In this blog we will take a more fundamental look at the concept of marketing. There are 4 key elements, “Product“, “Price“, “Place” & “Promotion” that your business will need to consider when formulating its marketing strategy.
Out of the Four Ps, Product is the most important. If you don’t have a product (or service), what are you marketing? By understanding your product mix, you will see how all of your products affect each other. Looking at the Product side of things means looking at the features, packaging, design, quality, variety, etc. of your products.
Your Price mix is a view of your company’s pricing structures. Is it made for few sales of higher-valued products or many sales of lower-valued products? What are the profit-margins? How many units must be sold to break-even? Finding answers for these questions will determine the parameters of what value you can set as your prices.
The Place mix refers to the distribution strategy of your products. It is important take the perspective of your customers and recognize their buying processes. “Are my customers buying this online or physically in-store?” The more thought-out your distribution strategy, the more streamlined your order processing will be – which leads to more, happy customers.
Promotion is how you let your customers know about your products. This will include your advertising channels, your copywriting, your public relations, and sales promotions. Digital promotion strategies such landing pages, email marketing, content marketing, and business storytelling are a few avenues you can pursue for your Promotion mix.
While technology is forcing marketing to evolve, its fundamentals haven’t changed. Fill out the form below for a free consultation from 3CX Digital!