What are the 4 types of marketing strategies?
The most successful entrepreneurs discover and embrace the power of marketing. And they also recognize the importance of marketing and sales strategies. We know when developing a marketing strategy for your business, you have a lot to consider as you design, integrate and execute your plan. So, what types of marketing plans should you use? There are lots of marketing and sales strategies you may want to consider, but one of the most common and one of the easiest to remember is the 4 Ps of marketing. After you commit to memory the four Ps of marketing – Product, Price, Place, Promotion – you can start applying each term to your marketing and sales strategies. We’ll review Product, Price, Place, and Promotion and how to work them into your marketing strategy.
We’ll also discuss how to develop your marketing strategy with a plan to reach your customers through different marketing channels such as social media, email, direct mail, etc., essentially building a channel marketing strategy for your business as well.
They all work together
When you market your product or service, using the four Ps will help you effectively market to your target audience. Product, Price, Place, Promotion are all equally important and all must be linked together for your marketing and sales strategies to work.
P is for your Product
The product is the good or service you are selling to your target audience.
Products solve a problem or fill a need that customers have, whether they realize it or not. Successful products fill a need not currently being met in the marketplace or provide a unique experience that leads to demand. As you work on your product, consider your audience and their unique needs.
When assessing your product or developing new products while establishing your sales and marketing strategies, ask yourself these questions:
- What is my product?
- What does my product do?
- Does the product meet a need in the marketplace or provide a unique experience?
- Who is my product’s target audience?
- How is my product different from other similar products?
Set your Price
Price is the cost of your product or service. The price of your product is affected by factors such as supply and demand. Your business strategy, including your sales and marketing strategies, might be to have the lowest price in the market or a higher price based on the product’s image and quality.
To help you set the price, work on some business analysis to better understand your potential customer. Ask yourself these questions:
- What is the price of my competitor’s products and services?
- What price range is too high for my target audience?
- What price is too low?
- What price fits in with my target market?
Where is your Place?
Place – another element to consider for your sales and marketing strategies. You developed your product, you set the price, now where are you going to place your services?
Place is where you are selling your product and where you will distribute – like wholesale, retail, internet –your product to the customer.
Like setting your price, choosing the right place to market your product or services becomes an important factor when trying to reach your target audience. If the place you are marketing your product isn’t somewhere your intended customer visits, whether physically or virtually, it is going to affect your success. But if you find the right place, then more connections will be made with your target audience and success more easily attainable.
So how do you find the right place? With analysis and research. Find the places, physically or digitally, that your potential customer or client shops. Or the place where your target audience is seeking information. Consider these questions:
- Where will I sell my product?
- Where do my potential clients or customers shop?
- What channels would work best to reach my target audience?
Promotion – Getting the word out
Promotion is the element that closely ties into your channel marketing strategy, as we mentioned earlier. Promotion involves how you advertise and get the word out about your product or service. Through promotion and an effective marketing campaign (backed by your marketing and sales strategies) you deliver a message that connects and resonates with your target audience. A channel marketing strategy is a plan for how your company will reach its customers through various marketing channels.
Think of all the different ways to promote your product. There are the traditional methods like word of mouth, print advertisements, and television commercials. But now, the channel marketing strategy of every business must include digital channels. For example, you can promote your product through content marketing, email marketing, and social media marketing.
Some questions to consider as you work on product promotion include:
- What is the best time to reach my target audience?
- What marketing channels are most effective for my target audience?
- What channel marketing strategy would work best to reach my target audience?
- What advertising strategy would be most persuasive to my customers?
The four Ps will provide the foundation for your marketing plan. Think through each element – Product, Price, Place, Promotion – and each corresponding question outlined above.
Four Ps as part of a unified marketing strategy
The four Ps as part of your sales and marketing strategies must be carefully considered and then effectively implemented to be successful. The strategy development, analysis and preparation take time, but your work will bring outstanding results.
Need some help?
Do you have the time to devote to work on the four Ps? The help of an expert could help you reach your marketing goals and business success faster. We can teach you how to create your own sales and marketing strategies along with a customized channel marketing strategy. Here are some of the services we can provide:
- We do a complete business assessment, identify your current state, and map to your desired state. We ask next level questions and drill down in each area of marketing, sales, operations.
- We create a marketing and advertising plan and can execute the plan for you.
- Perform a formal assessment of your current marketing and advertising initiatives.
- Identify what is working, what is not, and come up with the best way to position your firm to achieve the goals put forth. This may include some sales initiatives as well.
- Execution of the plan with regular communication on performance, and provide access to reports and dashboards.
Loaded with best practices for assessment, marketing, advertising and sales tactics, a unified marketing strategy will teach you how to make the adjustments you need to get remarkable results.
Jimmy LaSalle wrote a book to help small and mid-sized business owners get a better understanding of the complete marketing picture. It’s not just a website. It is not just running some ads from time to time. A unified marketing strategy, as outlined in his book “Unified Marketing Strategy”, connects the advertising messages and expectations to your sales team, and customer support. The goal is to help choreograph everything, and build a powerful system that keeps new customers flowing through the business.
Learn more about our consulting engagements, in-person workshops, and our other services.