Relevance of 4Ps of Marketing in Current Times
Over the years, marketing trends didn’t remain static. Especially the chaos created by COVID-19 led marketers to diversify their marketing tactics. The marketing landscape will continue to evolve, but the basic principles will always remain the same.
In this script, our discussion will revolve around the 4Ps of marketing. It refers to product, price, placement and promotion. This is also known as the marketing mix. It was introduced in the 1960s but today, marketers still hold this concept to build up marketing strategies.
Let’s take a dive into it.
In recent times, you can adopt any marketing approach, but its core idea will start with a product. Primarily, it is your business offering, which needs consideration for advertising or selling. It might be mobile apps, jewelry items or a dress, etc. Marketers can’t move ahead unless and until they have an insight of what to sell. Don’t you agree?
It sounds very interesting to say that these are our business offerings, but as a matter of fact, it is a hard nut to crack. Being a marketer, you must know the ins and outs of your products with its competitive advantage as well. Then you have to launch it and promote it mindfully.
We know it is hard to grab a customer. Before thinking about compelling marketing plans, you must create a product with unique features and then expect positive feedback from customers.
With time, we have seen a rising trend of eCommerce stores. Have you observed that online stores are offering different prices as compared to the physical stores? It is a dilemma to set the right price of a product. Not really. But still you can’t set the product price blindly. Without knowing what your product stands for, you will never achieve customers.
All the marketing campaigns will be in vain if pricing doesn’t relate with the product. For instance, you offer logo design services, but if you don’t know about the competitors’ price range then outcomes could be unwanted. Before picking a price range, ask yourself these questions. Is your product price worth it?
Is your target audience able to bear these charges? Is your product’s price relevant to your competitors’ price or more affordable? What could be the highest price range for your customers? What could be the lowest price range for your customers?
Placement usually means location. If you have adopted a wrong location for your products then things will not execute in the right way. What it means you should know the location of your target audience. No matter what marketing campaign you run, if your products are not in reach of customers, then you are losing revenue and sales.
For every era and business, every marketer should keep in mind the significance of placement. In the sphere of digital marketing, this aspect becomes even more crucial. You should know on which social media channels your audience is. What are their interests, preferences and purchasing power?
Accordingly, you will set up social media accounts, place your products and engage your audience ardently.
Finally, your approach for grabbing the customers attention is promotion. This is the way you have to attract the customers to buy your products & customers. Years ago, promotion was necessary, but in current times it is necessary and should be persuasive as well. Observing the cut-throat competition in the market, you have to attract the customers in a unique way.
In order to design a marketing strategy, you need to ask yourself a few questions. Does my promotional plan harmonize with the audience? Are there any tactics which I can adopt from competitors? Is it the appropriate time and medium to execute this strategy?
Apart from this, you should know that you have to constantly upgrade your promotional messages. It is not just about promoting but turning the prospects into customers.
To build a sound foundation of online marketing, you should liaise with ArhamSoft (Pvt) Ltd. to build up your competitive niche.