Those of us who have studied and practiced business Marketing know of the 4 P’s, also known as the Marketing Mix:

Product (or Service)
Place
Promotion
Price

Applying the Marketing Mix enables the process of bringing a product or service to market. Behind each P is research! You have to know:

• Who is your target audience
• Does your product/service fulfill a need or demand from your audience
• Where would your audience look for your product/service
• What is your message to get them to buy
• What is the value of the product/service to the buyer

The “art” in Marketing is to have each P be on its correct point and to have all P’s work in concert with each other as the foundation of your marketing plan. If there is a weak link in one of your Ps, chances are success may elude you.

There’s one very important element I’ve left out of the mix, it’s connected to each P---competition; what makes your product/service different from your competition? You could have the four Ps perfectly aligned, but if you have competition, then they are not perfectly aligned.

You have got to differentiate yourself all other Ps being equal.

Create a “Sustainable Marketing Differential”: Do It By leveraging the P’s

It’s critical that you create what is known as a “sustainable marketing differential advantage.” This advantage differentiates you.

Benefits of a “Sustainable Marketing Differential”

• Establishes consumer preference for your product/service and thus can stave off competition and new market entrants.
• Increases your market share
• Increases profitability

What it Takes:

1. Your customer must perceive that your product/service offers a benefit to them.
2. The benefit you offer through your product is unique and either can’t be easily replicated or easily found. By so doing, you set the stage for customer and brand loyalty while simultaneously staving off competition.
3. Your offering has to be priced right to meet the customer’s perceived value of the product while covering the cost and volume structure of your operation to achieve profitability.

Examples of Who and What Makes the Difference: Leveraging the Ps:

“Avis is only No.2 in rent-a-cars, so why go with us? We try harder.”
P Leveraged: Product (i.e. their service) and Promotion (their message)

L’eggs Panty Hose: L’eggs was innovative in placing an un-thought-of apparel item, panty hose, in convenient and non apparel places of distribution, such as supermarkets and drug stores.
P Leveraged: Place (distribution)

Walmart: A retail powerhouse
P Leveraged: Price, Selection (Product)

Nordstrom’s:
P Leveraged: Service

Lesson Learned:

Think of what you do in terms of the four P’s and identify what makes you different with respect to them. Capitalize /leverage on the difference.