What are the Four P's of Marketing?
All brands are created with The Four Ps of marketing in mind (and I throw in a couple more for good measure) The Four P’s to Marketing are:
And an extra two to consider are:
- Perceived Value
The Four Ps must be considered carefully.
Are you following the Four Ps of Marketing? (Here are important questions to ask)
Product - Do you feel you're providing product/service that the market needs, knows, trusts, wants? What makes your product/service special or unique?
Placement - Is your target customer and demographic finding you, seeing you? Are you online, in the right magazines, being seen on the right platform? What is your audience count on Facebook? Are they targeted followers who are engaged with your content?
Price - How is your pricing? Are you competitive, attractive? What value(s) are you offering? Where are you with supply and demand? Perform competitive pricing analysis and see where you fall in the market.
Promotion - Are you doing enough of the RIGHT promotion(s)? Do you currently participate heavily on Social Media Marketing, Search Engine Marking (SEM), Pay per Click (PPC), PR, TV advertising, etc? Has print advertising been effective? Are you involved with collabs? When was the last time a post of yours went viral?
The other two P's which I feel are relevant to certain products are:
Packaging For many products in the fashion and beauty industry, packaging is everything. Even if it’s a simple lotion or a pair of socks, what does the packaging say about your company and brand? How does it make the end consumer feel? Does it look like it could be a brand who could hang with your competition? If not, make sure it does!
Perceived value is what a customer believes merchandise to be worth when she agrees to pay (or not to pay) for ownership of the product. Compared to the real value of the product, perceived value is more difficult to measure sometimes. But this can be achieved with the right angle of your marketing strategies. Perceived value states: This product to me is worth as much as or more than the price tag attached because _________.
Take for example the frenzy of supply and demand. People will spend more on an item if everyone wants it and if there are is a finite amount of that product available. The perception is that this item is rare, and therefore more valuable.
“eBay taught me a lot about perceived value, and how to make things look their best, because that’s really the difference between literally putting a plus-size ladies anorak on a hanger and taking a picture of it, and putting it on a cool girl and making it look like something beyond your wildest dreams that you can snag for way less than Comme Des Garçons.” – Sophia Amoruso Founder, Nasty Gal
Two great examples of the Four Ps in action with the addition of Perceived value is The Ordinary Company and Brandy Melville. For Brandy, the Instagram photos, soft colors and basic styles are loved by teens everywhere. The looks are classic but on trend right now, the marketing is done in a way that girls identify with and the clothes are made in Italy (perception: luxury). You’d assume by the made in Italy label, the photos and the styles that Brandy clothes aren’t affordable. The perception is already created before you shop, so a customer is very pleasantly surprised to discover she can afford everything! From $16 tops to $20 shorts and $28 dresses. For a small price, any girl can become a #BrandyGirl
Having said that, perceived value of products offered by a brand is also measured by the loyalty, awareness and positive association by which the brand has created in its target market. All of which I feel Brandy Melville has encompassed. The same can be said for The Ordinary. They offer fine products with a perceived value of high-end luxury, safe, vegan skin care that works (read the reviews) and the pricing is out of this world.
Taking all of this into consideration, what areas can you improve on and in what areas are you winning?