Running a successful business takes grit and vision, but it also takes a really strong marketing strategy. Having a good marketing plan can be elusive, especially for new business owners stepping out on their own for the first time. But there is a formula that provides a roadmap to success. The 4P’s of Marketing are tried and true, and it’s the formula that successful business owners use to start and scale their businesses. After nearly thirty years of running multiple successful companies, focusing on these pillars always allowed me to make more, grow faster, and stay ahead of competitors.
The 4Ps of Marketing
Product: Product can be a service, a course, a physical good, yourself–anything you’re planning to monetize–and when you’re building your marketing plan, you need to consider, “What would make someone buy my product over the competition?” Now, I always warn people that they don’t need to reinvent the wheel. You don’t need to create something that no one has ever heard of. That often isn’t the best strategy anyway. What is usually the most successful is taking something that already exists, something that people love, and making it 10% better. Think about what it is that you’re doing differently in the market and why that makes it something of value. A lot of people I’ve worked with overlook the simplicity of this step. We get into our heads and don’t think it’s “different” or “revolutionary” enough, and we never take the step towards action. Don’t get caught up in doubting that a small, significant change can be better than something drastic.
Price: It’s important to be as competitive as possible without lowering the value of your product. This is why when you’re launching your product, you must know what type of consumers you want to attract and how your pricing structure will reflect that. If you have a low-cost pricing structure, then you’re likely focused on value-driven customers, whereas if you have a higher-cost pricing structure, you’re likely focused on wealthy consumers. So when you consider what your price point is, go beyond making sure you’re covering your overhead and just collecting a paycheck. Pricing is a part of your brand, not separate from it. Make sure the product you’re offering reflects the price you set and vice versa. So, what does your price point say about your brand and who you are interested in attracting?
Place: Where will you be selling your product or service? Do you want to sell online or do you want to sell out of a brick and mortar? Consider the pros and cons of each. Where are your customers? Do they prefer something online, in-person, or hybrid? Consumer habits are changing and where certain people like to shop is evolving. This doesn’t mean that you have to follow the trends though. Depending on your product, there may only be one logical option for where you sell your product. And keep in mind that if you’re selling a physical product and want to sell through a retail store, something more and more people are beginning to do, other steps need to be addressed. So be familiar with your industry and what really makes sense for your personal goals.
Promotion: Here is where you need to ask yourself, “How will people know about my product, and why will they want to try it?” There are so many avenues to get your message heard, and again, this is why you need to know who and where your customers are. Maybe you need to do paid advertising, or public relations, or social media marketing, or influencer marketing. You could get creative and do experiential events or find sponsorship opportunities that would help put your brand in the eyes of new consumers. If you’re just starting out and have a low budget, think about methods you can do yourself that feel manageable. For some people, this may be social media, but maybe you thrive doing in-person canvassing or networking. Whatever it is you’re selling, no matter how great it is, without a plan to get it out in front of people who need it, you won’t see returns.
Considering the 4-P’s will give you a strong starting point when you’re building a new business, launching a new product, or just need to rebrand something you have already been working on. Remember, growth is about continuously adapting and refining your methods. By focusing on your product, price, place, and promotion, you’ll not only position your brand for success but also create a strategy that can evolve as your business grows. Scaling your business requires starting with the basics. Trust the process, keep pushing forward, and you will see results.
Tina Wells is a multifaceted entrepreneur, bestselling author, and the CEO of Wellspring Studio, where she works with underrepresented retail founders to bring their bold product visions to life. Tina has nearly 30 years of experience in marketing and brand development working with household names like Oprah, Apple, and Dell, and has launched two successful inclusivity-focused product lines that were sold through Target. She’s written over 20 books, and her most recent bestseller THE RETAIL BUSINESS BLUEPRINT shares the framework to launch a successful product-based business. Tina has also recently launched her retail-focused podcast SHELF HELP where she speaks with successful CEOs about the strategies to their success. Visit her website for more information.
