The business world isn’t one that’s for the faint-hearted, especially when companies are vying for dominance in getting as many engagements as possible. Naturally, if a business wants to get even more engagements while increasing sales, they’ll need to make the public aware of their products and services. This is where the marketing department comes in: with different marketing strategies and tactics, more potential customers and individuals are inclined to buy goods and services.
Marketing and the Pandemic
Even before the eve of the internet, the world of marketing has been raking in billions of dollars for various businesses. International companies that knew no bounds in terms of political structure and culture would span the globe. With corporate giants like Nike, Coca-cola, Adidas, Apple, and Microsoft catering to a wide audience, the need to tap into the hearts and minds of the market became even more important.
But marketing is more than just making a product look pretty; it’s also about looking into different methodical ways of selling products and services to customers and increasing the likelihood of coming back for more. Since it’s such an essential aspect of any business, marketing has always been at the forefront of any business. It will be a key determining factor in the future of any company and corporation.
Many marketing specialists would say that there’s really no one way of selling or marketing a product, and everything is permitted (as long as it’s legal, of course) in getting as many leads and engagements as possible. But even though most marketers can experiment and do what they want when it comes to formulating strategies, four pillars of the marketing world have been tried and tested templates that marketers have used as guides.
But in the last few months, the pandemic has made variouschanges to the way we live. With the “new normal” becoming society’s new standard, most businesses have changed to a more digital platform, especially since this is one of the best ways of retaining their target market and long-term customers.
What Are the Four Ps?
But right before we can get a definite answer on whether it’s still relevant today or not, we will need to define what each of these four “pillars” stands for in the world of marketing. How is it important in ensuring an ideal business growth? Will it lead to continuity in your business? Here’s what you’ll need to know.
Product
It would be almost impossible to have a business if there aren’t any products that are sold. A product can also come as a service, suchas marketing, consulting, and manual labor.
Still, your product should coincide with different aspects of your business, such as the theme, the overall impact to the public, and how you can compete with other products that might also have the same target market.
You’ll need to ask yourself what will set your product aside from other products in the market? Is your business already well-known, and had it already made a name for itself? What makes it so unique? Most customers and potential investors looking for business prospects will usually pick a business that has the most promise.
But other than these aspects, advertisements will still have a huge impact on your overall standing in your products.
Price
This is probably one of the more complex pillars since many factors can affect pricing, either putting off customers or attracting customers. Naturally, most customers are attracted to products that are cheaper or are on sale. In reality, having a cheap product does not necessarily translate to customers wanting the product.
For several customers, “cheap” and cost-effective products could be translated to low-quality, while having a high price can be translated into high-quality. Thus, it’s imperative to understand what your market wants and justify the price you have. Being in the Goldilocks zone in terms of pricing can attract even more customers.
For instance, sneakers are known for being expensive. But does your brand justify the high price? Is it popular enough? What about the general appeal and aesthetic of it? These are just some factors that you’ll need to consider what customers will need to consider.
If you’re not quite sure what you can do with the pricing of your products and services, especially since it can be a complex topic, you might want to consider asking for advice from fractional CMO services that can give you a comprehensive answer for pricing.
Place
Location is an integral part of almost any industry that relies on face-to-face interaction, essential services such as food businesses, and other types of industries. When you’re still setting up your own business, you might want to be in an area that’s “public” but will also cater to your target audience. Surely, if you want to attract a more posh audience, you wouldn’t stay in a run-down part of town, would you?
For the most part, the pandemic has made some drastic changes to many business models and locations of once-standing retail stores have been phased out for more mobile E-commerce platforms.
Promotion
Last but definitely not least, promotion is one of the most important parts of marketing as it’s the meat and bones of it. Generating revenue online and in a local scene also means tapping into a more “digital” audience through search engine optimization and PPC.
The four pillars have definitely made a huge contribution to the marketing industry and will continue to help increase the productivity and creativity of companies and corporations. But since much of the business and marketing world has been steadily migrating towards a digital platform, some aspects, such as place and location, might not be feasible as most people think. Still, the future is left uncertain, and there are still lots of data and information that we have yet to find out.
