To start planning your marketing strategy, you should first determine the 4Ps of your brand – product, price, place, and promotion. I want you to understand the basics of the the 4Ps, along with tips to incorporate that into your strategy effectively.
The 4Ps of Marketing
The product for the nurse practitioner is the experience and services they offer. As a nurse practitioner, you must first identify your niche and target audience. Simultaneously, you will have to focus on addressing the product from a customer-centric perspective by emphasizing patient safety and the benefits of the service you want to provide. The quality of your product will primarily determine the effectiveness of your practices performance because remember: patients are seeking VALUE. Primary care is not valuable… losing 50lbs is!
Price is your pre-determined value for your product. Earning profit is a critical component of the global economy today. This concept is incorporated into marketing approaches and plans, which view price as a vital factor in the success of any business that seeks to pique consumers’ interests.
Maintaining affordability should be an essential part of your marketing plan – consider the price of similar services and products in your market and cross-match it with yours. Remember the rule of thumb with pricing: you always should mark up the products you obtain from compounding pharmacies, medical distributors, etc. by 2-4x to make a healthy profit.
The third marketing P is a representation of the location of your services. The placement of your niche practice is crucial because, like other organizations, your practice’s location significantly impacts the business’s profitability. The availability and accessibility of your product in the market will play an integral role in your brand awareness, sales, and revenue generation. If you can get a location on a busy street with roadside sign frontage, then great! If not, you will need to ensure you are easily found online though.
The final P stands for promotion, arguably the most significant element of your market strategy. It refers to a collection of activities via communication channels to market the product, attract prospects and retain customers. This is basically broadcasting out your practices message, service, and product to the world through social media advertising, Google Business listings, billboards, and so forth.
Remember that there is a thin line between being promoted and overly promotional – try not to overdo it, as it might detract your audience. Try to find that happy balance as with marketing: more is not better often times!