The most successful brands are well-defined. The 4 Ps of marketing—product, price, promotion, and place—combine to deliver a brand’s unique value. Together, the 4 Ps create the marketing mix: the strategies that exist behind the brand.
The marketing mix evaluates the elements that go into developing brands and their products. It’s rooted in a deep understanding of your target audience. The 4Ps build the foundation needed to determine your brand’s place in the market. And from here, you can discover the best marketing strategies.
Product is the heart of the marketing mix: you don’t have anything to promote, price, or place without it. It can be the physical product (or products), and also aspects like services, personality, and ideas. For example, a company could sell products like athletic wear or services like bike repairs (or both). To market your product successfully, have a clear definition of what your product is and what makes it unique. When branding your product, look at it from your ideal client’s view. Determine what solutions your product meets.
- How will your product help your customers achieve their goals?
- What needs does it meet?
- What problems does it solve?
- What makes the product stand above the competition?
Price is the cost of the product or service. Regularly assess the price of your product to make sure it aligns with the reality of your market. Pricing can impact your customer’s perception of your brand. A pair of athletic pants from Lululemon might cost double the amount as the same pair from another brand. But because Lululemon has carefully developed its brand, customers will pay more to identify with it. Customers buy specific products for their premium image. And a well-developed brand will gain a loyal following. Make decisions on pricing carefully, however. A high-priced product may convey quality and luxury, but it can also put it out of reach for other consumers.
Consider the target clients you want to identify with your brand:
- What is their household income?
- What type of jobs do they have?
- Do they seek value over quality? Or do they desire status over value?
Promotion informs customers about your product—and then persuades them to buy it. It includes all the communications you use to tell people about your product and brand. Advertising, social media marketing, sales promotions, and public relations all promote your product. A well-positioned brand should support each point of promotion.
When promoting your brand, ask yourself:
- How can you relate to your customers?
- Where can you find your target clients? Are they more likely to use Instagram or LinkedIn?
- Can you benefit from a range of communication strategies? For instance, print, social media, and online targeted ads.
- When should you promote your product? Is there a time of day that’s ideal?
- How do your competitors promote their products?
Place delivers access to the product to your customers. This element ensures products are available at the right location and at the right time. Effectively placing your product requires an in-depth understanding of your target market. Technology is always introducing new ways to reach your clients. So, make sure your product is positioned and distributed in an accessible way: it should be readily available without issues. The place where you sell can also say a lot about your brand.
- Where do your customers spend their time?
- Where do they look for your product? Do they shop online, in stores, or both?
- How do your competitors distribute their products?
The marketing mix considers the needs of clients. It also helps businesses understand what their products and services contribute—and how they can best offer them. When a company expertly blends the 4 Ps, it leads to a well-defined brand that stands out, increasing loyalty and the value of products and services.