Thursday

Running a Successful Business: The 4 P’s of Marketing

In the United States, there are over 30 million small businesses.



If you own a small business, you are part
of the economy that employs millions of people. With so many small businesses,
the importance of marketing has never been greater.



While the internet and social media have
been powerful tools to increase the reach and spread of businesses, some things
never change. This leads us into the discussion about the four P’s of marketing
and how they apply to the modern scene.



Four P’s of Marketing



The 4 P’s, as they are known, refer to:



  • product
  • price
  • place
  • promotion

These are the four intrinsic parts of
successful marketing. The medium of your advertising doesn’t matter if you
don’t have the right product at the right price, in the right place, and
promoted the right way.



That may sound like a lot, but let’s break
down each area of the 4 P’s. That way, you can gain a functional understanding
of these concepts, and hopefully, they will be able to help your business.



1. The Product



The product refers to what you’re selling.
This can be a service or a commodity. The product you provide has to be
something that consumers want to purchase. You got into business to sell
something, and the reasons you want to sell it should be close to the reasons
why everyone else wants to buy it.



Having the right product can mean the
difference between obscurity and fortune. That being said, the product can not
stand alone. That is where the other P’s come into play.



2. The Price



What you are selling must be sold for a
price that is reasonable for the customers you are targeting. If your primary
audience is middle-class families from the suburbs, you should make sure that
your product is not so expensive that it is out of reach.



If you make a product that is needed, it
must be priced to sell. Consumers have a lot of choices in the market today,
but quality still demands premium prices. The price of your product has to be
attractive and profitable. This means that you have to calibrate your rate to
fit the market niche you want to be in.



3. The Place



Having your product in the right place
refers to where you are selling it and who you are selling it to. It has to be
in the right place to turn potential customers into real customers. These are
people who want what you are selling, and you make it available to them.



For some businesses, like restaurants, the
idea is simple. The food you are serving must be something that the community
is lacking or wants. If it is, then you are in the right place. Being in the
right place at the right time is the key to breaking through to higher levels
of earnings and profit.



4. The Promotion



This aspect is the cornerstone of
marketing. Promoting your products in a way that makes them seem desirable and
necessary is vital. Keep your promotion in line with the values that you want
your company to be seen with.



Some promotions fail because they are
misleading. Make sure that whatever you are selling is clearly displayed and
that your promotion is easy to understand. This is true whether you are doing
advertisements on Facebook or television.



Brand Awareness



With the modern market space, brand rules
above all other things. Branding is now more
important
than ever. To get recognition in the marketplace, you have
to be recognized and respected in your field of business.



There are numerous branding tips you can look at to help you
achieve the success you want. A good brand is something that people can trust
and want to do business with. The internet allows you to humanize your brand
and make it unique.



The Four P’s and Branding



Having a great brand is only one part of
the puzzle. For the rest of the puzzle pieces you need for success, return to
the 4 P’s. These principles have been true for as long as businesses have been
trying to sell products and services.



Combining your approach is a great
marketing strategy. This depends upon your business, but for many, they want a
presence both online and offline. When you bring all of these things together,
it is called a marketing mix.



The Marketing Mix



A great example of a marketing mix is the
Coke brand.



They’re well known and also trusted above
and beyond what most companies can ever dream of. They know who they’re selling
their product to and what their product is. Coke has incredible promotions and
has also secured the proper place to sell its product.



Coke is an example of a company that does branding and marketing right. They almost never make a mistake, and when they do they are quick to recover. Other great examples of this are Apple, Samsung and other major companies that are helping to shape our world today.



It all starts with the 4 P’s and branding, and once you have unlocked the best way for your business the sky is the limit. Your competitors will be crushed by the effectiveness of your marketing and the presence you secure for yourself in the market space.



The Only Limit



The only limit to how effective your
marketing and branding can be is you.



As long as you fulfill the requirements of
the four P’s of marketing and have a strong brand image, you will be
unstoppable. In the digital sphere that we all live in now, the price of not
marketing is to be completely forgotten.



Customers want businesses that are out
there that they can see and interact with. Marketing properly can change your
business from a small-time operation to something far bigger.



That change requires bravery and
commitment. You already work hard, so trust your instincts and if necessary,
get someone to help you. Don’t let the market leave you behind.



If you found this guide useful, please
take a moment to browse the website for other great articles.