Harness the Power of 4Ps of Marketing with INK's New AI Tool
INK's The 4Ps of Marketing: Problem, Promise, Proof, Proposal
Also known as the marketing mix, the 4Ps of Marketing is a classic model for commerce. In short, you use the 4Ps — product, place, price, and promotion — to hone your marketing strategy. Need inspiration? Look no further than INK's The 4Ps of Marketing: Problem, Promise, Proof, Proposal tool.
INK's The 4Ps of Marketing: Problem, Promise, Proof, Proposal tool can help you find unique and effective marketing ideas to promote your brand or product.
Main 4Ps of Marketing Takeaways:
- The 4Ps of marketing are product, place, price, and promotion
- Product is your company's item or service
- Place is where you promote or sell your product
- Price is the cost that consumers will pay for your product
- Promotion is how you'll promote your product
You’ve come up with a great new product — a real winner. You are sure people will like it, but first, you have to help them find it. That’s where the Marketing Mix comes in. The famous 4Ps of marketing first emerged in the 1960s, and it’s still a popular approach now. Why? Because it’s simple, effective, and easy to implement. Let's introduce you to a new tool from INK called The 4Ps of Marketing: Problem, Promise, Proof, Proposal tool.
What is the Meaning of 4 Ps?
What is the Meaning of 4 Ps?
In ultra-simple terms, the four Ps of marketing are four words. Dig a little deeper into those words, and you find the seeds of a clever, consumer-centric marketing plan. Let’s explore each P in turn: product, place, price, and promotion.
Product is the “thing” or service your company offers. The most popular products tend to be either innovative or cater to an existing — and popular — market niche.
Innovation for a plumber, for instance, might be a brand new drain-unclogging system. Plumbers also offer standard services like faucet or toilet installation. Covering both sides of the product spectrum can help to future-proof your business.
Let’s see some product examples:
- Business consultant: Consulting services (existing niche) and a proprietary business development program (innovative)
- Clothing designer: Pants (existing niche) and shoes made of recycled jeans (innovative)
- Software developer: CRM (existing niche) and a new AI-based design program (innovative)
Selling your product means learning all about its life cycle. You need to know your product inside out, what makes your product unique, and why your product is the best thing on the market. If you know these three things, you can create demand for your product.
Place is the “where” part of the marketing mix. You need to decide where you’ll sell your product — and where you’ll advertise, too. Where do your customers typically hang out? What kind of ads do they respond to? What’s your budget? To make money, you need to put your products in front of people who will buy them.
Don’t expect consumers to find you all by themselves. Instead, take your company or your product to them. This is a vital part of the marketing mix.
You also need a sales channel (or sales channels). Some companies go the old-fashioned route and make deals with department stores. Others sell exclusively online. Still, others — and perhaps the biggest modern cohort — choose a combination approach: They sell their wares in physical stores and via the net, too.
Price is the amount of money consumers will realistically pay for your product. Product prices are driven by two things: industry-standard markup and your item’s perceived value. You can see this dynamic in action in the shoe industry.
Nike running shoes sell twice or even three times as much as off-brand sneakers, for instance. Nike's footwear is premium quality — but part of the price you pay is driven by brand name.
Price isn’t a fixed thing. You might decide to discount your product to create a buzz. Many companies offer pre-launch prices to generate an initial sales surge and then increase prices later on. LARQ water bottles, for example, came with a $59 pre-launch price tag; now, the same products sell for $95.
It isn’t always easy to come up with a price for your product. If you don’t know your item's perceived value, do a little market research to find out. Create a survey with SurveyMonkey or Typeform. Send it to your email list or ask your social media followers what they think.
Promotion is your PR strategy. You have a stellar product; your ads are humming along, and your sales channels are set. The time has come to promote your product. Promotional strategies aim to:
- Tell consumers why they need your product
- Convince consumers that your asking price represents value for money
Contemporary advertising options include:
- Billboards: Billboards are enormous, and they put your product in front of commuters. They’re expensive but effective.
- TV and radio ads: Another expensive but compelling option, well-made TV and radio ads are a proven way to boost sales.
- Online banner ads: Cheaper than TV ads, banner ads are in-your-face and — when they’re designed professionally — usually generate a decent ROI.
- PPC ads: Pay-per-click ads are cost-effective because you only pay when people click on your link. They begin driving traffic to your site almost immediately.
- Social media ads: Social media ads are relatively inexpensive and leverage a massive consumer base — billions of people use Twitter and Facebook.
- Influencers and bloggers: Compensated deals with influencers and bloggers help to humanize your product — and you tap into the internet celebrity’s existing fan base.
Need promotional ideas? Check out your competitors. Analyze rival websites with digital marketing intelligence tools like SimilarWeb and Ubersuggest, for instance. You can use the results you get to generate your own fantastic promotional plan.
Why are the Four Ps Of Marketing Important?
Why Are the Four Ps Of Marketing Important?
The four Ps of marketing are important because they help companies define and implement great marketing strategies. If you don’t use the 4P approach, you’ll have to come up with something else — and that can be a shot in the dark. The Marketing Mix is a convenient, ready-made list of vital things to keep in mind as you develop a business plan.
How Do the 4Ps of Marketing Work Together?
Together, the four Ps provide a sales funnel framework. You can use them to put your product in front of the right customer demographic, at the right time, for the right price. That magic combination can seriously boost your conversion rate.
The four Ps work in harmony together. Here are just a few examples:
- Product and place: Seasonal clothing collections that sell better in store than they do online.
- Place and price: Special offers in conjunction with specific retailers; full price products sold in different locations.
- Price and promotion: Banner ads that push time-limited special offers.
What are the 4Ps of Copywriting?
What are the 4Ps of Copywriting?
Now, the 4P marketing strategy can become highly effective when coupled with the 4Ps of copywriting. Yes, copywriting also has a 4P approach, which you can use to boost your 4P marketing strategy. However, don't confuse the 4Ps of copywriting with the 4Ps of marketing. The former stands for Promise, Picture, Proof and Push. Here's a quick breakdown of what these four elements mean:
1. Promise points to the solution you offer. It's the section of your copy where you emphasize the benefits that people can get from the solution you're offering.
2. Picture is where you paint a clear image of your "promise" inside your target customer's mind. It's the portion where you leverage feelings or emotions to help your prospects better understand your offer.
3. Proof is the part of your copy where you give your target readers credible evidence that your solution not just works but it is also highly effective. You may use statistics, facts, or testimonials from your previous clients to support your claims.
4. Push means to encourage your target audience to take action. Use effective microcopy or calls to action that emphasize the urgency to act sooner than later. Push them or give them an imaginary nudge to do what you want them to do through emotional and effective action words.
Now, if you're already applying the 4Ps of copywriting in your copywriting strategy, you can make it extra powerful and effective by applying the 4Ps of marketing strategy through INK's AI-powered tool.
Make the 4Ps Your Go-To Marketing Strategy
The Marketing Mix makes perfect sense — so why not use it to your advantage? Product, place, price, and promotion work beautifully together, and the combo could boost your revenue. Need inspiration? Use INK's The 4Ps of Marketing: Problem, Promise, Proof, Proposal tool to find marketing ideas and take your business to the next level.