You may have learned and forgotten about the 4 p’s of marketing. But before you write it off as an outdated principle, let’s consider how it might be used as a framework in the digital marketing world. It is particularly useful for content marketers. If you haven’t seen them already, review our previous posts on Product and Place. This week, we introduce the third of 4 P’s, “Price.”
The 4 P’s for Content Marketers in the Digital Age: Price
Going back to our example from the last two weeks, let’s say you are a B2B content marketer for a SaaS company that sells an analytics tool to marketers. You’ve already established the following:
- Your “Product” is your content and you’ve developed detailed use-cases on how, when, and why customers will read your content.
- “Place” equates to content distribution. You’ve built your distribution plan based on the use cases of when and why customers want your content.
Now it’s time to uncover the “Price” of your content.
In the world of content, “Price” means data collection and lead generation. To what extent will you give away your content for free? At what point do you start “charging” for it by gating it with a lead form? MindTools has some helpful questions to get us started establishing the “Price” for our content.
What is the value of the product or service to the buyer?
The value to the audience is completely dependent on how personally relevant the content is. Furthermore, the value of the content can be increased or decreased depending on how conveniently it is packaged and distributed into a preferred format.
In our B2B SaaS example, an eBook called “3 mobile optimization tactics every marketer should know” would be extremely valuable to a marketer who is in the act of developing a mobile site optimization strategy. Reaching for new ideas, this marketer might be willing to sign up for a newsletter in order to download the eBook.
However, the same marketer in another situation– let’s say when brushing up on the latest mobile trends before attending a job interview might pass over gated content in favor of content that is easier to access with little effort such as an infographic.
Understanding that different content holds different value to different audience members and even that the same content might hold different value to the same audience member depending on the timing, your “pricing” strategy needs to be closely mapped to your user journey, which itself is tied to your foundational understanding of the use cases of when and why your audience consumes content.
How will your price compare with your competitors?
As with all things related to price, supply and demand comes into play. If all your competitors are giving away webinars, ebooks, and other high value content for “free” without requiring substantial data collection, you must do the same to remain competitive.
To “charge more”—that is, to collect more data to feed your sales pipeline, you must create value and content that the audience cannot get from the competition. So at the risk of sounding redundant, the price you charge (the amount of data you can reasonably collect without turning off the audience) goes back to building content that fulfills use cases of when and why your audience consumes content.
The “Price” of lead generation
- The “Price” component of the 4 P’s of content marketing equates to the amount of data you can collect in exchange for your content.
- The degree to which content marketers can generate leads by giving away free content is partially determined by the value of the content to the audience at a given time in a given context.
- The availability of similar content from the competition and the amount of data they are requiring is the other factor that influences how much content marketers can “charge” for their “free” content.
- To create higher value content that enables you to collect data and feed your sales pipeline, you must create content that is closely mapped to the user journey, fulfilling your audiences needs across the various use cases for reading your content.
About Boost Media
Boost Media increases advertiser profitability by using a combination of humans and a proprietary software platform to drive increased ad relevance at scale. The Boost marketplace comprises over 1,000 expert copywriters and image optimizers who compete to provide a diverse array of perspectives. Boost’s proprietary software identifies opportunities for creative optimization and drives performance using a combination of workflow tools and algorithms. Headquartered in San Francisco, the Boost Media optimization platform provides fresh, performance-driven creative in 12 localized languages worldwide.