In this episode I talk about the importance of the 4ps of marketing mix and the importance of using it for selling courses online.
Every time I launch a product I use these 4 ps of marketing to validate the success of it.
However the „standard“ version of this concept is outdated and I gave it a little twist to adjust it for the online business world.
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Welcome to the show. Today I want to talk about how I use the four Ps of marketing mix to build six to seven-figure digital courses.
And if this is the first episode that you're hearing on this podcast, please go on Apple Podcasts and subscribe to the show and leave a five-star rating if you find this added value to your business and your life.
And what I was thinking about in the last couple of days and weeks was about a principle that I learned in college and it's the four Ps of marketing mix.
And basically everybody is talking about it, but not everybody gets it right. Even the professors don't get it because they are not actually practicing what they're preaching.
They talk about all this fancy stuff and these concepts, but they're not actually practicing it, right? What I'm doing is I want to cut out the bullshit and tell you everything that I learned about this concept in a practical way.
It's basically four Ps, right? And the first thing everybody is telling you that the first P of this marketing mix thing is place. Where are you selling your product and everything, right?
And nothing could be further from the truth actually. But because place is so unimportant, so unimportant. I could sell the same thing in Germany than in France or in the U.S. It doesn't matter.
What matters is people. Replace the place with people and you have a winning P. And people are same in every country. Because if somebody is interested in losing weight, it doesn't matter where he lives, it does not matter.
Because if I can sell a course or something in Europe to people who are interested in losing weight, then I could do the same thing in the U.S and that's actually what I'm doing.
I'm creating courses first in Germany. I sell the crap out of the German people. After that I go and translate the course and go to let's say China or something, I sell it there. And then I translated into different languages and it does not matter.
Place does not matter, people matter. Get your dream customer avatar and the whole four Ps of marketing, transform your whole business, right? And suddenly it starts working.
The first one is people. The second one is the product. And what I mean by that is a high-quality product that you can sell to the masses first, or to a very, very niched and high educated market that wants to grow and scale, right?
You can sell to people that just starting out and they just want to learn how to use their cameras, for example, or to super-duper pro photographers who are taking magazine shots for let's say the Vogue or something.
These are two people that you can go to sell your product. And it's very important that your product is targeting the right people and then you specifically tailor your product for those people.
What pro photographers, for example, want to do is getting new clients. Your product could revolve around getting five clients extra a month or something.
And when you're just focusing on the beginners, your product could be how to make money with photography or how to get your first photography gig or something. This could be your first starting point and that's the product part.
It has to be high quality obviously. But if you haven't any product right now, don't worry. I'm creating and hosting and launching a completely free masterclass for you where I show you how to create, sell and launch digital products like video courses or coaching programs.
And I list the waiting list in the show notes and depends on when you are signing up for this class. Maybe it's already live, right?
The next part is, we had people, product. Next thing is obviously promotion. Now that you have the people, the right people and your product is in front of the right eyes and people can notice your product.
Actually the next step is to promote it to them. In other words, just deliver the product to them and be the loudest in the market, right? That's the third part of the mix of the 4Ps of marketing.
And the promotion part can be very complex, depends on what type of traffic you want to use. Either you're using free traffic like content marketing, YouTube or SEO or blogging or something.
Or you want to use paid advertising methods like content media buying, Facebook ads, Google ads, YouTube ads, LinkedIn ads. Every type of traffic that you can buy or solo ads. This is basically giving people money to send emails for you.
But you have to find the right promotion method for your product and for the people. You know what kind of people you have. T
hink about where are they congregating, where are they going, where are they hanging out, what kind of magazines are they reading? And those places you want to target with your promotion.
We have first people, then we have the product. We know how to promote it. And the last thing you have is the right price point. If I'm selling to a mass market, let's say to people who want to get in better shape or lose some weight.
I like this example because everybody wants to lose weight, right? And people who want to lose weight are not typical people who want to spend huge amounts of money for online courses or for anything, right? Because it's a topic that is so broad.
And on the other hand, if I teach someone how he can build an agency or something and make a living with it, I could charge a lot more than for a course on losing weight.
That's the difference. You have to adjust your pricing based on your audience, based on the people, based on the product and based on the promotion.
Because nothing is working when your pricing is not tailored to those three Ps that I had before, right? When your price is 9.97, your promotion will work fine because you have enough margins to sell your product. But nobody could buy it when you're selling a weight loss course because people aren't used to spending that much money for weight-loss courses, so it will flop, right?
And on the other hand, if you are selling let’s say, and I show you how to build an agency course and you price it for 100 bucks and you’re using paid ads to promote that thing, it won’t work because margins in that space are so low.
You need to raise your prices to at least $1,000 so you can actually make a bit money off that.
Those 4Ps of marketing mix are essential for your success. And if you want to build a six, seven, or even eight-figure business, you need to master this. It’s not so complex.
It’s just four questions you need to ask yourself or four parts of your business that you really make sure that you get a clear picture out of it. And then it will work for you. And everything revolves around these.
If you want to sell an online course, just think about the 4Ps of marketing mix and remember this episode.
And if you know somebody who wants to start their own business or they own business with, let’s say, digital products and courses, share this episode with him and tell him what the 4Ps of marketing mix can do for him. That’s it for this episode. See you on the next one.