What are the 4 Ps Of Marketing? How Can They Still Be Relevant?

Marketing your company is just as important as regular business operations, and takes as much effort.

Experts developed the four Ps of Marketing over 50 years ago to help budding entrepreneurs.

Is this still possible, given that modern marketing and business are customer-centric? (For instance, customers experience is more important than product or price to companies.)

Examine the four Ps of marketing to discover the elements that still work today.

The Key Takeaways:

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  The four Ps of marketing are a strategy that has been around for decades. They include product, price and promotion.
  
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  These 4 Ps should only be used as a starting point for a marketing strategy.
  
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  Smart marketing is more focused on creating a personality and attracting the right people.
  
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  Modern marketing demands measuring metrics to determine your return on investments.
  

The Modern Challenges and the 4 Ps of Marketing

Jerome McCarthy, a marketing professor, defined "marketing mix" as a combination of the four Ps of marketing in 1960. These were product, price and place. These elements are still very useful but we have found new challenges.

1. Product

This may seem obvious, but you must start with something that sells. Many companies overlook the importance of packaging and design when marketing their product.

Your focus should not be on the product you sell, but how it solves customer's problems. Consumers are looking for solutions. This applies double to B2B sales.

Clients find that a unique selling proposition does not suffice. Your preferred customer should feel the right emotions about your product.

2. Price

Although price may seem the easiest of the four Ps of marketing to adjust, it can prove to be difficult for businesses to establish.

The cost of production and the value that your customers receive from the item will still influence the price. Modern technology means that it is impossible to compete on price because of the increased availability of many products.

Your brand's price and discount can say a lot about you, but it also becomes a complex science that is subject to constant economic fluctuations.

3. Place

The next of the four Ps of marketing are place (or distribution). Also, where can you sell and promote your product?

Omnichannel sales and distribution add another layer to the business process. It is now possible to seamlessly combine online and in-person transactions. Modern marketing must match it, according to our experience.

4. Promotion

The heart of the four Ps of marketing is promotion. This element answers the question, "How do you convince customers to purchase your products?"

Old-fashioned thinking said, "Get seven touches in order to get viewers to take action." But today's information landscape is filled with soulless pitching and useless advertising that becomes background noise.

Your advertising models and methods should be based on your best interests. You can promote yourself by entertaining, educating and informing your audience. No more catchphrases or jingles.

Image Source: Expert Programm Management

The 4 Ps of Marketing: What's the Deal?

Your marketing model is wrapped in the 4Ps of marketing. It is simple to use and looks great on a PowerPoint or business planning.

There are many benefits to this model. You can see exactly what your product does and how it matches up with customer needs and wants. However, the model is too internal and focuses on you and your work.

Modern marketing is about adapting to the personality and needs of the purchaser or consumer. This is why you'll see many updated marketing strategies, including the 7 Ps and the 4 Cs as well as the S.A.V.E. system.

The 4 Ps of Marketing are just a quick sketch. They don't provide a complete strategy or method for running a campaign. The 4 Ps of marketing can be considered "part of a complete breakfast", but not the entire meal.

What should you do if the 4Ps framework isn't working for you?

Marketing Mix: More Ps

The 14 Ps are also essential for modern marketing strategies. We've examined these Ps time and again to help our clients create successful campaigns.

People and Purpose

You're just looking to make money and you'll lose everything. Lasting brands have a underlying purpose, passion and motivation that motivates their team to get up in the morning to make a difference and solve problems.

You will know who you are and what kind of people you want to attract if you have a clear purpose. This helps you avoid creating and attracting buyers that are not worth your time.

Now you can market to the right people in the right way. This is far more than what the 4Ps of marketing can do.

Personality and Points of View

You need to have a personality that is compatible with your purpose and attracts the people you want. Did you know that Hydrox cookies were launched before Nabisco Oreos. Oreo was still the dominant brand. Why?

Hydrox remained focused on the purity of its product and its earlier entry into the market. Oreo began to kick butt and take names by talking about how delicious and fun its cookies were. Nabisco even managed to raise the price while still beating the competition.

Image Source: Antenna TV

What is the lesson? To market effectively, you must decide what your personality is and what your point of view is. Marketing is not only smart, but essential.

Pictures and platforms

These are two more refinements of the original strategy. Neil Patel is a brilliant speaker on the 4 Ps in marketing, pointing out that just going after social media does not suffice.

Too many businesses are jumping on to social media platforms to post videos and ads because they don’t want to be left behind. But, before you jump on the bandwagon to post ads and videos on social media platforms, ask yourself: Does my target market actually use this medium?

Do your research and find out where your people live.

It's more important than ever to be visually and interactive. Regardless of the platform you choose, make sure to include educational videos and graphics that will intrigue your audience.

Source: Finances online

Performance and process

These two new Ps solve the greatest problem with traditional 4Ps of marketing: measuring the success of your campaigns. Without proper metrics, it's impossible to know what works.

It's not enough to be happy about a sale cycle that is successful or to mope about a campaign that failed. Learn why you achieved the results that you did, and then repeat or pivot.

We work closely with our clients to share what works and explain why for repeatable results. What has been the result? Millions of hits are delivered each month.

How to excel beyond the 4 Ps in Marketing

Although the 4Ps are technically still relevant, they are only the tip of an iceberg to market effectively. It's harder than ever to cut through the noise, so you need every advantage that you can.

Marketing Insider Group can help you excel beyond the four Ps of marketing. Our team will help you develop a winning marketing strategy to outdo your competitors.