If you know anything about marketing, you know that the four Ps are absolutely essential if you want to run a successful business. This marketing mix is composed of four words: product, price, place, promotion. All of them work together as one which can ultimately lead to a prospering business if done correctly. In this article, we’re going to be going over each aspect of the four Ps and how you can apply them to help achieve your marketing goals.
First things first, you have to make sure you have a good or a service that people want. If people don’t want or need the product, then they are most likely not going to buy it. It’s as simple as that. If you do pick a good product or service, you have to make sure there’s a differentiation between yours and other competitors. You can do this by advertising specific benefits or features that competitors fail to offer with their product.
Also, try as best as possible to establish your business as a trusted brand that people can count on. Title loans in Ft. Lauderdale is definitely a product you can count on. If people trust you, they are more willing to fork over their hard-earned cash to buy your good. Warranties and returns are also great, as they give your customer a safety net while purchasing your product.
It can be hard to determine what price to list your item at first, especially if there is limited competition. However, this can be fairly simple to figure out. You can either do in-depth market research or you can run a variety of split tests to find out the best price. However, you have to think like a consumer while doing this. If the price is too low, your product won’t show its true value.
On the other hand, a very expensive product can hurt your sales as well. Due to this, it’s best to find a price right in the middle. It’s finding a price that people are willing to pay while seeing a quality in your product because of the price.
How you place your product and where you place it is also a very important step in the marketing mix. If your product isn’t receiving any attention whatsoever, it may be because of the placement of that good. You can improve the placement of your product by having multiple locations or having multiple channels online.
These channels can either be affiliates marketing your product for you or it can be marketing your product on Amazon, an e-commerce giant that gets tons of traffic. This will ultimately get your goods in front of more eyes, leading to more sales and more profit.
Knowing how to advertise your product can make or break your business. If consumers don’t know you exist, consumers cannot buy from you. The good news is that you can utilize multiple platforms online to get your product in front of your ideal customers. This can be doing detailed targeting with Facebook ads or posting YouTube videos on how your product can help others.
Instagram is also another great platform that gets a great deal of engagement. It’s always a good idea to do basic SEO with Google so that you show up higher in the rankings as this will lead to more sales. Overall, the marketing mix can be very powerful when applied correctly.