While it may be easier to look for bite-sized solutions to problems, simple success formulas may not work too well. The world is too complex, and we need unique strategies for every situation. In digital marketing, the concept of the 4 Ps has been considered beneficial. These four elements provide a framework for brands to work on with increased focus. They can identify which of these four elements will help them improve their revenue.
What are the 4 Ps?
E. Jerome McCarthy categorized the ingredients that make a successful marketing strategy into the 4 Ps. McCarthy borrowed from Neil Borden’s idea. Borden published his article in 1964 under the title, “The Concept of the Marketing Mix”. He argued that the marketing manager is a “mix of ingredients” and that these ingredients made the campaign successful. The elements include product, planning, branding, distribution, personal selling, etc. McCarthy summarised them and identified four components for successful campaigns. They are the 4 Ps of digital marketing:
It is alright for brands to stress one element over the other. By consulting an expert providing digital marketing service, they can understand which element brings them more sales. They have unique conditions, so they should focus on a particular element that would bring them more conversions. However, all four Ps are essential parts of a brand’s marketing strategy.
The idea of the 4 Ps of marketing was popular even before the advent of the digital age. So, we should explore how brands can use the 4 Ps in their digital marketing campaigns.
The 4 Ps in Digital Marketing
The product is the means through which brands solve customer problems. Customers always seek solutions and want products that relieve them from their predicament. So, the product should address the customer’s pain points directly.
The product can be either tangible or digital. Historically merchants sold physical goods, and it was easy to describe the product. Today, brands can sell digital products and services, but they should clearly explain their products. For instance, customers won’t instantly recognize the product of a brand providing digital services like SEO services or eCommerce platforms. So, brands should take time to explain their product through tutorials, webinars, and videos. They can get the digital marketing service of an expert to produce informative content.
Brands should also be clear with their unique selling proposition. They should communicate the unique features of their brand. If they explain how their brand is superior in solving customer problems, they can establish a competitive advantage. Rising above competitors is crucial to surviving in the marketplace today. The product is the first thing that will help companies gain an edge over their rivals.
Every business owner with a brick-and-mortar store will know the value of location. If a business is close to the city center, many customers will visit the shop and buy the products. However, if the store is far from the target audience, the brand would not see more sales. For online businesses, location is not a problem, as they can work with an expert providing digital marketing service to create an eCommerce site. However, they should be close to their target audience and be in the channels they use. If the audience uses Facebook or LinkedIn, brands should promote brand awareness and position their products as solutions.
Brands should ensure that they are mentally available to the audience. People should remember them as solution providers whenever they encounter a problem. For this, brands can hire an SEO company in Adelaide to promote their logos and brand message and get customers to remember their brands at all times.
Understanding how the different channels work will also help brands. They should learn how to use the channels effectively to reach out to customers.
Brands should try to achieve a sweet spot in pricing. If brands sell too high, customers will see that the products are not worth the money. They would go to competitors, as they always have more options. If the pricing is too low, customers may doubt the brand’s reputation and equate low prices with substandard quality. So, it is necessary to find the balance that increases profitability while making the products affordable.
Customers today have price comparison sites and tools. They can see how much other brands charge for the same product. So brands should be aware of competitor prices and charge their prices accordingly. Also, there should not be a huge difference between how customers perceive a product’s value and the product’s actual price.
The target audience also determines the pricing. If the audience is primarily consuming luxury brands, high pricing is justified. On the other hand, startups catering to customers from a middle-class background cannot expect more revenue if they charge high.
Promoting products and services is essential today, as the market is highly competitive. Businesses should hire an SEO company in Adelaide and reach out to customers on different channels. We have mentioned the importance of Place before. Promotion then determines if the brand can reach the audience in their place.
Product promotions are cheaper today with the rise of the internet. Previously people had to pay for billboards, leaflets, newspaper ads, and TV ads. Brands also have automated tools to simplify their campaigns and reduce the workload. They can even work with an SEO company in Adelaide to help with automated campaigns.
Brands can reach customers with their products through search engine ads or video ads. They also can set up social media ads and persuade people on social platforms. If businesses want quick recognition, they can partner with influencers to promote their products. They can tap into the social capital of the influencers and use it to their advantage.
Content marketing helps businesses establish trust with their audience and attract quality leads. It is a slow process, but it helps solidify the brand as a leader and an expert in the industry.
Companies should monitor their campaigns and look for ways to maximize their ROI. They should study where to reduce their expenditure and the areas to spend more for more returns.
Some people feel that some ingredients are missing from the list and include more “P” s. Others reject the classic 4 Ps and replace them with four other elements: process, platforms, people, and performance. But expanding the list would overwhelm marketers. So, it is better to stick to the 4 Ps and use them to adjust strategies.