Every successful marketing campaign is based around the same four pillars, or the “4 Ps.” First, there is product, which involves the physical offering or service that a brand provides. Next, there is price of that product and any discounts that may be involved. Third is the place, which involves the distribution and marketing channels. Finally, there is the promotion which includes aspects like advertising and public awareness. By utilizing these pillars of marketing, companies will be able to successfully grow and increase sales.
- Product is what you are selling, or the service a brand is offering. Before building a product, gather feedback to see if it will be worth it.
- It can be difficult to get the right price which drives both enough sales and enough profit. Know your customers’ sensitivity to pricing.
- For effective marketing, map out the platforms and places your customers are, and be there.
“In the 4 Ps strategy, defining this means understanding what your offer needs in order to stand apart from competitors and win over customers.”