In today’s blog we’re going to simplify and explain the importance of knowing and applying the four Ps of marketing for your business.
Why should I care, you ask? Very simple: Because your business success may depend on it.
Having the best product, or the best price, or the best financial discipline will not equal success if you execute each one of them individually. Growth and added revenue/profit will depend on learning to balance all the factors equally. These factors are known in business as the four P’s of Marketing and here is the rundown:
• Product:
This refers to anything you sell to the public, whether it’s a good or service. The very first you should consider when starting a business is the “product” and how it’s going to be produced, named, labeled, featured and offered. The customer service you provide to the client or customer is also key, not only before the purchase, but after as well. By strategically offering a good product to a market that’s already in need will no doubt be a good start for your business, but your product alone will not guarantee success. Let’s consider the second P.
• Price:
How much you are willing to sell the product and how much the public is willing to pay is the delicate balance that every business deals with on a daily basis. Doing your research and due-diligence when you are first getting started is important to determine the price. However, this is also an on-going effort that will last as long as you have a product to offer. Market pricing is a fluid environment and the sooner you learn to adapt, the better positioning your business will have.
But let’s say that you have the absolute best product, and you are also offering at the best price, that’s not enough to achieve success. Let’s look at the third P.
• Place:
Here’s a little quiz: What are the three most important things in real estate? That’s right, location, location, location. And this not only applies to real estate. It is a key factor in the success of your business. Placing yourself in the location where people who need your product can find it, is equally, if not more important, than the first two. If you are like Elon Musk and decide to make the best electric cars in the market, and you decide to undercut Elon and sell them at the best price, but you set up a dealership in Amish country…. It’s not going to pan out very good for you.
Fortunately the internet has simplified this task. Unfortunately the internet has also mangled everything related to this task because every single electric car maker in the world is also trying to position themselves to the same market you are trying to target. And this is precisely the reason why the last P is so important.
• Promotion:
Learning how to educate and promote to the market that is already looking for you is the last, but arguably the most important, factor of the equation. If your business has all the other three factors nailed, and you learn how to promote your product, success is INEVITABLE. That’s right. I just made a guarantee. The reason is promotion (a.k.a. marketing) is a science. There are strategies based on your specific target market and specific product that will maximize the results of your efforts. By applying these strategies, you are assuring success for your business.
Digital marketing plays an ever-increasing role in the promotion of your business because the public at significant numbers are going online to look for good and services. If your business does not have a proper digital footprint (website, social media, digital marketing), the public will never even know you exist.
Do you want to achieve success together? DS&P has a FANATICAL approach to increasing your revenue by implementing well researched and proved strategies to promote what you have to offer. Fill out the form below and we will contact you shortly. Want to call instead? Call us at 312-268-5671.
