If you’ve ever taken a marketing course, the chances are that you’ve heard of the 4 P’s of marketing. Even though it was conceptualized back in the 1950s by Harvard advertising professor Neil Borden, it’s still an integral part of any business's foundation.
Even if it might seem like the marketing mix only concerns larger-sized companies, it shouldn’t. Anyone offering a product or service can benefit from identifying these critical points in their marketing strategy.
The First P of Marketing: Product.
What is it that you’re selling? Before your eyes roll to the back of your head, stay with us. It’s not just the question of what your product or service is, but also how does it meet your customer’s needs?
How does your product or service create value in your soul client’s life?
This is where we get into the quality, branding, packaging, and unique features.
Say you’re a candle maker who wants to craft candles that are sought after. Instead of using harsh chemicals that release toxins into the air when they’re burning, you might opt-in for soy wax over paraffin. If your target audience cares about sustainability, you might decide to make your candles inside reusable glass jars.
Think of it like this: no one buys Starbucks because their coffee is inherently better. People love going for the ✨experience.✨ From the sophisticated vibes walking into any Starbucks location to their iconic branding on their cups, they’re the Queen of Creating Value.
The Second P of Marketing: Price.
Now that you’ve created value, how will you capture it into an actual amount?
This goes beyond the retail price of your product or service. It’s discounts, payment plans, package tiers, even price analysis from your competitors.
Capturing your price also means shifting your perspective.
You can purchase a water bottle for less than $1. When you get past security at the airport, you know you’re not finding Dasani for less than $5. Why? These businesses know you have no other option, so the value of that water bottle increases in value (Whether this is ethical or not is a different conversation).
The Third P of Marketing: Promotion.
Promotion is typically the P of the marketing mix we think of when we say marketing. Promotion is all about communicating the value you’ve created through ads, PR, emails, social media—the list goes on.
From lead generation to your brand voice, there are many things to consider. It’s all about how you want to communicate with your dream clients.
The Fourth P of Marketing: Place.
Finally, we get to delivering that value. How can your soul clients find your goods? Do you have a brick and mortar? Or can you download the product online?Your target market will affect how you approach your unique marketing mix.
You must be serving your target audience from conception to delivery. We mean, you wouldn’t package something in black, unrecyclable plastic to an environmentally conscious audience, just like you wouldn’t sell a $10k service to an audience who only make double that in a year. Take the time to get to know your soul audience, and then the rest will start piecing itself together.