The 4 Ps Of Marketing For Australian Business Owners
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Every day, 2.4 million businesses across Australia compete with one another for their customers’ hard-earned dollars. It’s important for businesses to stand out from the competition. There are numerous strategies to improve the success of your products and services. When it comes to marketing, most experts recommend focusing on the 4 Ps of marketing — Product, Price, Place, and Promotion.
Understanding The 4 Ps Of Marketing (Marketing Mix)
The first P in the marketing mix stands for product. Your product can be a physical product or another service. Your product is the thing that customers come to your business to buy. Having a good product will be key to your success. To develop a strong product or service, you need to think about what you are trying to accomplish.
- How will this product or service fulfil the customer’s needs?
- Does this product or service bring value to your customer or solve their problems?
- Do you want your product to be perceived as high-quality, affordable, etc?
- Were you the first to develop this product or service? Or are you taking an existing product and making it better?
- How will your product or service be differentiated in the marketplace?
Depending on how you answered the questions above, you may need to change or adjust your product or service to match your product vision. These questions are important to think about when creating your business plan.
The second P in the 4 Ps of marketing is for price. The product or service that you offer will determine how much people are willing to pay for it. Marketers must work to align the price of the product or service with the value that customers receive. Some businesses make the mistake of trying to always be the cheapest. However, consumers are usually willing to pay extra for a better quality product or better service. A price that is too low could indicate that your product is poor quality even if it isn’t. Businesses can also use temporary discounts or promotional pricing to strategically influence customer purchasing decisions. Understanding your pricing strategy is key here.
The third P in your marketing mix stands for place. Place is where your customers are most likely to encounter your brand or products. This is influenced by how your business is set up and where your target market is likely to shop. Web-based businesses will need to focus on the placement and messaging of their products on websites and social media. Brick-and-mortar businesses may need to focus more on store displays or shelf placement.
The fourth and final P in the 4 Ps of a marketing mix means promotion. Promotion deals with how a business addresses activities like marketing, promotional strategies, advertising, and public relations. The tools of promotion include things like email campaigns, press releases, Facebook Ads, Google Ads, TikTok Ads, community events, and sales promotions. What works with your customer base will vary so you need to conduct customer research to find out what strategies will be the most effective.
An effective tactic is to conduct A-B testing where half the target audience (group A) receives one promotion and another is sent to the other half (group B). This will help you test different promotional ideas to see what will work the best.
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