(Editor’s note: This blog post first appeared August 18, 2009.)
Anyone who has ever studied Marketing 101 remembers the 4 P’s; Product, Place, Promotion and Price. In two recent meetings with clients I realized that those fundamentals of marketing still apply in today’s social media world. It’s just that now they have a twitter, Facebook, LinkedIn or blogging twist. For those who may have slept through class or majored in engineering and not Mar-Com, here’s a quick review.
Product: Without it you have nothing to sell. Even if your product is, in fact, a service (as in the case of marketing and PR professionals) you still must have a good or service to sell.
Place: What is your geographic region? This one has changed thanks to the social media world. The Internet has definitely leveled the playing field in many ways and caused what were once small players to grow much larger. My twitter friend Laura at VPG Printing in Southern California is a great example. She used to only consider her “target market” the folks around her neighborhood. Now it’s the world (including me, Laura printed my business cards after we met on twitter.)
Promotion: Choices, Choices. Here is where social media has taken on a life of its own. Where once a news release to local editors was good enough to promote your product or service now it’s about considering the social media tools that will work best for your business. Strictly professional? LinkedIn. Want to connect with more people on the site that’s surpassed over 250 million users? Facebook. Want to broadcast quick snippets to a large group? Twitter. Have some neat videos to share? Youtube. And the list goes on.
Price: Always the trick in any business; whether you’re negotiating a complex deal for a major industry or haggling at the neighborhood garage sale, a fair price is important to all parties. If you sell a service, social media and the connections you make with other professionals in your trade there can greatly assist in determining fair market value.
As you grow your business remember to keep the 4 P’s + social media in mind when developing your marketing strategies.