Marketers might not control everything in a business, but they do have a profound influence on the promotion of their products. From branding strategies, advertising, product placement, and more, there are so many options for how to market a product or service. That’s why it is helpful to have a framework to build from, especially one that’s concise and memorable.
A marketing mix can be succinctly defined by four P’s: product, place, price, and promotion. Let’s review these:
This is defining what you sell and (in the background) how your product or service meets the need of your core customers.
The more specific you are, the better your product marketing will be. Do you offer canine kenneling or “spoil-them-rotten” doggie daycare? Are you selling a sporty, sophisticated windbreaker or heavy-duty, Sherpa-lined jacket?
Your job as a marketer is to bring the external perspective of your customers to the engaging presentation of your product or service.
This refers to where the sale occurs or how communication flows between a vendor and a customer.
A marketer’s job is to structure the “place” to fit the brand image (and ultimately, to sell more!). Starbucks, for example, positions its stores as the “third place” between home and work, or as a place to study, have fun, and network.
Finding the perfect price point is something each entrepreneur must navigate.
Cheap things sell higher volumes, but sometimes pricey items are perceived as having a higher value. Pricing can have a significant impact on not only sales, but on the brand image you convey, so pricing must precisely correlate with the image you want to project.
Promotion is the effort to get the word out about your product or service.
Here your aim is to gain awareness, increase interest, motivate desire, and prompt consumer action. Promotion is the most fundamental task of marketing and includes advertising, time-bound offers, personal selling, and public relations.
If promotion is the engine, print is the gas! Print promotion possibilities are endless! Consider flyers, direct mail, coupons, free samples, door hangers, personal invitations, service reminders, checklists, testimonials, and more.
The four P’s aren’t exhaustive, but they do offer a helpful guide for assembling your promotional pie. Define your message, choose your media, and create a great variety of promotional options. Take it a slice at a time, and your sales will start humming!