The 4ps of marketing, product, price, place, promotion

Now is not the time to stop marketing. With economic uncertainty being present in front of your clients and customers is key to keeping enquiries coming into the. business.

This year I was reminded that we have a duty to share how we can help our clients and customers.  So I’m going back to the fundamentals of marketing your business and the 4 Ps of marketing:

• Product
• Price
• Place
• Promotion

By starting with these you’ll be able to keep your business in front of your customers and build a sustainable business through these times.

Product

Does what you sell still meet the needs of your customers?

Do you have the opportunity to pivot the product to adapt to the cost of living crisis as you may have done with the pandemic?

Do you have the time and funds for product development?

This is where having a marketing strategy will help the business.  I can create this for busy entrepreneurs and business owners to ensure that marketing links into any product reviews this year

Price

This is where you consider your pricing strategy – is it competitive, what are your margins, what profit are you looking to make in the business, can you justify premium pricing or can you be competitive?

Marketing and finance go hand in hand here and defining the optimum pricing for your service is one where you are most likely to succeed.

This is where having a marketing strategy will help the business.  I can create this for busy entrepreneurs and business owners to ensure that marketing links into your pricing strategy.

Place

This looks at the delivery or distribution strategy that you will use.

Malcom Macdonald states that distribution could take up 20% of the selling price so this is key and says to follow the standard distribution model for your marketplace and focus on market share, quality of share and alternative channels open to your business.

Ensure that you understand your distribution chain and how you will communicate with them too.

Promotion

Promotion is just another word for communication and how you communicate your sales message to customers.

Defining the communications channels in terms of the budget, the relevance to the product, is your customer on these channels, how often should you send out sales messages and the timing of these messages.

These decisions are all included in your marketing plan and make up the tactical marketing channels such as email and social media.

And with a plan giving you more time to work on your business and adapting to the current climate.