Marketing

The 4P Marketing Strategy: How to Select the Right Products

If you’re a B2B company looking to grow your business through adding new products to existing products, this article and the related articles will be of help. They explain how a 4P Marketing Strategy will help you create a successful “product launch” plan for your chosen market.

A marketing strategy that is based upon the 4P’s marketing approach looks at four key sales and marketing areas that should be considered when planning your product launch.

1. Product. How do I choose the best product to sell?

2. Place. It is important to know where you can find customers willing to buy it.

3. Promotion. How to promote and “package” your product.

4. Price. How do you choose a sales price that is acceptable and profitable?

This article will not cover all 4P’s. This article will focus on the first and provide some guidance on “How to select the right product to market”.

How to Choose the Right Product

You can’t grow a B2B business if you don’t have one yet. It is important to know how your product will be received by your customers.

It is a good way to do this by looking at your product from the perspective of the 4P’s. The 4P Marketing Strategy approach has been a great tool for launching new products. It’s simple to use and very effective when done correctly.

These questions will help you ensure that your product is the right product for the market.

– Is the product likely to sell in your area?

– Is it possible to sell it profitably?

What experience and skills do you have to market it?

Is the product likely to sell in your market?

You should research the company before you consider buying a new product. Do you know if it has a track record of sales? Are your customers likely to buy it?

If your product isn’t being successfully sold elsewhere, or is being sold by companies with very different company profiles than yours, you will need to do a realistic assessment on the additional marketing and selling costs that will be required before your new product can be profitable. To find out if your customers would purchase your product, you will need to conduct “consultative research”. It is important to learn why they don’t want to buy your product. If customers in your primary market areas are not likely to purchase your product, it may be necessary to speak to others within the company or to approach companies in other market sectors.

Can it be made profitably?

List all the tasks you will need to market your product. This list can be used to create a spreadsheet that will show you your estimated marketing, sales, and administrative costs. Compare these numbers with your expected sales for your new product. To determine how long it will take for your product to become profitable, you can do some simple calculations.

Sometimes, it’s a smart idea to sell a product even though it isn’t profitable. Selling a product that complements other products in your product line is a good idea. It can also be used to increase sales. You might make it a profitable product on its own or help to create another similar product. one you develop yourself).

You should consider all factors that were identified during your research. Don’t forget to add estimated costs for the work and effort you and your colleagues will need in order to launch and market your product.

What experience and skills do you need to market it?

You will need extra help with marketing and selling if your product is very different from others you sell. Consulting services or training can help you acquire the skills and knowledge required to market and promote the product.

No matter which of these options you choose to go with, unless you have a solid foundation of knowledge and skills you will not be able to help your customers understand the benefits of the product. Once they make the purchase decision, you won’t be able to provide support.

Assessment of the 4P Marketing Strategy’s Value

The 4P Marketing Strategy’s first step is crucial because it will let you know if a product is not going to be very profitable. It will also help you identify information that can be used to find a better product.

While there may be additional questions you need to ask in addition to the ones we have discussed, I believe that if you provide satisfactory and complete answers to my three main queries you will be able move forward and get started on the other four P’s of your 4P marketing strategy.

I hope you have understood that this is a crucial stage. If you are “wooed over” by a new product, it is easy to forget to do your research. Keep in mind, however, that any new product will distract from your other marketing and sales tasks.

It will all be worth it if your new product is selling well as soon as it goes on the market. Your new product will soon sell well and you’ll be able invest in additional resources to increase its sales. You will regret spending a lot of time or money on marketing and selling your current products if your product proves to be unprofitable.

Summary: A 4P Marketing Strategy will allow you to create a plan for the launch your new product. It will also help to make sure that you have the right product in order to succeed.

molw.net

We are a team of professionals with each having two decades of experience in start-ups, sales, marketing, finance, HR, large scale project and profit centre management and running mature cross functional operations. At Molw.net we are big believers that knowledge transfer is critical to our industry’s evolution. We love to share our experiences and learnings through our online resources.

Related Articles

Back to top button