The 4Ps Of Marketing

4Ps of Marketing | Connections Healthcare StrategiesWhen creating a marketing plan for your business, have you considered the 4Ps of marketing? These are: product (or service), price, promotion, and place.

Look at the 4Ps as if they were a framework for marketing success for your business. This is a framework for influencing your target audience to take a certain desired action, whether that be to sign-up for your subscriber list, purchase a product/service or schedule an appointment with your office.

It is a way to see an increase in your conversion rate, rather than leave everything up to chance for your business. This “marketing mix” focuses on your ideal customer, target audience or demographic. That is why developing a customer avatar is of the utmost importance to help you with also then developing your marketing plan.

[Related article: The Importance of Developing a Customer Avatar]

The 4Ps Of Marketing

The framework will center around products, prices, promotions and places that appeal to your ideal customer.

The 4Ps of marketing should focus on increasing and adding value for your ideal customer and their life. Before marketing your product, you should understand the target market clearly. When blended in the right way, these may well improve the behavior of potential customers towards your product or service.

The 4Ps of marketing are:

  • Product/service
  • Price
  • Promotion
  • Place

Product

Product includes not only goods and services, but also your customer experience. This is especially important when it comes to patients that come into your office. Realize they have a number of options of providers for care. So the experience they have when they step foot inside your office is of the utmost importance.

Product also entails the reasons that will make customers want to come into your office over others, the experience customers have with your products or services, the pros and cons of your offerings and what really attracts them to purchase your products.

[Related article: Medical Marketing Ideas For Small Businesses]

For effective marketing of your product it should look attractive, well designed, properly packed and named, should be easy for customers to use and most importantly should be of high quality.

Price

Setting the price for your product or services helps to set the value of your product or service and must be within the price range of your target demographic. It must also appeal to the audience you are trying to reach and be attainable for them. Compare pricing with other similar products and services, or offices in the area.

You need to properly choose the right price for your product for maximum profit as well as ensure it is the right value for the money. If the product is underpriced the deal may be too good to be true while an overpriced good will send off customers willing to buy but lack the funds and consider it unnecessary.

Promotion

The biggest question to answer in this category is how are you going to tell your ideal customer about your product or service? This covers your communication strategy. How will you promote your product or service? What channels will you use to spread the word?

Promotion strategies should be a communication link between you and your customers. It does not entirely rely on advertising your product, but also should be a link between the marketer and customer to get them to say “yes” to your products or services.

While promoting your product help your ideal customer understand the benefits of your product and the advantage of buying it. Do they receive discounts? Are your services efficient? Is the quality good? And is the price the right one?

[Related article: 3 Healthcare Marketing Trends To Implement In 2018]

Place

“Place” involves the distribution or location of sales of your product or service. A customer always looks for the most convenient place to buy his or her products and will consider a safe and easy to access location.

The 4Ps of marketing are a strategy worth following when marketing your product. Ensure you have the best products at the right time and at the right place and well promoted.

Ready to get started? Contact us to schedule a free strategy session today.

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