What's up brand builders Stephen Houraghan here at BrandMasterAcademy.com and in this
video you're going to learn about the marketing mix and the four ps
that you need to consider so you can understand how traditional marketing concepts are used
to build brands today and get some context at how they fit in to modern branding
now if you're new to the channel and you want to build brands that go beyond the visuals using
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strategy blueprint the link is in the description now i have a pretty broad business background
i've got a traditional education background in financial markets and economics i worked in the
stock market for many years and i also studied digital marketing branding and graphic design at
a variety of schools and all of this education and experience has given me my own unique philosophy
and my own way of building brands now the way i approach strategic branding is not the
traditional marketing approach the traditional marketing approach will tell you that branding
is a small subset of marketing but the reality is that branding sits on top of everything and the
reason that i can definitively say this is that all examples of marketing are always branding
but not all examples of branding are marketing now of course many traditional marketeers would
possibly disagree with me and that's okay but for me the way that we engage our audiences
today the way we bring a person and a business closer together has dramatically changed in the
last 10 to 15 and 20 years and it's going to continue to change in the years to come so for
me branding and brand it sits atop of everything and most of the really important considerations of
bringing a person and a brand closer together sits in the realm of brand strategy which sits on top
of marketing now despite all of that despite my opinion my philosophy and the evolution
that has most definitely happened it's still very very important to understand and consider
traditional marketing concepts i'm not saying that the four ps of marketing are irrelevant
they're not irrelevant they're very very relevant and i consider all of the four ps within my own
brand development process just maybe not in the same way that other traditional marketeers
might approach it but either way you need to understand the four ps of marketing you need to
understand those traditional marketing concepts so you can have those high-level conversations with
those leadership teams and with those marketing managers so with that let's jump in to the four ps
number one product now your product consideration can go deep in terms of the product line itself
how it's presented how it's packaged etc etc but on a basic level your product needs to meet the
needs and the wants of your audience now you're going to define who exactly you're targeting
within your brand strategy and what you want to mean to them what difference you want to mean
in their lives and the position that you want to take in their mind and once you have all of that
then you can focus in on the product and giving them what they need or what they want so making
sure that the product that you develop is aligned with the difference that you want to own in their
mind is aligned with that position that you want to own so make sure that your product considers
the needs and the wants of who your target market is and give them what they want number two price
now your price point should be most definitely aligned to the position that you want to own
in the mind of your audience and should also take into consideration the value that your brand is
offering and the cost associated with delivering that value as well now of course if you want your
brand to be associated with luxury your price is going to be relatively high on the other hand if
you want to be associated with budget then your price is going to be relatively low but
you need to define the position that you want to own in the mind of your audience before deciding
on a price and then use the pricing consideration to settle on your own price point it can go a
little bit deeper here in terms of tactics and techniques on a daily weekly or monthly basis
just ongoing in terms of your pricing strategy but all of this is considered within the price
number three promotion now this p of the marketing mix is all about knowing where your audience is
and when they're there and meeting them there with your branding message now let's stick with
traditional marketing for a second let's say you had a high street brand let's say chanel for
example they wanted to advertise and they were choosing where to promote their brand and when
to promote their brand now they might choose ad space during sex and the city or let's say you had
a men's supplement and this brand wants to choose where to promote their brand they might look
at men's health magazine and buy some ad space there but today digital marketing has really
changed the way this is done if you think about facebook ads and the hyper targeting
that you can get there it still considers the same things it can still considers the same
interests it just goes a little bit more granular there so number three promotion
really considers where your audience is at and how to meet them there and number four place now the
importance of this consideration has dwindled somewhat in the last 15 to 20 years because if
you think about what business was like 20 or 30 years ago pretty much every business and brand had
place consideration they needed to consider where they were going to be if they were going to be
on a high street or if they were going to be in a small suburb they needed to decide where their
audience was and where they're going to be but today pretty much everybody is online and most
businesses have some form of representation online and many businesses today are just
online but you still need to consider what area you're going to service and where you're going
to be for your audience so it's still a really important consideration less important than it was
20 years ago but you still need to understand your place so this is the marketing mix and the four
ps of the marketing mix and as i said although i don't approach my own brand building efforts
using the four ps or using the marketing mix in its original concept i do address each and every
one of those ps within my brand building my brand development and positioning considerations so
it's really important to understand that these concepts haven't been dropped they're not
less important they're very very important and as you're speaking to brand leadership teams
with marketing managers if they want to have that level of conversation with you if they
want to address the four ps then you should have an understanding of where they fit in
to your brand building process so again understand traditional marketing concepts so you can have
those conversations on a higher level but i would love to hand it over to you do you have
a traditional marketing background and if so do you still use the four ps or even the seven ps
in their traditional format or have you taken them and evolved them a little bit into your own
development process or are you having challenges with how to integrate the four ps into your own
processes or how to just use the marketing mix within your own processes i'd love to hear from
you in the box below about your challenges or experiences if you like this video please give
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would love to hear from you about your challenges about your experiences i'll do my best to answer
all of those until next time brian like a master and i'll see you in the next video