The 4 P’s of Marketing
Unless you studied marketing in college, you probably haven’t heard the term “The 4 P’s of Marketing” in your everyday job. But according to the SEO tools that COHN uses, it turns out a lot of you out there are Googling “The 4 P’s of Marketing.” As such, we thought COHN should put out a blog that puts our spin on the classic expression, and we hope you learn a thing or two!
In our world of marketing, the 4 P’s stand as a timeless framework, guiding businesses across diverse industries—from healthcare to commercial real estate—toward achieving enduring success.
If you haven’t already tried guessing what the 4 P’s are on your fingers yet, this is your last chance to do so.
Did you get all 4? Product, Price, Place, and Promotion make up the classic 4, with a new contemporary addition of a 5th P.
Can you guess what it is?
It’s People.
The Genesis and Evolution of the 4 P’s
The journey of the 4 P’s began in the mid-20th century, conceived as a simple, catchy compass for marketing strategies. As far as we can tell, the 4 P’s were brought into the world by Jerome McCarthy in his 1960 book Basic Marketing: A Managerial Approach. Though more than 60 years old, it mostly remains relevant, adapting to the ever-evolving landscapes of consumer marketing and B2B marketing.
Product: The Core
In marketing, the idea of “Product” extends beyond tangible goods to encompass solutions and experiences, particularly in the sectors we specialize in like healthcare marketing and commercial real estate marketing.
For example, in healthcare, product usually refers to what patients receive at your care facility that they couldn’t receive elsewhere. Not necessarily something that you are “selling.” Or, of course, it could refer to breakthrough medical devices or services that cater to unmet needs.
In commercial real estate, on the other hand, product is synonymous with property—though depending on your role, the product could also refer to the service you sell. Nevertheless, even in these nice sectors, successful products should resonate deeply with audience needs and aspirations, setting benchmarks for excellence and leadership.
Price: The Value
Obviously, pricing means cost, but it also transcends numbers, signifying value, brand positioning, and market perception.
In healthcare, pricing is… complicated. While we do occasionally work with clients that sell directly to patients, out of pocket, more often the pricing model in healthcare is related to Medicare, payors, or Value Analysis Committees. Cost matters, of course, but the most important aspect of pricing is your brand positioning. You must be worth it.
The real estate sector, with its nuanced understanding of market value, leverages pricing to differentiate offerings and captivate target audiences. Thus, pricing becomes a narrative of value, weaving together cost, quality, and accessibility.
Place: The Channels
Clearly, “Place” is easier to understand on the consumer side of things. Where and how is your product being sold? In the B2B world, distribution encompasses the channels through which products and services reach your audiences.
In today’s digital age, the integration of physical and digital spaces is interesting. Healthcare leverages both to enhance patient access to services, from hospitals to virtual consultations. Commercial real estate, similarly, combines physical showcases with digital platforms, offering virtual tours and direct leasing to engage potential tenants. This hybrid approach maximizes reach and convenience, embodying the evolving dynamics of consumer engagement.
Promotion: The Message
As the 4th P, “Promotion” speaks to the various ways that businesses communicate value to their audience—AKA strategic messaging. From traditional advertising to digital marketing and public relations, the art of strategic messaging remains central.
Successful campaigns in healthcare and commercial real estate hinge on resonant narratives that connect on a human level, addressing needs, aspirations, and challenges. In fact, we have seen firsthand that in these non-so-sexy industries, there is untapped power in well-crafted messaging (Promotion) to captivate and engage, forging memorable connections with the audience. This is where COHN truly thrives.
People: The Heart
Seemingly now more than ever, “People” is the heart of the marketing mix, especially in healthcare and, to an extent, in commercial real estate, as well. In healthcare, it signifies the nurturing of patient-provider relationships, personalized care, and community engagement. Real estate focuses on building client relationships and offering exemplary service. Integrating ‘People’ into marketing strategies underscores the essence of trust, satisfaction, and loyalty, highlighting the human dimension of business success.
Integrating All 5 P’s of Marketing
Not all of this is always in our control (cost, for example, is a part of Price that COHN truly has no say over), but where we can, COHN is constantly looking to synthesize Product, Price, Place, Promotion, and People into a coherent strategy that embraces digital advancements and evolving audience expectations. This approach ensures that each component amplifies the others, creating a cohesive and compelling marketing narrative that resonates across digital and physical realms. This is what we mean when we say, “Every Interaction Matters.” (Every P matters just doesn’t have the same effect.)
As we navigate the complexities of today’s marketplace, the 5 P’s offer a guiding light. This framework, rooted in deep understanding and strategic wisdom, empowers businesses to navigate the currents of change, fostering innovation, differentiation, and meaningful connections.
If you want to integrate your 5 P’s into a Powerful marketing strategy, give our team a call.
