Welcome to the “Get A Clue Marketing Show”! Today, we’re talking about the “4P's In Marketing Mix”! You want a better understanding, how marketing is set up and how you should set up your products or services and your business… all coming up here “Get A Clue Marketing Show”
David D here, thanks for tuning in and they were talking about the "4P's in the marketing mix"!
I don't know if you heard this before, I first heard about it back in 1986, and that was my first marketing class. You really need these ingredients and for a successful marketing campaign for your product.
I decided hey lets the record this outside, so getting right into it. We're talking about of the about the 4P's Marketing Mix, now I didn't hear this like I said until 1986, so I'm just giving you guys a refresher, if you never heard just for the 4P's in the marketing mix consists of
BUT you can also add PEOPLE AND PSYCHOGRAPHICS! These are very important when you're setting up your marketing campaigns. You're bringing a margin of product in the market you want to find a solid gold of the definition of each one of these P's.
Facts & Stats: If you're going to bring a product to the marketplace so what is your USP. Your Unique Sales Proposition? What you going to do? How does your product stand out among the crowd? What are all the features and benefits of your product has to offer other people? What is the offer and how are you going offer your product? Is there any guarantee? Knowing what your competition doing, and you're doing differently. You want to be able to stand out with especially because, there's a lot of copycats out there, so you're going to have to pick out one thing, that your product is that the other person doesn't.
Next is the PRICE... what price are you going to charge your customers? Write one of things that I did when I was selling them know my products was, you count the cost of the materials.. The cost of shipping and taxes, that comes up, to the total cost of your of your product per unit.
So an example, I like to keep things simple, especially, for getting into wholesaling or you're buying from China (AliBaba.com) you let say your products cost five dollars with the total cost and includes the price of the items shipping and any other fees along that, cost five dollars to market it is $10 that could be your your total cost. You need to sell it for 5x's more if you want to make 100% profit. You need to sell at 20 bucks. You'll see a lot of these people online. Infomercials sell something for $19.99 with the product probably cost $5 bucks, to get it over here and then another five dollars or $10 really to promote on TV.
Back in the day, we used to have a general rule, that you want to charge five times the cost of the items so you're totally covered, on the expenses.
Next is the PROMOTION! What this means is, how are you going to promote your product? Google Adwords, Facebook Ads, pay per click/ pay per view. Or use contests to start the awareness campaigns, that are you also going to use press releases, and social media these are all things that are listed underneath the promotion of ingredient. We'll get more in depth, as we go along one of the questions, I have for you is, Which one of these pieces of the puzzle in our marketing mix, do you need help with?
Finally, is the PLACE! You might not have heard of this is in your lifetime, don't know, if you're just starting out but it was there was always a catch phrase, "location location location" and you want to find out if you're going to do this as a brick-and-mortar place. Where are you going to be located? Where you can set up shop? Is it going to get a lot of traffic? Like McDonald's and the franchises that all send out market researchers and they would just stand on a street corner, but they would go around town and they would park and see what kind of traffic flows are, before they buy a piece of property!
Location because the more traffic you have coming into your site, the better it is to make more sales. To set up your cyber real estate, which I believe, is a lot better cost wise compared to a brick-and-mortar.
If you get sick and you have a brick-and-mortar store, whose going to watch the store? My point is in this, ingredient you have to know where you want your product to be displayed. The other P that I wanted to tell you is PEOPLE (our audience) And Psychographics which means your audience can be broken down into psychographics their behavior and Demographics of who they are.
Men Women Children Ages 18 to 25 or 55 on up.. those are all demographics, the psychographics is WHY the people buy. What kind of pain are they having. They are looking up products to purchase to alleviate the pain or give some save time-saving things. Facts and Stats Segment so you have your product you price your promotion your place, where you going to set up shop and that's all included in the marketing mix!
Coming up that are "Book-Mark-et" segment we're going online and I will show you these articles that I came up with, that you can read over in your spare time. You don't want to miss this show!
"Book-Mark-et" segment one of the things that you could do, is just type in the 4P's of marketing and you'll get all the different articles and information from there as well. I want to show you some articles of this is from Cleverism never heard of the site before, just part of the search terms that I was looking up. It's a really good site and it's understanding the marketing mix. The concept that they say the 4P's. As you go through this article, you can see it all just a small pie graph. The place out all divided up all circled around the marketing for your products. This is a great article that you can go to breaks everything down even more detail than I'm telling you now.
In our DO_IT_YOURSELF segment I want to show you this article real quick. From E-marketer.com and these guys are really great! You should bookmark this website here and sign up to their newsletter! I don't normally say that, but they always come out with these graphs about who's doing what and when it comes to marketing and promotion.
Right here... Videos Swelling to 25% of US digital ad spending that means a lot of people are spending a lot more money instead of pay per click, doing video ads. Something you want to pay attention too.
**Side Note** DIY - You need to start making videos for yourself okay... Use short little snippets about your product and about how it can help other people, say save money etc. Anyway, these are all the different sites you can to look at, and see how many people are spending billions of dollars on video ads..
This breaks it down to what platform has the amount of revenue share video and video spending so you can check that out but the E-marketer is definitely a great source for all types of marketing stats and statistics and things like that.
ASK ME segment I wanted to point you over to this this lady here Adrienne Richardson, because she goes into a good questions that most people have about marketing okay this is the eight most common marketing questions for small business owners this is very important, especially, if you have a lot of these questions yourself that you could come over here Adrienne Richardson.com and she goes over the eight most common marketing questions.
Another site that you can go to is "Easy Marketing Strategies" so if you got questions about marketing maybe are you struggling with it and this is a site that I found that would help you out Easy Marketing Strategies.com.
I don't want to go a really long, but, you can check out these websites you can bookmark it if you need any more help, I'll be glad to help. Leave a comment, contact me, subscribe to my channel of "Get A Clue Marketing Show" that you keep you up to date and you won't miss a single episode because of going in depth coverage, on marketing and marketing tactics and strategies!