At the core, the principles of marketing revolve around four elements: product, price, promotion, and place. These are called the 4 P’s. The 4 P’s are the options you can leverage to deliver value to your customers. While marketing tactics and channels may change over time, your marketing mix does not. Here is a deeper dive into the marketing mix and some questions to ask yourself as you build your marketing plan.
Product is defined as a bundle of features, functions, benefits, and uses packaged to be sold or consumed. This product may be an idea, a physical good, a service, or any combination of the three. Your event is your product. This is a critical part of your marketing mix. Think about this:
- How should you package your product to make it irresistible to prospective customers?
- Which features and benefits of your event are most valuable to prospective attendees?
Price is the dollar amount a customer must pay to purchase your product. Consider this:
- What is that sweet spot for your ticket price that pays your expenses and builds your bottom line but is also attractive to attendees?
- What extra features and benefits could be value adds to build revenue?
Promotionincludes tactics that build awareness, encouragepurchase, and ismeasurable in volume, share and profit. This could include coupons,contests, affiliate marketing, bundling, cause-related marketing,and licensing.Think through these questions:
- Whichincentiveswould be the most effective to promote your event?
- What message would drive the most ticket sales?
Place refers to the act of delivering your productto consumers. It is also used to describe the extent of market coverage for a given productincluding location(both physical and virtual)anddistribution. Consider these questions:
- Will prospects travel to your event?How will they get there?
- Where will prospects purchasetickets to your event?
In all cases, the choices you make with your marketing mix should reflect your brand and your value proposition.