4P strategy in email marketing campaigns
Published in september, 23 of 2013
You have probably heard of the 4P marketing strategy before. The four marketing P (product, price, place and promotion) is important in developing the entire marketing process for online businesses. For those who have never heard of the 4P strategy we present a brief summary below:
Product: There are several aspects that business owners should take into consideration for the product or service provided in relation to the marketing strategy, like (product physical characteristics, size, design, packaging, among other details).
Price: The price of a product must be accepted by its buyers. If you set the price for a product high people will not buy it and if you set the price for a product low you will generate a perception of low quality for the product.
Place: It indicates where your product should be sold and where your customers can purchase this product.
Promotion: It involves the entire product/service communication with its buyers in order to successfully promote it and increase sales, including advertising, sales force, marketing, etc.
These 4 steps above must be taken into consideration when planning email marketing campaigns.
Because your product is the item that you offer to the customer, its features and design need careful consideration and planning. Therefore you need to determine what product features will appeal to your target market. That's why the following questions need to be considered when introducing a new product into a market:
- What is the aim of our product?
- What benefits it brings to customers?
- What is its advantage over our competitor products (unique selling point)?
- What are we going to position the product within the market?
The answers to these questions will certainly help you design, create and add values to the products.
Remember: A product is only worth as much as people are prepared to pay for it and its price depends on its features and also on customer's budget. Always bear in mind your competitors who may offer the same product at lower price.
The ideal place for your product/service should be convenient and accessible for customers and businesses. It also need to be at reasonable cost for you (affordable rent) and for your customers (a place where your product is sold) – convenient to access.
Having a product, price and place but without a promotion means nothing, as nobody will know that your product exactly exist. Therefore, promotion is the last “key” to the 4P strategy. Promotion is any activity that raise awarness of a product and encourage customers to purchase it. Good promotion means clear communication and unique benefits!
Good understanding of 4P strategy is crutial to successfully execute email marketing campaigns. If you run a business, you must take into consideration these four factors really seriously.
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