Download HubSpot’s Official Marketing Mix Templates [FREE RESOURCE]
Ready to get to delve into the core of the marketing engine room? This video is all about the 4 Ps AKA the Marketing Mix. You’ll learn what they are, why they’re important, and how to use them to take your marketing to the next level.
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• What Are the 4 Ps of Marketing? The Marketing Mix Explained [Example]
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Whether you've been using the four Ps of Marketing aka the marketing mix your Entire career or you're just hearing About them for the first time one thing Is for sure this framework is way more Than a textbook concept the four Ps are At the core of marketing any product or Service in any sector so what are they Product price place and promotion and The fifth fee if you're feeling lucky Might be Pizza these four elements can Inform everything from the best channels For your marketing right through to the Positioning of your overall brand so Let's unpack those four Ps and give you Everything you need to know to take your Marketing to the next level this year Introducing p number one product this Might sound simple but when you're Marketing a product you really need to Think about that product and what makes It so special when I say product I mean Anything you're taking to Market and Trying to sell it can be a physical Product or a service for example once You interrogate that product all kinds Of things can come into Focus you'll be Able to identify the problem it solves The strengths what kind of audience Would find it most valuable and what Differentiates it from other products on The market for example if you know your Product is the go-to trustworthy option That will inform your marketing or at
The very least it certainly should and That approach should be very different To another business with a disruptive New kid on the Block product knowing Your product is the Cornerstone of Marketing success the second PE is a Really big one it's price first things First price is not just about how much Money you want to make but equally your Product needs to be profitable after Costs marketing and sales are taken into Account so how can you strike the right Balance well here are four strategies That can help Cost Plus pricing Competitive pricing value-based pricing And penetration pricing let's talk about Cost Plus pricing Cost Plus pricing AKA Markup pricing is a method where Businesses add a fixed percentage on top Of the cost it takes them to produce one Unit of their product Simply put you work out the cost and Then you add the plus bit the number you End up with is the selling price of the Product this can be really useful for Businesses that want a quick and simple Way to price their product without Getting bogged down with complex Calculations Cost Plus pricing is also Easier for customers to understand which If used right can Aid transparency which Boosts customer trust all good things But as you'll see in some situations a More detailed pricing strategy is way
More useful so next up is competitive Pricing this strategy focuses on the Existing market rate sometimes called The going rate for the product or Service you sell rather than basing your Pricing on the cost it takes to make Your product or the customer demand for It competition based pricing uses your Rivals as a benchmark most likely your Business will then price itself in one Of three ways slightly less than the Same as or slightly more than your Competitors what's the best approach Well depends on your product so you're In the distribution sector and you offer Delivery services for low-cost Non-perishable Goods to retail stores Pressing yourself just below your Competitors could make your business Super attractive to customers but what If your distribution company delivers Luxury Seafood ingredients to Michelin Starred restaurants in that scenario Pressing yourself just above competitors Could be more attractive as it signifies A more trustworthy or Elite service then We have value-based pricing with this Strategy a company prices its products Or Services based on what the customer Is willing to pay so even if the company Could charge more for a product it Establishes its price based on customer Interest and data value-based pricing Can Boost customer sentiment and loyalty
Because it's reflective of their needs The caveat here is that you need to stay Up to date with those needs and how they Develop like a beautiful butterfly Otherwise you can quickly lose sight of How valuable your product is to your Customers and your pricing will reflect That finally we have penetration pricing This is where the company enters the Market with a super low price to try and Draw attention and revenue away from Higher priced competitors remember that New kid on the Block product we Mentioned earlier this could be a great Strategy for that because it's best Suited for breaking into an existing Competitive market however penetration Pricing isn't suitable in the long run Because you need your product to be Profitable at some point right so this Is a short-term strategy that will often Be used in conjunction with one of the Other strategies we've outlined and if You want to find out more about any of Those strategies check out our video on That very topic now it's time to take a Look at p number three place in the old School days of marketing place used to Be all about physical locations Billboards Subway ads print ads Etc and While those are also part of the Conversation places now a much more Complex topic because it includes a host Of digital channels too finding the
Right place for your marketing involves Getting forensic on your customer habits Preferences and needs for example say Your product mainly appeals to a Millennial audience Instagram ads would Get you way more of a return than Tick Tock ads because Tick Tock appeals to a Younger audience and as Millennials have Been dubbed generation mute owing to Their reluctance to speak on the phone Who wants to be doing that these days Your sales enablement should probably Lean towards chat Bots at a self-serve Website rather than to call Representatives but all that's going to Be a completely different story if your Target market is Gen Z 31 of whom say They prefer to shop in app or directly Through social media rather than using a Traditional website remember place isn't Just about where you want people to see Your products it's about where your Customers want to see them and just like That it's time to talk about the final P Promotion promotion is where your Marketing actually comes alive it's Where you think about how to publicize And advertise your product and that Involves all the fun brand building Stuff like messaging brand awareness and Lead generation strategies once again How well you know your product and your Target audience will determine your Success that new kid on the Block
Product we've been talking about suits a Very different kind of messaging so that Tried and tested alternative and then You have to match it to your target Audience in fact take a moment and Picture a key buyer of your product what Sort of message is going to appeal to That person what's likely to put them Off and how can you articulate the Obstacle they're facing in a way that Actually feels genuine getting detailed In your promotion strategy is how you Can turn your marketing from meh to And that's it if you want to take your Marketing to the next level get yourself Acquitted with the four Ps product price Place and promotion and the first step That I would take well I'd probably Check out our marketing mix four piece Template using the link down in the Description below want to see more Videos on this topic or share how you've Been making moves with the four Ps let Us know down in the comments below and Of course don't forget to subscribe and Like this video now if you'll excuse me We'll be looking for that fifth P you Know what I'm saying I think I got some Of the oven I'll see you next time I can't find this client info have you Heard of HubSpot HubSpot is a CRM Platform so it shares its data across Every application every team can stay Aligned no out of sync spreadsheets or
Dueling databases HubSpot grow better [Music]
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