The 4 Ps of Marketing, otherwise known as the marketing mix, describe the different components that make up a traditionally successful marketing campaign. The concept, created by Neil Borden and modernized by E. Jerome McCarthy, lay out the four ingredients for a marketing campaign to capture leads and convert them to customers. In essence, mastering the 4 P’s of Marketing is crucial to building a successful sales & marketing funnel.
The 4 Ps stand for Product, Price, Promotion, and Place. While this might be something only found in marketing books, you can use the 4 Ps to help you close prospects.
Product is exactly that – the product or service that you are trying to sell. While it may seem like an obvious concept, it’s an important one nevertheless. You have to have a very clear and firm understanding of your product/service. This looks really easy upon first sight, but you have to make sure you understand everything about the product/service. If a prospect asks a question that you don’t know the answer for, it will make you seem less credible. Also, a firm grasp of your product/service will help you with sales strategies, such as your pitch points and your style.
In marketing, Price refers to the act of setting the final price that the prospect will pay. Price setting is important to the sales process because the price has to be consistent with the value and benefit that it provides to the prospect. The price has to be attractive enough for prospects to buy, but high enough to keep you in business.
In sales, prospects understand that your product/service is not free. Our job is to build the value of the product/service so the price makes sense to the prospect. Once you have a firm understanding of the price, use it to your advantage. If it’s a high price – it’s a premium or luxurious product/service. If it’s low priced, it’s economical and efficient. In either case, use the price to help you close the sale.
In marketing, Promotion refers to the act of “getting the word out.” Email campaigns, mail marketing, media advertisements, direct marketing, billboards, and many others are all examples of marketing promotion. The goal is to make you aware of the product/service.
In sales, promoting your product/service can mean a couple different things. You can offer prospects a limited time promotion, which is used to build urgency. Urgency is huge for removing the “not right now” objection and is necessary for closing prospects in the moment. Promotion can also mean getting the word out about your product/service by promoting yourself as a helpful representative. For example: if you look on Facebook right now, there are a ton of real estate agents who have their own pages promoting their expertise in home buying/selling.
In marketing, it’s all about location, location, and location. Place is all about having the right product, at the right price, at the right place, at the right time. Marketing professionals oftentimes spend entire careers selecting the right place for products and services. Whether it’s product placement in a superstore, or whether it’s button placement on a website – place is all about where the prospect can find/buy your product/service.
In sales, you can take advantage of place by using the same ideas. If you are pitching a product to a prospect, select a place that has the product available to examine. For example, car salespeople love to take potential buyers on a test drive of the car. They conduct their sales pitch in the perfect place – in the new car while they are driving (and hopefully falling in love with it).
Use the 4Ps together
The 4 Ps should all be utilized together for the most effective sales and marketing strategies. Leave out a P and you could miss on something that could have helped you close easier. Whether you sell in a B2B setting, sell directly to the customers, or are in charge of building a sales funnel, master the 4 Ps and you can increase your business and sell more.
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Author: Jason Karaman
Hello! I’m a marketing, sales, and customer service author, blogger and doer. I live in the South Carolina Lowcountry with my wife. I enjoy reading, writing, hiking, kayaking, and all things beach. For media inquiries, send an email to JasonKaraman@ExpertCaller.com