In the United States, there are over 30 million small businesses.
If you own a small business, you are part of the economy that employs millions of people. With so many small businesses, the importance of marketing has never been greater.
While the internet and social media have been powerful tools to increase the reach and spread of businesses, some things never change. This leads us into the discussion about the four P’s of marketing and how they apply to the modern scene.
Four P’s of Marketing
The 4 P’s, as they are known, refer to:
- product
- price
- place
- promotion
These are the four intrinsic parts of successful marketing. The medium of your advertising doesn’t matter if you don’t have the right product at the right price, in the right place, and promoted the right way.
That may sound like a lot, but let’s break down each area of the 4 P’s. That way, you can gain a functional understanding of these concepts, and hopefully, they will be able to help your business.
1. The Product
The product refers to what you’re selling. This can be a service or a commodity. The product you provide has to be something that consumers want to purchase. You got into business to sell something, and the reasons you want to sell it should be close to the reasons why everyone else wants to buy it.
Having the right product can mean the difference between obscurity and fortune. That being said, the product can not stand alone. That is where the other P’s come into play.
2. The Price
What you are selling must be sold for a price that is reasonable for the customers you are targeting. If your primary audience is middle-class families from the suburbs, you should make sure that your product is not so expensive that it is out of reach.
If you make a product that is needed, it must be priced to sell. Consumers have a lot of choices in the market today, but quality still demands premium prices. The price of your product has to be attractive and profitable. This means that you have to calibrate your rate to fit the market niche you want to be in.
3. The Place
Having your product in the right place refers to where you are selling it and who you are selling it to. It has to be in the right place to turn potential customers into real customers. These are people who want what you are selling, and you make it available to them.
For some businesses, like restaurants, the idea is simple. The food you are serving must be something that the community is lacking or wants. If it is, then you are in the right place. Being in the right place at the right time is the key to breaking through to higher levels of earnings and profit.
4. The Promotion
This aspect is the cornerstone of marketing. Promoting your products in a way that makes them seem desirable and necessary is vital. Keep your promotion in line with the values that you want your company to be seen with.
Some promotions fail because they are misleading. Make sure that whatever you are selling is clearly displayed and that your promotion is easy to understand. This is true whether you are doing advertisements on Facebook or television.
Brand Awareness
With the modern market space, brand rules above all other things. Branding is now more important than ever. To get recognition in the marketplace, you have to be recognized and respected in your field of business.
There are numerous branding tips you can look at to help you achieve the success you want. A good brand is something that people can trust and want to do business with. The internet allows you to humanize your brand and make it unique.
The Four P’s and Branding
Having a great brand is only one part of the puzzle. For the rest of the puzzle pieces you need for success, return to the 4 P’s. These principles have been true for as long as businesses have been trying to sell products and services.
Combining your approach is a great marketing strategy. This depends upon your business, but for many, they want a presence both online and offline. When you bring all of these things together, it is called a marketing mix.
The Marketing Mix
A great example of a marketing mix is the Coke brand.
They’re well known and also trusted above and beyond what most companies can ever dream of. They know who they’re selling their product to and what their product is. Coke has incredible promotions and has also secured the proper place to sell its product.
Coke is an example of a company that does branding and marketing right. They almost never make a mistake, and when they do they are quick to recover. Other great examples of this are Apple, Samsung and other major companies that are helping to shape our world today.
It all starts with the 4 P’s and branding, and once you have unlocked the best way for your business the sky is the limit. Your competitors will be crushed by the effectiveness of your marketing and the presence you secure for yourself in the market space.
The Only Limit
The only limit to how effective your marketing and branding can be is you.
As long as you fulfill the requirements of the four P’s of marketing and have a strong brand image, you will be unstoppable. In the digital sphere that we all live in now, the price of not marketing is to be completely forgotten.
Customers want businesses that are out there that they can see and interact with. Marketing properly can change your business from a small-time operation to something far bigger.
That change requires bravery and commitment. You already work hard, so trust your instincts and if necessary, get someone to help you. Don’t let the market leave you behind.
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