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The concept of branding dates back to the 1950’s when businesses realized they needed a way to convince consumers to purchase their product, even though their competitors were basically creating the exact same thing. Even though there was very little difference between one company’s product and another, the marketing and company’s public persona stood out, causing consumers to become very loyal to a specific brand.
Today, brand marketing in business is more competitive and more important than ever before which is why it’s so important that businesses understand how to use the 4 Ps of marketing in order to strengthen their brand.
What are the 4 P’s of Marketing?
The 4 Ps of marketing aren’t complicated. They’re price, product, promotion, and place. When used properly, they lead to effective marketing and improved profit margins. Successful businesses have learned how to use the 4 Ps to create a framework for all of their online and offline marketing efforts.
Building your Marketing Strategy Around the 4 P’s of Marketing
Start with Product
Before turning your thoughts to marketing, you first look at the product you plan to promote. Whether it’s a product or a service, you need to establish that it’s the best it can possibly be. If you’re not confident in what you’re presenting, you’re target market will pick up on your insecurity and overlook your product/service and move onto the competition.
Once you’re convinced the product is ready to be promoted, it’s time to look at it and determine what sets it apart from any similar products on the market. Is it priced lower? Higher quality? Able to be used for unexpected purposes? Whatever sets it apart will form the cornerstone of your brand marketing.
In addition to your product, consider what sets your business apart. Are you community-oriented? Do you provide your customers with a more personal touch than your competitors? Don’t be afraid to include information about your business into your brand marketing. It helps your customers connect with your business, which turns them into repeat customers.
Settle on a Price
Many businesses are surprised to discover how important a role price plays in marketing. The price of your product is one of the first things your customers look at when deciding if they want to learn more about your product. You can’t price your product so low that you lose money on each sale, but it needs to be low enough to convince new customers to take a chance on your product/service.
Other prices that need to be considered before you start actively marketing your product/service is the cost of delivery and the convenience of your product. In today’s market, many businesses have discovered that teaching consumers about the intrinsic value of their product/service can sometimes offset a slightly higher price.
Vouchers, discounts, coupons, and limited time special offers not only help consumers to quickly decide if they want to take a chance on your product/service, but also provide you with a good opportunity to play with the price of your product.
An important part of marketing, particularly when you’re first starting out, is deciding what locations or platforms your target market tends to hang out. These are the locations you’ll want to direct the bulk of your marketing material towards. Surprisingly, this is something your more experienced competitors can help you with. Take a look at where they focus their marketing efforts and mirror their actions. Just make sure your marketing material stands out.
Keep in mind that the most efficient marketing programs make use of different online and offline marketing channels.
Hone your Promotion
When putting together your marketing materials, you want to personalize them until they perfectly reflect the brand image you want associated with your business. This includes things like sticking to consistent colors, logos, fonts, and phrases on all of your marketing material. In this day and age, it’s not enough to simply create a sales flyer. The promotional material you create not only needs to engage consumers but also needs to provide some value to their life. Good examples of useful marketing material include instructive videos that show consumers how they can benefit from your product/service, informative blog posts, and personalized social media posts.
When your marketing includes using multiple channels, you’ll need to explore how you can keep your marketing material feeling fresh and unique for each channel.
Once you’re actively marketing, you’ll want to use a program like Google Analytics to help you see conversion rates, how much engagement each piece of promotional material receives, and your conversion rates. Use this information to determine how to streamline future marketing efforts.
If you are looking for some professional assistance with your company’s digital marketing, feel free to give our experts a call today! The premiere SocialSEO team is here to serve you.