The 4Ps of Marketing + 2

If you have attended a workshop, participated in a webinar or read any of the relevant books you will be familiar with the 4Ps of marketing; Price, Place, Promotion, Product. I suggest it should 4Ps + 2!

𝘽𝙪𝙩 𝙝𝙤𝙬 𝙢𝙪𝙘𝙝 𝙚𝙛𝙛𝙤𝙧𝙩 𝙝𝙖𝙫𝙚 𝙮𝙤𝙪 𝙞𝙣𝙫𝙚𝙨𝙩𝙚𝙙 𝙞𝙣 𝙞𝙢𝙥𝙡𝙚𝙢𝙚𝙣𝙩𝙞𝙣𝙜 𝙩𝙝𝙚𝙨𝙚 4 𝙚𝙡𝙚𝙢𝙚𝙣𝙩𝙨 𝙤𝙛 𝙢𝙖𝙧𝙠𝙚𝙩𝙞𝙣𝙜 𝙖𝙣𝙙 𝙚𝙦𝙪𝙖𝙡𝙡𝙮 𝙞𝙢𝙥𝙤𝙧𝙩𝙖𝙣𝙩𝙡𝙮 𝙪𝙣𝙙𝙚𝙧𝙨𝙩𝙖𝙣𝙙𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙋𝙤𝙩𝙚𝙣𝙩𝙞𝙖𝙡 𝙘𝙤𝙢𝙥𝙚𝙩𝙞𝙩𝙤𝙧𝙨 𝙖𝙣𝙙 𝙋𝙧𝙤𝙨𝙥𝙚𝙘𝙩𝙞𝙫𝙚 𝙘𝙪𝙨𝙩𝙤𝙢𝙚𝙧𝙨?

Product

What your company offers to meet the needs and wants of your target market. It should refer to the benefits, features, quality, and promote your branding.

Price

This involves determining the right pricing strategy for your product or service. Pricing decisions need to take into account factors such as production costs, competition, market demand, and crucially the perceived value by customers.

Place

Will you be selling on an on line platform, through third parties, physical shops or other distribution methods?  It should also explain how you will deliver the product or service to the customer, the distribution channels, logistics, and the locations where the product or service could be purchased.

Promotion

Your strategy to make your target audience aware of your product or service. Identifying the need or want of your prospective customers. Your promotion strategy may include advertising, personal selling or a sales campaign. Your objective is to create awareness, generate interest and desire to ultimately drive sales.

Potential competitors

Who in the market place could provide the same or similar service or product as you?

How will you differentiate your offering? Do you articulate your brand values, your pricing strategy, quality of service, are you sharing reviews or testimonials?

Prospective customers

Have you clearly identified your ideal client, their needs, desires, challenges or the problems they are striving to resolve?

Are you able to relate to them in an engaging manner, speaking to them in a way that they appreciate and immediately understand how you could help them?

Without paying customers you don’t have a business, so how are you putting in place your 4Ps + 2?