what are the additional 4 P's of Marketing?
Answers
Explanation:
The 4 Ps of marketing…
You’ve probably heard about them from a friend, a textbook, or even at school.
I know it sounds like a boring topic that’s common sense, but there is more to it than meets the eye.
And no, it’s not just for large companies… the smaller you are, the more important for you it is to leverage the 4 Ps.
So before we dive into it, let’s first break down what they are…
What are the 4 Ps of marketing?
The 4 Ps of marketing is a famous concept that summarizes the 4 basic pillars of any marketing strategy: product, price, place, and promotion.
It sounds simple and it really is (the harder part is implementing it, which we will get into later).
The idea behind the theory is that if you implement them, you will generate more sales. But sadly nothing is that easy. :/
4 ps of marketing visualization
The origin of the concept, also known as marketing mix, goes back to 1960 when McCarthy introduced it in his book Basic Marketing: A Managerial Approach.
I know that’s ages ago, but it is just as valid today.
Let’s dive into each P…
Product
The product is what the company sells.
It might be a product like a soft drink in the beverage industry or dresses in a clothing store. Or these days it may even be software like Ubersuggest.
Ubersuggest
It could also be services, such as consulting or a paid speaking gig or even a therapy session.
In short, the product is everything that is made available to the consumer.
In the 4 Ps strategy, defining this means understanding what your offer needs in order to stand apart from competitors and win over customers.
In other words, what makes your product so great or unique? Because if you don’t stand out it’s going to be hard to thrive.
For example, you may know about my product Ubersuggest, but you probably already know about a handful of my competitors?
So what’s the big thing that makes my product stand out from everyone else?
I don’t focus on features… I don’t have 100s of reports… instead, I focus on usability. My goal is to make Ubersuggest really easy to use, especially if you are new to marketing.
On the flip side, my competitors focus on ad agencies and really advanced marketers. I built something for a different target market, even though I am in a crowded market place.
How to create an amazing product that your customers love
I want you to do something simple… go to Hotjar, signup for a free account, and run a poll. Just like the one below.
poll
I’ve been running polls for a while now, but if you are starting off I would ask open-ended questions like:
What’s the biggest problem I can help you solve? (This will give you an idea on what your product needs to do)
What’s your favorite marketing product and why? (You’ll want to replace the word “marketing” with whatever industry you are in… this question gives you an idea about who your competition is and what they are doing right)
Why did you come here today? (This will tell you why people come to your site and what they are looking for)
How can we make our product better? (This is great if you already have a product up as you will get real feedback)
What don’t you like about COMPETITOR ABC? (Replace competitor ABC with your competition’s name… this question tells you where there is an opportunity)
I want you to pay special attention to the last question. It really helps you identify how you can differentiate yourself from the competition.
Now, before you go and build a product (or make yours better if you already have one), don’t invest too much time and money without getting feedback.
For example, if I were to add a new feature to Ubersuggest, I wouldn’t just build it. I would get it designed, show you first, get feedback, and then adjust from there.
That way I won’t waste months’ worth of time building a product you don’t want to use.
Price
Price is simple, it refers to how much you charge for your product (or service).
And although it’s simple to understand, it’s really hard to come up with the “right” price. The one that doesn’t just drive the most amount of sales but also drives the most profit.
The real question is, how do you want to be perceived?
Amazon wants to be the place where you can get the best-valued products from A to Z. And of course, delivered at a fast pace so it’s convenient for you.
My buddies’ company, Imperia Caviar offers high-end caviar at low prices. He’s able to get the same caviar that big brands charge thousands of dollars.
caviar
You would think that by having a cheap price he is cheapening his brand, but instead, he is bringing transparency to the market and educating people on how caviar isn’t really expensive… it’s actually just a marketing ploy.
I take a similar approach to Ubersuggest. I don’t think marketing software and education should be so expensive. So I give a lot away for free or super cheap.
Do you think that has cheapened my brand or hurt it? Well, let’s look at the data: