Go beyond the four Ps of marketing
A solid marketing mix will put the right product or service at the right price, in the right place at the right time. When considering your marketing mix, start with really getting to know your offering and the four Ps in order to achieve this.
On a side note, it’s important to remember that while an actual product or service transaction may not happen on the web, the initial place where potential clients are engaged and converted is online. Factor this into your thinking when defining your marketing mix and you'll have a well-rounded understanding of how your offering is interacted with by consumers and why.
So what are the four Ps we need to consider?
- PRODUCT – the tangible product or service. We need to know what we offer, why and what makes us different.
- PRICE – this what the consumer will pay.
- PLACE – this is looking at the initial place of contact and more so the place of our message rather than service delivery.
- PROMOTION – the messaging around the product or service.
Now let's take what we know about the marketing mix and consider the consumer view point in regard to each area.
- For product, think CONSUMER VALUE - we need to deliver proactive solutions meeting consumer needs and wants.
- For price, think COST - we need to understand what a consumer is willing to pay.
- For place, think CONVENIENCE - we need to simplify processes and have consumers understand them.
- For promotion, think COMMUNICATION - we need to build a relationship with consumers.
Now just imagine if you hadn't gone that one step further and considered the consumer view point? Foundations may be a starting point, but don't ever let them stop you from developing your thinking further, considering other perspectives or influences. The ability to consider beyond what's originally planned is a skill to hold on to, to master and use to your advantage.