The 4 P's of Marketing - Product

Kyle Patterson • August 31, 2023

What every business owner needs to know about creating a marketing plan that works

If you've been a business owner for more than a couple of months, you've likely heard the 4 P's of marketing! Though the concept may be familiar, it's important to apply the principles and periodically come back to them to refine and calibrate your marketing mix. Originally developed in the 1950s - the idea of the 4 P's is that every business needs to develop a marketing plan around - product, price, place, and promotion. 


Over the next few posts, we're going to be going through these 4 P's and how you can apply the principles to get results in your business. 


First, let's start with your PRODUCT.


What is your product? What are you offering and who is it for? What makes your product different? What are you selling? But don't just think in terms of the widget, think in terms of what your customer really wants. What does your customer actually need and how does your product or service help them get what they want? 


For example, let's imagine you're selling a specialty nutrition product. Hopefully, you know your audience, who will buy, and why people need your product. What you may not be thinking of is the bigger picture. The why. Why are people buying this product? In the example of a nutrition product, what you are really selling is a better life, a longer life, a healthier future, and a family legacy. This comes down to positioning your product as the way your customers meet their needs and obtain the life they've always wanted. You are the guide to your customer and your product is the solution to meet their need.


If you're selling a service, think about bundling what you offer into a package that you can repeatedly sell and scale your business. Advertise the results people will get after they hire you - a beautiful lawn, a better home, a place for family and friends to connect. 


By positioning your product as the guide to solve your customer's problems, you are serving your clients and adding real value that will result in more sales.


"You can get everything in life you want if you will just help enough other people get what they want." Zig Ziglar

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