To have an effective marketing campaign, business owners need to work with an advertiser that will provide at least three differentiating outlets to attract a consumer. As advertisers consider the best marketing mix it is essential to consider the 4 Ps: Product, Price, Place, and Promotion.
- The right product.
- Sold at the right price.
- In the right place.
- Using the most suitable promotion
As a business owner that works along side your advertiser, market research of each 4 Ps within your product group will allow for a basis of where you have gaps in your marketing plan. A few things to remember when creating your analysis:
Product: Your product, if you are in the service industry; also includes the service. Your product (along with your service) must look good and work well. The best products are those that solve problems for the consumer.
- What is your competition charging?
- What is the perceived value to the consumer?
- What will it cost the consumer to not have your product?
Answering these questions will be able to give you a price range that is suitable for the product while providing you with a chance to have a profit. Not being able to answer these questions means you should go back to the drawing board on the product you are offering to your consumers.
As you continue to do your market (the seller) analysis, be proactive in turning the tables and consider your consumer (the buyer) along with your market.
- Customer solutions, not products
- Customer cost, not price
- Convenience, not place
- Communication, not promotion
A business that is able to satisfy the 4Ps while providing convenience, two way communication, and a product that solves a solution at a good cost has just created a marketing strategy that is sure to increase their bottom line. Always remember, to have an effective campaign; it will take more than a sign.