 Ps of marketing!
What is marketing?
Where it all starts. 4 Ps of Marketing62
Marketing is a link between consumer and producer/supplier. It is the process of knowing and deeply understanding customers so that your business can satisfy their needs and wants, building and maintaining relationships with them along the way.
The more time you spend on asking questions about your potential customers, the better you know them, their needs, wishes and desires. The longer and deeper your conversations with your audience the stronger your relationship.
Marketing is the key to success of any company or organization. Marketing is not sales, but there can be no sales without marketing as there can be no sales without awareness of your product. Which means sales and marketing teams should always be on the same page (it is possible to achieve!) and aligned from the beginning to the end.
Marketing is not just advertising, though advertising of course is part of marketing. There are several types of marketing, and we’ll talk later about all of them. The business’ task is to pick the types that fits best with its strategy.
Marketing should be part of the business process from the very beginning. Firstly, by identifying the needs of the consumer and developing a product that consumer needs. It then proceeds to determining the correct price and finally leads to promotion among the right audience in the right place.
Now we arrive at the well known the P’s of Marketing: Product, Price, Promotion and Place. Tactics, channels can vary and be different, but the core concept remains the same.
Product - this is what companies sell. It is the task of marketers to define the right packaging, product variations, etc. Marketing teams can and should be involved at the stage of creation of the product where collaboration and communication are always the key. Marketers can provide insight into consumers and their needs to support the Research & Development department with essential knowledge and suggestions.
Price - it’s not just establishing one price, it’s more than that. First you need to do research and analysis to know your product’s market rate. You should think about promotions, sales, when, how and where to apply them. Don't forget about payment options, credit terms, all should be evaluated and decided in advance.
Promotion – So you have got great product? Now you need to make it visible to the right audience. What are your channels of promotion? Where? Online, offline? What is the messaging? What are the images? What is the format? All are important to consider before launching a product. Otherwise your great product cannot be seen, valued and most importantly, purchased!
Place - Where and how will you sell your product? How it is delivered to the customers? Do you need a physical space, or can online sales deliver for your business? What delivery methods will you employ? Do you sell around the world or concentrate on one location?
By considering the four p’s the marketing mix is established and influences all areas of your business in a holistic way. Getting the four p’s right means you know your customer well enough to propose the right product in the right place at the right time and, in the right way for the right price! And all this brings sales, maximizes return on investment and makes you one happy marketer.