The 4 marketing P’s and how to use them
Lesson 6 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
The 4 marketing P’s and how to use them
Lesson 6 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Lesson Info
6. The 4 marketing P’s and how to use them
Lessons
The definition of strategy
03:39 2The 4 stages of marketing
03:16 3The difference between strategy & tactics
03:46 4The 6 laws of marketing
09:56 5Understanding Creative & Distribution
02:16 6The 4 marketing P’s and how to use them
05:08 7SWOT Matrix and how to use it
02:28 8Porter's Five Forces
04:4360/40 Law of marketing
04:04 10The marketing funnel
06:27 11Analyzing your competitors
07:14 12Deciding your target audience
06:59 13Creating your marketing objectives
11:42 14Pricing your products perfectly
08:16 15Watch this before arranging your marketing strategy
02:21 16Awareness, finalizing your awareness tactics
03:52 17Partnerships and affiliates (free tactic)
09:40 18Blog writing & SEO
07:26 19Podcasting
07:10 20Public Relations
05:58 21Giveaways
07:18 22Word of mouth
06:21 23Valuable courses
08:09 24Social media overview
05:28 25YouTube
09:36 26TikTok
03:58 27Twitter / X
04:48 30How to create better content in half the time
07:54 33Why start-ups should never use paid advertising for awareness
06:21 34Education & Consideration
01:33 35Workshops & Webinars
08:39 36Social Proof
06:55 37Effective Email Marketing
05:34 38Utilizing FAQ Sections
05:31 39Portfolio & case studies
07:39 40Leveraging product comparisons
03:26 41Tips to increase desirability
07:22 42Harnessing the power of Google reviews
05:20 43Sales & Conversion
02:28 44Psychological tricks to convert customers to buying
08:25 45Building a list of customers ready to buy
08:46 46Irresistible Offer
08:31 47Persuasive Sales Page
07:35 48Promotions & Free shipping
04:24 49Improving conversion rate (PIPE FRAMEWORK)
06:39 50Customer Retention
03:43 51Expanding your product range
07:18 52Asking for feedback & refining your product
03:37 53Loyalty programs and the subscription model
06:43 54Gifts & Surprises
05:02 55Finalizing your marketing strategy
07:40Lesson Info
The 4 marketing P’s and how to use them
So the likelihood is that you've heard of the four marketing peas, potatoes, pasta, pineapple, and pop tarts? Yeah, those sound great. Looking forward to dinner. Ok, love you. Loads. See you soon. Bye bye. Where were we? Oh, yeah, price, product placement and promotion. But before we get too big for our boots, there's a difference between knowing them and actually understanding them. It's kind of like knowing what a car is and how to actually drive it. One will get you from A to B safely and successfully and the other will get you phase first into a wall of 33 miles an hour. So we'll start by fully understanding what the four marketing peas are. So we understand exactly how to use them going forward and then we'll actually implement what we've learned into our brand guidelines where we'll be developing our marketing strategy together. So product or product development should be focused around satisfying your customers' needs. So for start ups and new brands, innovation and differentiat...
ion are keys to success. As someone that's offering a new type of product or service, you need to think of different ways to cater to customers' needs and offer a unique solution. So in regards to finding the perfect price, you should explore a couple of different pricing strategies to see what works best for you. This could include cost based pricing, value based pricing or competitive pricing to find the most effective pricing strategy for your particular brand and product offering. Companies like Netflix and Uber have found success with innovative price C models which helps to retain their customers for longer. We'll cover more about retention and pricing strategies later in the course. So do not worry next, there's place or placement. So this simply means choosing the right places and distribution to actually advertise your products or services. You not only need to focus on who you're selling to and what you're selling, but also why they're actually wanting to buy from you, Warby Parker, for example, tapped into the eyewear market after learning that people didn't enjoy visiting stores to buy expensive eyewear. So they disrupted the industry by offering online alternatives and as a result could offer better value eyewear solutions as they had less overheads to worry about. And then lastly, there's promotion, promotion simply means your marketing and advertising. So effective promotion is essential. This includes social media content, marketing, advertising, just to name a few tactics that you could use. But this all comes the talents and the resources that you personally have at hand to use at your disposal. We learn about the different promotion tactics later on in the course, but I just wanted to make sure that you knew how important it was to get your promotion. Right. So now we know what the four marketing ps are, how can we use them effectively in order to succeed? Well, we've actually made it super simple in your guideline. You'll see section 4.1 which is named the four PS of marketing. And in that slide, you'll have four boxes, each label with a support in question below. So for product, try to list as many things and reasons why your product and service is unique or different. This could your product, your packaging, the service that you provide or any other form of experience that you provide to a customer? Think about how you can do things either different or better than your competitors and get creative. For example, if your product is made from a better quality material, then you could potentially charge more because your quality is essentially better than the competitions. Or for example, if you found a new, cheaper way to provide a certain service, so you just have less overheads and you can provide the service cheaper, then maybe you can undercut your competition and ultimately you get more market share that way. The idea is to be smart with your pricing and also test and kind of experiment with things as well. You want to make sure that you give yourself the best chance of getting sales and that doesn't always necessarily mean being the cheapest. So just remember that now place is the easiest of the four. Simply stay where you want to sell your products and where your customers are. This could be online in retail stores, even pop ups and even conventions. If you want to really get in front of people and see how people interact with your product. And remember to keep things super simple, don't overcomplicate things and that lastly just leaves promotion. Now, we're really going to dig into your promotion tactics later on in the course. So please stay tuned for that because that's going to be super helpful to you actually selecting the right tactics for your personal situation. But at this point, we simply need to understand what strengths we have in regard to our promotional skills. For example, if you're reading on social media on a particular platform, then you should use that to your advantage, especially if your competition isn't as strong in that particular area on that particular platform, which we'll get to a little bit later. So do not worry, I'm just trying to put it in the context. So you understand how you can use your strengths to your advantage. So maybe you're great in front of a camera so you can make great content that way. Or maybe you can be great at copywriting or you even want to be great at copywriting, but you're not great just yet, but you have the ambitions to be great. So you can write incredible blog posts to really help people and drive people to your website. So just be super honest with yourself and your own talents and resources and just try and get a really clear idea in regard to where you can compete best. So again, just think about your personal talents, the people around you, what they're good at and the people in your team, if you can bring family members or something on, that's going to be super important to you. Really getting the biggest bang for your book. When you actually get into the promotion space and start thinking about where your strengths actually lie. And by completing this slide in the presentation, you're going to have better insight going forward as we start developing your marketing strategy. So on that note, I will see you in the next lesson.
Class Materials
Bonus Materials