Have you ever been asked: what is your marketing strategy? and thought “Not only do I not have one, I actually don’t even know what steps to take to create one!”

You’re not alone! After all, you’re not a marketer, you are a business owner. And yet, your marketing strategy forms the pathway to all marketing activity.

So, today, I’m going to give you a quick overview of the ABC’s of marketing. Better known as the 4P’s. And why it is important to review these at a minimum each year.

The 4 P’s of marketing strategy 

✨ Place

Place covers everything to do with where your product or service can be accessed. This includes distribution channels such as online and in-store, platforms, websites and other online presences, physical locations, inventory/stock, warehousing and delivery. Having knowledge of “Place” means that you can ensure that every touchpoint provides a consistent brand experience

✨ Product 

Product OR Service includes all options free gifts, individual products/services, package deals etc. It also covers the quality, design, features and benefits, packaging and other related services. Having an inventory of your products will enable you to sell more effectively as well as cross sell (encourage purchase of other relevant products/services) and up sell ie. “would you like coke and fries with that?” a meal deal

✨ Promotion 

Promotion is what most people think marketing is all about! Promotion includes branding, content marketing, advertising, search marketing, influencer relations, social media, PR, voice and sales. This is how we promote our products and services. This is the section most business are most familiar with and also most confused by.

✨ Price 

Price includes everything to do with the costs of your product and service and understanding how to price appropriately. This means you list pricing, marked price, discounts pricing, shipping costs and knowledge of your competitors’ prices and how you fit in the price market.

✨ Target Market

Wait what? I thought you said the 4P’s??? The 4 P’s are only of value when we understand who our target market is. If we don’t know who our business solves problems for, it is impossible to create an effective marketing strategy following the 4p’s. 

Conclusion

Going back to basics is important. Understanding the 4P’s of marketing and how they relate to your target audience will empower you to have an eagle eye over your business and how it operates. You can review your products and services understand if they are valuable, know how to sell them and potentially see opportunities to add new products/service or reduce the number you currently have because they are no longer serving your business.