All those years ago, when I began my studies in marketing, one of the first concepts introduced was the 4 P's.
Even today, at Colloco Marketing we incorporate this concept into all our client work. Here's a way for you to understand it in the context of your business:
The 4 P's are key to selling your business:
1. Product: What you're selling.
- Restaurant Example: Food and drinks, like burgers and milkshakes.
- Hotel Example: Rooms or suites for overnight stays and additional services such as a spa or conference rooms.
- Solicitor Example: Legal advice and services, like writing wills or representing clients in court.
2. Price: Its cost.
- Restaurant Example: The burger is £8, and the milkshake is £3.
- Hotel Example: A standard room is £120 a night, and the suite is £250 a night.
- Solicitor Example: Hourly rate of £250 or a fixed fee for specific legal tasks.
3. Promotion: How you inform people.
- Restaurant Example: Buy-one-get-one-free burger deal on Wednesdays.
- Hotel Example: 20% off for weekend stays or loyalty programme rewards.
- Solicitor Example: Free initial consultation or ads in local newspapers.
4. Place: Where you offer it.
- Restaurant Example: Located in the city centre and offers delivery.
- Hotel Example: Located near the coast and has an online booking system.
- Solicitor Example: City centre office and offers virtual consultations.
5. People: Who you target or who sells it.
- Restaurant Example: Targets families and employs friendly waitstaff.
- Hotel Example: Targets tourists and business travellers and has a concierge service.
- Solicitor Example: Targets individuals and businesses in need of legal assistance and employs solicitors and legal secretaries.
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Special Offer ☀
We're offering a free website review worth £250 and free guidance on the 4P's concept.
Visit our website at Colloco.marketing or email us directly at office@colloco.marketing to claim this offer and get started!
Book in after 1st September 2023
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