You might feel like you are looking at a throwback when you think of the 4 Ps of eCommerce marketing if you have been in marketing for a while. There are thousands of eCommerce stores launched every year with a mission to rule the market. Nevertheless, most of them fail because they launch with just a product and a storefront, ignoring the 4Ps of marketing.
If you believe that business is all about product and location, you might need an expert to tell you that it’s not the case anymore. One more thing you need to know is that it’s not just for big companies, since smaller ones can leverage the 4 Ps marketing more effectively.
Let’s take a look at what the 4 Ps of eCommerce marketing are in order to understand how they can help you.
What are the 4 Ps of Marketing?
4 Ps of marketing is a theory of marketing that identifies the four pillars of any marketing strategy.
The four Ps of marketing are:
- Product: what you are offering. It doesn’t matter if it’s online or offline.
- Price: what is the cost to the customer, and how does it affect their purchase decisions
- Place: where is your product marketed? Who are your ideal customers? Where can they find your product?
- Promotion: How can your customer find you? What strategies do you use and do they work?
It seems as simple as ordering your favorite food. Implementation is always tough, and that’s what we’ll cover in our story. It is all about boosting sales through the four Ps of marketing, but this is more challenging than you think.
E. Jerome McCarthy proposed the 4 Ps of marketing in 1960 with the goal of presenting them with a managerial approach that included analysis, consumer behavior, market research, and market segmentation. Marketers refer to the four Ps as the marketing mix.
What is the Marketing Mix?
Marketing mix is nothing more than the four Ps of marketing, as we have already defined. Product, price, place, and promotion are the 4 Ps. You can use these elements in your business and to position your brand.
When building a marketing mix, you need to consider how you can position your brand effectively against the competition. Keeping an eye on your customers, competition, and organization are the most important things you can do. This will help you identify what your product is, how to market it, and where to sell it.
The 4 Ps of Marketing
We will look into the 4 Ps of marketing one-by-one and explain each to you in order to help you better understand what they are, as well as how it can be used to improve your eCommerce marketing strategies.
A product is something your customer wants and needs. From headphones to home insurance, it can be anything. There can be tangible and intangible aspects to this.
We are in business because we offer something of value to customers as well as because we are providing a service that customers want. Since business is based on demand, as long as people want to buy from you, as successful will be your business. In other words, a product is everything you make for your customers.
According to the 4 Ps strategy, this means providing customers with something that they cannot get from their competitors and thereby setting you apart from everyone else. As a marketer, you should first learn what the product has to offer and how it can benefit customers.
There’s a good chance that you’re familiar with our product icon logo gallery extension for Magento 2, but you’re unlikely to be familiar with our competitor. So, the thing is that what you provide is more important than how much you provide. You should always focus on quality and make yourself unique among your competitors.
You need to consider how much your product should be charged when it comes to price. For your product to attract customers and make them purchase, you must determine the right price.
Choose the right price when choosing your pricing strategy to help your customer make a decision about your product. In order to set the right price for your product, it is important to look at your competitors’ prices.
Here are a few things to keep in mind when setting your price:
- Which price should be the lowest?
- What should be your product’s highest price?
- What are your customers expecting from you?
- What are the current leaders of your niche charge?
- How effective your price is compared to that of your competitors?
The third and most important P in marketing is place. In marketing, we used to say that location is everything. Generally, a location refers to a physical store, but it could be any place you sell your product, including online.
It is the place where you will market your product and sell it. Place should be defined based on the type of audience. Suppose the audience of your product is primarily seniors; marketing on Instagram Reels makes no sense if this is the case. Choosing the right platform for marketing your product is key to engaging with your customer where they are.
At this point, you want to consider a platform you can use to market your product and get the attention of your customers. If you do not know where you should advertise, you may ask a marketer to give you a better perspective.
In order to find the right place, you need to ask yourself these questions:
- Who will be your customers?
- How do you market your product?
- What are your selling locations?
- Which is your target market? Are you selling directly to consumers or businesses?
- Who are your competitors?
Promotion is that extra cheese on pizza of marketing. Your next step will be to think about how to promote and advertise your product. Promotion is more about revenue generation than merely promoting a brand when we talk about it. Although, marketing is pointless if you cannot convert consumers into sales.
Here are some tips for promoting effectively:
- What is the most popular channel for your audience?
- To attract customers, what should be the effective message?
- When is the best time to promote a product?
- What marketing strategies do your competitors use?
A successful marketing plan would not be complete without the four Ps. It is unlikely that you will stand out from the competition without them. However, each of us wants something unique and creative and not COPYCATS.
Do you need help implementing the 4 Ps in your eCommerce store? M-connect Media can help you. We have eCommerce experts who know everything from creating stores from scratch to marketing them to achieve greater success. For more information, contact us now.