How 4 p’s of Marketing help you build an effective marketing campaign
From the day we started understanding how marketing works, 4 p’s of marketing principles were the basic fundamentals to be considered in all aspects of marketing. This helped me to position my product better into the market and expect higher traction. Over 90% of the businesses which are successful, follow this conventional but yet result-oriented marketing strategy.
When I was in a situation where I had to come up with an online campaign marketing plan, my first thought is too abstract my idea and list out all the possible ways of doing a campaign, while I was doing this I had to think about some content ideas for engaging traction. Having this in my mind, I started building a world map with different personas which I can use in my content, this is when it hit me that why I can use these fundamentals here to shape my marketing campaign into a game-changer.
Now let’s see how effectively we can build content ideas and build effective marketing campaigns
Product is your ultimate selling point to the customers and this makes it more valuable than anything, this way we can talk about the value proposition to the customers. Here, talking about the problem your product is solving will give more credibility for your product. Initially, you can start by talking about your product benefits and features to show the value proposition to the user.
- Tell customers what problem are you solving
- Elaborate on each of your features and how it is beneficial to the customers
- Talking about case-studies can have more impact on brand growth
Here, instead of promoting the product we can talk about customer pain points and then relate them with your product story. With this, you can plan your first phase of the campaign using product features and benefits
Sometimes your product may be liked but reconsidered again due to non-linear pricing or lateral pricing. The first thing the user wants to know after they like the product is its price, If the user does not feel that price is defined for his requirements there is a very high chance of skipping to other products. It is ideal to have a free and basic plan where customers can use all features with a very nominal limit and on a later stage, you can make customers upgrade directly. Always the pricing should be structured according to user requirements and having multiple other features to make the user feel that you are actually providing more for the price he is paying, this interests the user most.
- Make your pricing dynamic that customers can curate their own plans. This way we give complete ownership of making his own plans.
- Always have competitive pricing to maintain the credibility of your product, offering products for lesser price sometimes may impact your position in the market as customers might perceive that there is less value to your product.
- Project your product value with the pricing, only think the user wants, in the end, is the ROI of his business.
- Never show your marginal profit on the pricing plans you define, customers tend to compare your pricing with other competitors as well. So, having free plans and better structuring of your feature details in pricing can attract your customers.
Many businesses and companies fail due to improper pricing and plans, It is very important to understand your customers before you define pricing check all your top competitor’s pricings and additional features which you can add to have a more valuable product. At this stage, you can create a pricing campaign where you tell that your prices are far better than your competitors, better way to project this is by exploiting social channels and running paid campaigns for your target audience
You will often hear marketers say that marketing is about placing the right product at the right price, the right place, the right time. It is therefore critical to assess the ideal locations for converting potential customers into actual customers. Even in cases where the real trade is not taking place on the web today.
- Segment your target audience into different groups, this will help you to fix your place of positioning your product.
- Find out common channels where your target audience are active mostly, this will help you gain quality user behaviour insights
- A successful marketing balance can ensure good results, and the marketer should strive to create a favourable environment.
With most media outlets moving in the digital direction, the way companies promote their products and services has changed.
Promotion used to be limited to TV ads, billboards, radio, and word of mouth. While they’re not super cost-effective compared to modernized promotional activities, they’ve got the job done for what’s available.
Important questions to be answered before you do promotions are:
- Here and when can you get your marketing messages to your target market?
- Are you going to reach your target by advertising online, in the media, on Television, on the radio, or on billboards?
- By using direct mail-out marketing? Is it through PR? On the Web?
- When is the best time to discuss this? Is there seasonality on the market? Are there any wider environmental issues that influence the timing?
“It’s fascinating how the fundamentals of business-to-business marketing are the same today as they were 50 years ago. It’s still about relationships although today we have new tools and techniques at our disposal.” – David Meerman Scott
With a growing list of marketing tools providing data at your disposal, there’s no reason why you shouldn’t always be reviewing your business ‘ marketing efforts and adjusting them to suit the modern environment.
Bhushan can usually be found reading a book, and that book will more likely than not be a psychological thriller. Writing a novel was always on his bucket list, Bhushan loves singing, enjoys riding his scooter around town, and otherwise spends far too much time alone at the computer.