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The 4 Ps
Just about everyone knows the scene in The Wolf of Wall Street where Belfort asks people to: “Sell me this pen”. Well, you might just know how to sell more than pens with the 4 Ps of marketing: 👇👇
Product: 🎁
Know what you’re selling. Is it a product or a service? Think about the brand messaging and the problem that your product solves for your customers. What makes your product different from your competitors?
Price: 💲
When deciding a price for what you’re selling, you need to think about perception. Are you gonna be the cost-effective option in the industry? Or is it the luxury brand that’s upscaled in the market? This will change the language used to market your product. Eg. Fine dining restaurants don’t describe their food as tasty or fresh, customers already expect the food to be so. Instead, they tend to use more sensual words to describe their food (silky, tender etc)
Place: 🌏
Nowadays, place is not limited to just the physical store but the online presence as well. You need to know your audience and pick the right platform. It won’t make sense to market hearing aids on TikTok. Also, take into account whether your business is B2B or B2C.
Promotion: 📢
Here comes the bread and butter of marketing. This is the push for how to publicise and advertise your product. Think about your brand messaging, awareness and strategies. How will your message reach and resonate with your target audience?
The 4Ps isn’t as badass as telling Belfort to write his name down, hence him needing a pen, but it’s definitely the fundamentals required for effective marketing.
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