Carefully consider the 4 p’s to market a successful crypto and blockchain product wisely
When successfully marketing products held on the blockchain, you should highly consider the implementations of the concepts behind the 4 p’s of marketing—product, price, place and promotion.
Despite the Web3 market consistently evolving, the 4 p’s of marketing are a valuable marketing strategy from which many sectors can benefit. The concepts have been around since the 1950s, and for good reasons.
Each “p” includes numerous factors necessary for product accomplishment, including what consumers need and want, how to attract the best target markets, and meaningful ways to interact with customers for more future sales.
Before you continue reading, here are some short examples of the 4 p’s of marketing:
- Product depends on the crypto firm and what it does best. Moreover, how to give it a core identity that stands out from the crowd.
- Place refers to where consumers can discover or buy your product
- Price includes how to determine the correct price of a product to reel consumers in
- Promotion boils down to thoughtful advertising that reaches the right target market of your product
So, let’s dig into the need for you to consider the “four p’s” when marketing your blockchain-based company.
The History Behind the “4 P’s”
To fully understand the idea behind the 4 p’s of marketing, it’s essential to delve into how the concepts first came on board.
Interestingly, Neil Borden, an advertising professor at Harvard, first brought the idea of this marketing mix to light before being dubbed the 4 p’s by a marketing professor at Michigan State University named E. Jerome McCarthy.
Borden publicized the importance of focusing on product, price, place, and promotion for marketing products in an article named “The Concept of the Marketing Mix” back in 1964. To this day, various businesses use the same concepts and advice mentioned.
But what exactly do these four oh-so-important concepts—all of which begin with the letter p—mean?
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Product
First and foremost, it’s essential to look into how to best market cryptocurrency or blockchain products while focusing on the target market and what makes the product unique.
Before you introduce your product to consumers, you must look at the product as a whole before deciding on which top qualities to sell the buyer on. This is where Coinbound comes in tops—picking out the assets of numerous crypto companies and spreading the word to reach millions.
The most successful products include being the first of their kind. Look at Chainlink, for instance. The crypto company is the first to take data off-chain and bring it on-chain through oracles. The product now has a market cap of $3,507,809,405, according to CoinGecko.
Price
The concept behind “price” concerns the amount consumers will willingly pay for a product, and in this case, a Web3 one. Therefore, one of the first steps for you is to link how much your product is worth while bearing in mind supply costs, competitors’ prices, retail markup, attractive discounts, and more.
Decision-makers commonly lower the price when not gaining enough attraction for more consumers to have the opportunity to try, regardless of their financial situation. Opposingly, they may raise the price to make it appear more desirable and exclusive.
Nevertheless, marketers need to be extra careful when marketing the price of a product. The product can easily give customers the impression that it’s less desirable if sold for too little or a scam/rip-off if sold for too much.
Place
The place is vital in marketing—it’s crucial to market your product in the correct location. Look at non-fungible tokens (NFTs), for example. If you have your own sports collection, sell them on sports-related NFT marketplaces, like Airnfts, to reach your target market better.
As a business executive, it’s most beneficial to place your product in the forefront of consumers most likely to purchase them.
To keep the engagement of NFT collectors and traders, many marketplaces put their own unique spin on their platforms by representing digital assets that solely focus on particular sectors, blockchains and interest—check out these top 10 marketplaces.
However, “place” doesn’t only mean placing products on the correct marketplaces, etc. It can also boil down to advertising the products in valuable areas, like social media channels. Crypto products are big on Discord and Twitter, for example. However, you can rarely find them on Facebook.
Relevant Content: How Crypto Companies Should be Using Twitter
If needing assistance, this is another area where the crypto marketers Coinbound excels—carefully crafting coverage-securing releases, pitches, announcements, and more that bring eyeballs to crypto brands in the right places.
Promotion
As mentioned above, it is essential to have an overall media presence to promote your product and its services, like on a social media channel such as Twitter, due to targeting many crypto enthusiasts.
Another critical way to promote products is through Search Engine Optimization (SEO), to make it easier for consumers to find your product on Google.
Coinbound understands how difficult it can be to rank high on Google. Therefore, it supplies blockchain companies with an effective SEO strategy that requires intense research, analysis, and more. So, get in touch!
The Finish Line – Boost Your Marketing Mix
The four p’s of marketing are crucial elements for planning and marketing your product held on the blockchain.
The model of the 4 p’s is helpful to consider when planning or promoting your product. An analysis of product, price, place, and promotion can help you act as a marketing professional. By using a strategy, you can reach a broader audience in the long run.
Note: When implementing the four ps into your marketing strategy, use it as a framework without worrying about them overlapping—it’s inevitable.
However, if needing more assistance, reach out to Coinbound. The crypto marketer has worked with numerous blockchain companies, like MeteMask, eToro and Cosmos, to launch campaigns and build communities that reach millions of users.
The marketer also ensures all Web3 products are set up with the right bots, channels, roles, and more—to manage communities in a way proven to keep members interested.
