Thread by @LifeHornsWay

How brands differentiate themselves through marketing

When the uninitiated think of marketing the first thing to come to mind is advertising. But Marketing is a lot more than just writing and producing ads.
THREAD

Marketing is at the heart of any business and requires financial, operational, and competitive considerations. This is an introduction to the Four P’s of marketing, also known as a marketing mix.

The Four P’s are:
Product
Place
Promotion
Price

Here are some ways you can use this as you begin to market your business:

1. The Product or service you’re marketing is unique in at least one important way. You’ll need to understand and define your product’s position in the marketplace to know how to sell it.

Some questions you can ask yourself to get at this include:

-Is this is luxury good or a commodity or in-between?
-How is it different from what competitors offer?
-Is it a new category or does it fill an existing need?

2. Place refers to how the product is sold. Understanding place allows you to allocate resources to maximize profits by selling in the proper channels.

To understand Place, ask yourself:

- Where should I sell my product?
- How should I distribute it?
- How much volume can I expect from various channels?

3. Promotion refers to the messaging around selling your product. To understand promotion you have to understand your customers and their motivations. Typical questions to get started include:

- How will I advertise my product (print, online, tv, events)?
- How frequently will I promote it?
- How aware of my product are my customers?
- How loyal are they?
- How can I show the benefits of my product versus competitors?

4. Price takes into account your customer’s willingness and ability to pay, as well as your fixed and variable costs (more about those in a later thread).
You’re not selling in a bubble, so you need to consider:

- Do I price above or below my competitors?
- How much will my customer pay?
- How much do I need to charge to cover my costs?
- How much of the market can I expect to penetrate at a given price?

The marketing mix is a good starting point to launch and sell your product. You have to consider each of these alone, and together. Changing one part of the marketing mix affects the other parts, too.

To see an example of the 4 P’s in action, subscribe below to my FREE email list. I’ll walk you through a real-life case of the 4 P’s put to use.
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