Every business identifies with the 4ps of marketing, yet so often these core elements are easily neglected.
Products are goods or services that a company offers to customers. Such products should fulfill an existing consumer need or demand. Some some instances, a product may be so compelling, customers believe they “need” to have it.
Key elements for customers to identify with the product and drive interest are:
You have the product… You’re in business to make money, and whilst price may sound like a simple nut to crack, this can easily sway the direction of a buyer positively or negatively. If the price is too high, then the customer may go elsewhere or on the flip-side, they may get an extra sense of quality or luxury in your product or service. If the price is seemingly too low, then a customer can be cautious as it may appear too cheap (or too good to be true) and raise questions or concerns around quality of the product or service you’re offering. That said, honest pricing can give you extra kudos with your target audience, particularly if you’re giving transparency to an expensive product line compared to your competition.
Maintaining a healthy margin also enables you to allow room for special offers and discounts.
Some important questions to understand:
- How sensitive to price are your customers?
- What is the lowest price can you sell your product?
- What would be the highest price that consumers would be willing to pay?
- What prices do your competitors charge?
- How much higher / lower does your price compare to the competition?
You have the product and you’ve determined your price, next up is the place where to sell your product. Location… Location… Location… as they say.
Choosing the right place(s) to sell your product can have a major impact on your success potential, and regardless of what you’re selling, you have more options to sell both online and offline.
Some questions to ask yourself when deciding the place to sell your product:
- Do you sell businesses or consumers?
- Do you sell to them directly and / or via other vendors?
- Where are your customers?
- Where are your competitors?
- Which other vendors (online and offline) can sell your product?
- Which channels are available for distribution?
You have your product, you’ve determined the price point and the place(s) to sell, next up is perhaps the most fun of the 4ps of marketing… Promotion!
In this age of digital, you no longer have to invest great sums into budget hungry postal mailings or telemarketing campaigns. Whilst those tradtional forms can be very successful, the mass-reach is often lower and slower. There are numerous channels through online marketing to maximise bugdet availability to reach more people, faster.
Targeting the right audience is critical as the more people you can reach out to who should have true legitimate interest, the more likey they are to buy your product.
For help with Audience Planning, reach out to our friends at 1 Stop Data for expert advice and high quality data.