• Angelo Ponzi

Beyond the 4 Ps: Integrating Your Marketing Mix for Success

Many business leaders know the ‘4 Ps’ of marketing. But do you know how they work together?


If you want to grow your business, your strategic decisions cannot be made in silos. Rather, you must look at your marketing mix holistically, considering how each piece works together and reflects the key drivers for your target audience.


Every move you make in your marketing efforts from what you offer your customers to where you offer it, how you communicate it to how you price it must connect.


Every element of your marketing should integrate with the next, reflecting the characteristics of your customer and your strategic positioning as a brand.


Today, I will summarize and expand on the Ps of marketing, and explain how they work in tandem with one another.


Product

Your product refers to what you are selling, whether it be a tangible item or an intangible service. Regardless of what your offering is, strategizing around your product is critical to driving revenue and profit to the bottom line so your business can continue to grow.


Many business owners grapple with how to effectively ‘productize’ their services and accurately define the value of these intangible offerings. It is important to note that the value of your services extend beyond just the time it takes to perform the service; in order to maintain your profitability, your rates also must account for the overhead costs of running your business, such as rent, electricity, and other necessities that go into running your firm.


There are many ways to translate your time and effort into something that both you and your clients can digest. One option is to simply factor these elements into your hourly rate; alternatively, you could package your services into a bundle of services, or a bundle of hours. The benefit to this method, in addition to likely being more cost-effective, is that packages feel more tangible both from a business owner perspective and in the eyes of your prospects.


When thinking about your product, customer choice is something to keep in mind. More than ever before, customers have the power to choose what they will purchase, and what brands they will buy from. There is greater access to research and a growing shift towards conscious purchasing choices.


This results in a more direct comparison between you and your competitors, so be sure to clearly communicate why your brand has positioned it the way that it has.


Price

One of the most common questions business owners ask is what they can realistically sell their product for. While you do have the power to set whatever price point floats your boat, you must also do your market research and consider the current state of your industry and the economy as a whole, while ensuring that you are still able to make a profit.


Clearly lay out your production costs, such as raw goods and contractors who also need to make a profit. Weigh these factors up against what the market will realistically bear, and proceed through that lens.


Next, look at your competition. If you charge more than your competitors, be clear on why this price differentiation exists, and clearly market yourself around the increased value you offer.