In the early 1950s an American academic at the Harvard Business School, named Neil H Borden changed the way the world’s top brands approached their marketing plans and strategies. Borden introduced the world with the concept of “marketing mix” and decades later, in 2022 not much has changed.
Although it wasn’t until the 1960s, that another gentleman E. Jerome McCarthy would streamline the marketing mix into the now popular 4Ps; namely product, price, place, and promotion. The four Ps of marketing are the critical elements that are concerned with the marketing of goods or services.
The Four P’s
You take an idea, develop it into a service or product, put a price on it, place it on the market and promote the product to people. Sounds simple, isn’t it?
It is relatively easy to create a product or service and place it on the market. However, what’s challenging is to ensure that your product or service sustains the competition and that consumers know that your product exists.
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The 4P’s of marketing take care of the whole process as mentioned below:
- Product
Product design is performed internally via your product teams, and the management decides its positioning. However, after launching it into the market, ensuring your product, its features, and the problems it's designed to address are being communicated without any hindrance is a tough task.
Often, the soul of the product is lost in corporate technical communication, and your product, even though it is the best out there, fails to receive the desired eyeballs and screen time. Therefore videos like product videos and product explainers, both live-action and animated ones can bring out the human side of your product or service, help customers envision how they will interact with it, and provide them with a better understanding of the finer details about your company as well as what you have on offer for them.
Furthermore, videos ensure the audience gets familiar with your brand and product offerings. While products or services are inanimate, the video puts a human side into them, bringing in emotions and displaying people interacting with them, therefore enabling a vision in the audience where they can see themselves using the product.
- Price
One major problem companies face is convincing their audience to buy the product or service. Videos act as great defenders and negotiators for your product pricing. Further, videos help you place your product above the competition and add value by painting the bigger picture.
- Place
The place where you promote your product or service and where your target audience goes to research and collect important information regarding your product matters. Video ensures greater visibility of your product across all mediums. The evidence that videos are managing to penetrate 91.4 percent of internet users worldwide ensures that your product, service, and company will have maximum visibility with videos.
- Promotion
Promotion consists of activities such as advertising and the creation of a promotion strategy. The main objective of promotion is to tell the consumers why they need your product and why they should pay the price you are asking them to.
Conclusion
One good method of promotion is to bind it with placement in order to reach the maximum number of audiences. In the digital age, the “place” and “promotion” factors have the same effect across digital viewers as they do across offline channels. Specifically, the place of appearance of a product on a company's website or what social media handles and the kind of call-to-action (CTA) that are used to invoke an action out of the targeted advertisement for the products.
Therefore, videos are the best bet for businesses to acquire attention, stay ahead of the competitors, add value to their offerings and stay relevant to the current trends in marketing in this digital age of consumer ship.
Read another blog: Why Video Production is Vital for Business in 2022?
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