Product, pricing, promotion, and placement. These are the 4 “p”s of marketing, and more specifically for our purposes, mobile app marketing. The concept was proposed by E. Jerome McCarthy in 1960, and it’s held up pretty well, now used by marketers the world over.
This is where your budget is spent, and this where a lot of money is mismanaged. When it comes to mobile app development, a lot of Product Owners spend too much on “product” and don’t leave enough dough for the other three “p”s. Now they have a shiny new app but don’t have the money to gain an audience. No audience, no returns. Our clients who have found success made sure to budget for more than just development, they also had room for advertising and public relations.
That’s why we stress the importance of building an MVP the right way. If done right, you’ll have a lean, market-ready app with prioritized features and still have money left to get the word out. So let’s break down those “p”s, shall we?
This is the tangible item. This is what a consumer will hold in their hand to satisfy their demand. For us, it’s that mobile app that users want and need. A product comes at the end of a long road with a lot of development, testing, feedback – rinse and repeat.
This is how much you’re asking your users to pay. Setting this appropriately will determine if you scare off users or make enough to cover costs and generate profit. This is often determined by customer perceived value or the “difference between a prospective customer’s evaluation of the benefits and costs of one product when compared with others.”
This is everything the owner has at their disposal to provide the information consumers need to buy their product. This can include advertising (online, radio, print, etc.), public relations (press releases, seminars, sponsorships, etc.), and any and all sales promotions.
This is getting the product to a place where people can actually by it – also known as distribution. You’re goal likely isn’t a brick and mortar store. Maybe it’s just the App Store, but you still need the resources to get it there.
Photo Credit: http://qualcosadafare.com/trucchi-e-strategie/come-fare-marketing-con-una-mucca-viola