Ayoa’s 4 Ps of Marketing template (also known as the ‘marketing mix template’) will help you to delve deeper into the four key pillars that make up any marketing strategy: Product, Price, Place and Promotion.
A popular model used among marketers looking to get the most out of their marketing mix, use this template to help ensure your campaign efforts are reaching the right audience.
The 4 Ps of marketing is a model that considers the four key pillars of any marketing strategy. The 4 Ps of marketing are:
Product – The product you sell or the service you deliver.
Price – How much you charge for your product (or service).
Place – Where customers can find your product.
Promotion – How you promote your product.
The idea behind this model is to work through each of these pillars to define these in greater detail. The results you draw from this model will act as the foundation for you to decide how best to reach your ideal customers – and will ultimately help you to enhance all the components of your marketing mix.
When pulling together your marketing strategy, understanding who your target audience is is key to ensuring that you approach your marketing activities in the right way. Also referred to as the marketing mix template, conducting this exercise encourages you to delve deeper into each of the four pillars, so you can get to the source of your customers’ pain points and needs.
As such, using this model requires deeper research into your own company and what you offer, as well as those of your competitors. This will allow you to understand exactly what sets you apart from the crowd, how you can best attract your target audience and where your marketing efforts will be best received.
Discover more about how to improve your marketing strategy using the 4 Ps of marketing over on our blog!
Our 4 Ps of Marketing template is broken down into four separate sections that represent each of the 4 Ps of the marketing mix. Here, you can easily add sticky notes, lists, images and more to help visualize your ideas and answers to each pillar.
To access the template, sign up to Ayoa. Once you've signed up, navigate to the homepage to create a new whiteboard, mind map or task board and choose this template from the library.
PRODUCT. Begin by listing all the things you offer to your customers. This could be physical merchandise, an online service or even training and consultation services. Consider the following questions, and drop your answers into the ‘Product’ section of the template:
What makes your product unique?
What are your key features/selling points?
What are you offering that your competitors are not?
What does your product look like?
How is your product branded?
What is your tone of voice?
Be sure to conduct some competitor research at this stage to help you gather your answers.
PRICE. Next, look at how much you charge your customers for your product or service. Price plays an important factor in attracting your ideal customers, so take this time to consider if your product or service is priced appropriately. Consider the following questions, and drop your answers into the ‘Price’ section of the template:
How affluent are your target customers?
Are you a luxury brand, or do you want to be more accessible?
What is the lowest price you would be willing to sell for?
What is the highest price your customers would be willing to pay?
Would you offer discounts or package bundles?
Again, take time to research your competitors’ pricing, as this will help you determine if you are offering value for money over them – which could be a swaying point in your customers’ purchasing decisions.
PLACE. ‘Place’ refers to the location of your product or service. Depending on whether you offer a physical product or a virtual service, consider the following questions, and drop your answers into the ‘Place’ section of the template:
Do you have physical stores? If so, where? Are they boutique stores, or a chain?
Do you sell a physical product? If so, where? Is this online, in-store or at markets?
Do you provide in-person training? If so, where? Which countries or cities do you travel to, or is it purely online?
Where can customers find you? Are you online, using social media or industry-specific forums? Alternatively, do you meet your customers face-to-face?
Be sure to consider how well your current distribution channels are working for you. By understanding what’s working and what could be improved, you can help to determine where to place your product or service when putting together your marketing strategy.
PROMOTION. The final step of the 4 Ps model is where you determine how you will promote your product. With so many options to choose from, from online advertising to physical promotional materials, it can be difficult to know where to focus your attention (and budget).
Consider where your customers are ‘hanging out’. Are they avid social media users, for example? If so, which platforms are they using? There are lots of options for online marketing, from social media and email marketing to podcasts and website takeovers. Consider which websites your customers use, what their interests are and focus your attention there.
Perhaps your audience is more likely to find you offline? In this case, you could consider radio promotion or billboard advertising in the cities where they’re based, for example.
Another helpful factor to consider is whether there are specific times in the day or even seasons in the year where your product tends to perform well. Consider any recurring times or events that typically drive sales for you, and add all your answers to the ‘Promotion’ section of the template.