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Successful marketing goes hand-in-hand with successful business. You may have the best product or service, but if nobody knows about it, it’s hard to achieve success. So it’s not a decision of whether or not you should market, but how to do it most effectively.
With that said, the need to promote your business should be obvious — how you market is the real question.
The “4 Ps of Marketing” can help you get started. This model will help determine your unique selling point(s) and how you stand out in the market. They are:
First up is what’s most important: the goods or service your company offers.
Knowing the ins and outs of your product or service will help your marketing efforts. Does it meet a need for consumers or businesses, or fulfill a want? What makes it unique from your competition?
You’ll also want to gather feedback from customers to see what product improvements need to be made. Effective marketing starts with having a product or service that meets a customer want or need, then promoting it to the right customer and target audience The best marketing strategy in the world can only take you so far if the product you’re marketing isn’t useful for consumers.
Your product’s price should represent its perceived value in the eyes of consumers. It also impacts how you market your product. Is it less expensive than the competition? Your message could be about the value of your product. If it’s more expensive, your good or service could be positioned as a luxury or of such good quality that it’s worth paying the extra amount.
Price also helps your business manage the cost of production, distribution, and promotion. Objectives of pricing can also include profit maximization, revenue maximization, and partial cost recovery. Your strategies can shift based on changes in internal factors — like fixed and variable costs — and external factors, such as industry trends.
A critical part of marketing is finding the right place to showcase your product. That could be in stores, online, through distributors, or some combination of the three. Today, it’s critical to have some presence online so you’re available for consumers looking for more information on your product or company. Whether it’s through an ecommerce site or point-of-purchase display, being visible is essential so prospects can research more about you if they’re interested in the product.
After you’ve determined your product, price, and place, you can start on the final P: promotion. How you share your product’s unique value proposition with consumers and differentiate it from the competition is where the actual marketing comes into play.
There are a number of channels you can use:
Which channel you choose depends on your messaging, goals, budget, and where prospects can find your product.
Marketing is a critical part of any successful business, but how to market is a far more difficult question to answer — and it varies from business to business. Outlining your “Four Ps of Marketing” can help your new business kick off its inaugural marketing efforts and get your product and business out there.
Learn more about how we’re committed to helping your business reach its potential. Our dedicated business banking professionals can help you find the right products to meet your business’s needs; please call 1-800-428-7463 or drop by your nearest Citizens Bank branch.
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