Put a Ding in the Universe. Use the 5th P’s.
On Wednesday I received a random text from a 17 year old that inspired this post.
17 year old text – “What are the 4 P’s?”
My text reply – “Easy…Price. Product. Placement. People.”
Yup, got it wrong. The 4th P is actually promotion. And I DO marketing for a living!! So, crash course in the 4 P’s it is. Here we go. There are four critical elements needed to market products and services. They’re called the 4 P’s.
1. Product – Do you have a product that is wanted or needed by an audience?
2. Price – Is your product priced at an amount that your audience will consider affordable and worth their money?
3. Place – Is your product available at a place where it can be purchased by your audience?
4. Promotion – What are you doing to let your audience know that your product is available for them?
I’m keeping the 5th P. It’s pretty genius. I mean, without people, the other 4 p’s can’t exist.
5. People – Sellers of the product. Buyers of the product. Marketers of the message. Audience of the message.
No matter which of the 4 P’s are being focused on, it’s people who make products successful. Know your audience. Who buys your product and why do they buy it? Is it something they need or does it satisfy a want? How badly do they need or want it? What is it about using your product or service that satisfies that need? Interacting with your audience provides valuable insights. Form a relationship with them so they’re comfortable giving you feedback. Listen to their suggestions. Thank them. Act on their requests. They’ll love you and your product a […]