The 4 Ps of Marketing: A Step-by-Step Guide (With Examples)
You've probably heard about them from a friend, a textbook, or even at school.
I know it sounds like a boring topic that's common sense, but there is more to it than meets the eye.
And no, it's not just for large companies… the smaller you are, the more important for you it is to leverage the 4 Ps.
So before we dive into it, let's first break down what they are…
What are the 4 Ps of marketing?
The 4 Ps of marketing is a famous concept that summarizes the 4 basic pillars of any marketing strategy: product, price, place, and promotion.
It sounds simple and it really is (the harder part is implementing it, which we will get into later).
The idea behind the theory is that if you implement them, you will generate more sales. But sadly nothing is that easy. :/
The origin of the concept, also known as marketing mix, goes back to 1960 when McCarthy introduced it in his book Basic Marketing: A Managerial Approach.
I know that's ages ago, but it is just as valid today.
Let's dive into each P…
The product is what the company sells.
It might be a product like a soft drink in the beverage industry or dresses in a clothing store. Or these days it may even be software like Ubersuggest (https://neilpatel.com/
It could also be services, such as consulting or a paid speaking gig or even a therapy session.
In short, the product is everything that is made available to the consumer.
In the 4 Ps strategy, defining this means understanding what your offer needs in order to stand apart from competitors and win over customers.
In other words, what makes your product so great or unique? Because if you don't stand out it's going to be hard to thrive.
For example, you may know about my product Ubersuggest, but you probably already know about a handful of my competitors?
So what's the big thing that makes my product stand out from everyone else?
I don't focus on features… I don't have 100s of reports… instead, I focus on usability. My goal is to make Ubersuggest really easy to use, especially if you are new to marketing.
On the flip side, my competitors focus on ad agencies and really advanced marketers. I built something for a different target market, even though I am in a crowded market place.
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