When coaching new clients, one of the main concerns I hear is “I don’t have formal business or marketing training” and it is always a reminder to me that I often take for granted the academic and/or formal marketing training that I learned through undergraduate and graduate business school. So, today I thought I would go back to my bschool days and share a crash course in one of the most important concepts in marketing – the 4 Ps. The 4Ps of marketing is a model that helps you determine your ‘marketing mix’ – the way in which you take a new product or service to market. The 4 Ps should be solidified before you launch and you should continue to revisit as your business evolves:
1.) Product: If you have a physical product this can mean how customer uses your product, what it looks like, quality, design of the product and packaging. If you have an online business this can mean the user experience, the look and feel of your site – anything that explains the look, feel, user experience of the product or service you provide.
2.) Price: What is the value of your product or service? What is the price elasticity of your customer? What are customers willing to pay?
3.) Placement: Where do customers find info on your products and services? Where do they purchase your products and services?This can include where your physical product is placed on shelves in a store, which stores they find you, and/or which sites they find you.
4.) Promotion: This is the P that most of us associate with marketing – how do you get the word out about your product or service – this can include media, pr, social media, email, etc.
Stay tuned to my Instagram for my new Marketing Tip Tuesday where I will be sharing marketing and prompts, including a deeper dive into each of the 4 ps!