4 P marketing

Social + Search = Marketing (Part 1)

The internet marketing, social media and search engine marketing scene in Vancouver is changing at a rapid pace. The industry, as a whole, is moving even faster. In the excitement of trying out the latest new gadget, developing a new profile and making that next connection, it is easy for a business to forget the basics.

Social media marketing, search engine marketing, internet marketing or online marketing all have one thing in common, and that boils back down to marketing. Frameworks have often been created to organize the thought process to help companies identify the best strategy to market a company.

Getting back to the basics may be the key to developing that next biggest and greatest campaign. I thought it would be useful to write a series on Marketing basics. In part 1, I will discuss the 4 P’s of Marketing.

 

4 P’s of Marketing

The 4 P’s of marketing are Product, Price, Place (distribution) and Promotion. It is important to have a clear understanding of each of these elements for your company and how these elements could work together in your marketing strategy. Here are some questions to consider.

 

Product (goods and/or services):

• What is your product?
• Can your product be changed to better fit your target customers?
• What is the single, most important benefit* your target customer gains from buying your product?

*NOTE: There is a clear distinction between a feature and a benefit. Your customers are not interested in product features. They are interested in the benefits they can get from a product. For example, cell phone plans with unlimited calling to a certain number of friends is a feature, being able to speak to your best friend anytime, all the time, without a massive phone bill is, in the customer’s perspective, the benefit.

 

Price:

• How does your product price compare with that of your immediate competitors?
• Would you offer price promotions?
• Would you offer different pricing strategies depending on your sales channel?

 

Place (distribution):

• Where can your customers purchase your product?
• Can a good or service you offer be more efficiently provided online? (Eg. after sales services).
• Is there an additional good or service you can offer your customers online to provide them added value?

 

Promotion:

• What is the key message you want to convey to your target customer?
• What perception do you want your customers to have of your company?
• Through which communication channels will your target customer be most receptive to to receiving your message?

 

This is only a sample of questions to consider when thinking about your marketing strategy. The 4 P’s is a basic framework, but is still applicable in the online environment. Do you agree?

Stay tuned for more of the Marketing Basics series.

 

Victor Chan
eMarketing Strategist

Tags: 4 P marketing, basics, internet marketing, marketing, Search Engine Marketing, Social Media, Vancouver