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?

Product
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.

Pricing
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.”

Promotion
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.

Placement
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

Author

CEO and Co-founder of Neon Roots

Ben Lee is the co-founder and CEO of Neon Roots, a digital development agency with a mission to destroy the development model and rebuild it from the ground up. After a brief correspondence with Fidel Castro at age nine, Ben decided to start doing things his own way, going from busboy to club manager at a world-class nightclub before he turned 18. Since then, Ben has founded or taken a leading role in 5 businesses in everything from software development to food and entertainment.