Marketing Mix: What Are the 4PS and How Can They Help You?
Learn all about the elements of the marketing mix and how to use 4 Ps of marketing in your strategy!
The Marketing Mix is a term that refers to the four marketing pillars, also known as 4Ps, which form a complete group of effective actions for your business.
It is used to build strategies to create the desire in people to buy and what’s better, these strategies can – and must – be controlled and customized according to the profile of your business and of your buyer persona.
Using a very simple example, it’s as if the marketing mix were a team made up of excellent players who need to play together to win the game.
Keep reading this text to understand everything about the subject!
The marketing mix is divided into 4 pillars, also known as 4Ps: product, price, place, and promotion.
The first pillar of the marketing mix refers to the product.
In order for you to be able to make your product or service well accepted, it is imperative that you make the value clear about what it delivers to the consumer.
It’s worth remembering that a product with a high added value is more than something done using the best resources, technologies, and knowledge. Of course, consumers seek quality in what they buy, but more than that, they must find something that meets an existing need.
When you define the features of your product, it becomes easier to develop attractive and targeted strategies for the right audience.
To do so, follow the checklist below to identify:
- The demands your product can meet;
- How (its features, benefits, etc.);
- How people can and should use it;
- Its characteristics, such as name, description, and shape;
- What makes your product stand out from what your competitors offer.
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This pillar is very important for your strategy, not only because it’s the one that generates revenue, but because it is responsible for the way your product is viewed by consumers.
Brands must charge a price that is profitable but also consistent with the market situation.
Customers, on the other hand, don’t care about paying higher prices when they feel that the product or service really adds value and brings significant benefits.
Reaching a fair balance for both parties is one way to ensure your business’s permanence in the market. In order to make this happen, consider the following:
- Your production costs;
- What is the amount customers are willing to pay for what you offer;
- How much are your competitors charging;
- What are the factors that can change the price of your product (commemorative dates, special customers, distribution areas, among others).
The third pillar of the marketing mix is known as place and relates to the ways your customers find your product.
To define this factor you must think about your distribution channels.
Doing this is much more complex than opening a virtual store or setting up a physical store. It is necessary to know where people interested in your products are, in order to offer them where they will be seen, desired and of course, bought.
The first step is to find out if your customers are looking for the products you offer on social media, e-commerce, or physical outlets. Then you need to ask yourself what needs to be done logistically to meet this demand:
- Will it be necessary to increase my staff in order to reach all points?
- Which tools do I need in order to distribute in the best places?
- What needs to be customized on each channel in order to have positive results?
In the case of online businesses, it is interesting that you invest in ads so that your potential customers have contact with your brand at the moment they are searching for the type of product you offer.
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The fourth and last pillar is promotion.
You need to invest in the correct actions so that your customers recognize the potential of your product and see in it, the solutions to their problems.
Here are some of the paths you should follow to target the promotion actions of your products and services well:
- Define the best disseminating channels, in other words, the media that is most accessed by your potential customers or the places most visited;
- Research the best days and times to promote your business;
- Check which actions have the best results, such as content format (videos, images, texts) and language;
- Check out what your competitors are doing and find out their strengths and weaknesses.
This information will help you better understand the type of action that creates the most impact on your customers.
Don’t forget to also pay attention to your competitors’ failures, because they might be an excellent opening for you to act and meet the needs of your audience.
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You might have noticed that in all the marketing mix pillars we reinforce the importance of developing your actions considering the particularities of the audience that you wish to reach.
Do you know why we keep repeating this? It’s because you cannot create an effective marketing strategy without having an audience to which to target it.
This is also another very important term for those who work with marketing. If you need to know more about this subject, we have a post with a complete guide to help you create a buyer persona.