4 Basic Principles of Marketing

The basic principles of marketing have remained the same since its evolution. Introducing products or services to potential buyers has existed as long as humankind has been trading and selling. Although the marketing space has changed with more digital options in our time, the principles of marketing help evaluate and reevaluate your business and ensure your business is reaching its full potential and growth.

As medical and dental marketing experts, we offer insight to healthcare professionals about the four basic marketing principles and how you can use them in your practice.

The following four marketing principles have been used since the 1960s and have stood the test of time for decades. Medical practices that follow these principles will find marketing success. 

What Are the 4 Marketing Principles?

The four basic marketing principles are:

• Product
• Price
• Place
• Promotion 

These principles are interconnected and work together to offer a basic roadmap for executing successful marketing.

Product

Product is the most crucial principle of marketing. And, product, although may seem simple in its understanding, must be understood and presented in such a fashion as to increase sales. Product can be a good or a service you provide to patients. It is essential to see the appeal of your product and the value the product has to your patients.

Selling a profitable product requires research and planning. You need to look at your product from your patients' eyes and consider all the essential values the product offers. What are patient needs vs wants? What is the quality and longevity of the product? What is the selling point and value of the product?

Defining your product and its value will help you gather information you can use to communicate your product through marketing tactics.

Price

The price is placing a dollar value on the value of the product. There are two types of pricing:

1. Cost-oriented prices
2. Market-oriented prices. 

Market-oriented prices are developed and designed through market research. Products that already exist or products that already have a history of market value can offer insights into price. When determining price, market-oriented decisions consider the current trends.

• What are patients willing to pay?
• What is the price currently offered on the market?
• What are your practice's financial goals?

Asking for a higher price than market value requires higher quality or value that must be communicated to patients. Naturally, the quality and value are determined within the first principle of marketing - product.

Cost-oriented prices take into consideration the overhead costs of offering the services and the value patients are willing to spend to obtain the product. Cost-oriented prices take significantly more research and possible A/B testing to create a price arrangement.

Price is not set-it and forget-it. Selling your product at different price points during other seasons can help you continue to research price. And, sometimes, the price needs to be adjusted with the market and economic trends. 

Place

Place refers to the process of bringing your product or services to the patient or bringing your patient to the product. This means a brick-and-mortar store with a digital presence for most healthcare professionals. Some healthcare professionals reach a broader audience by selling certain products online.

Careful planning of the placement of your brick-and-mortar store can make or break your practice. Ideal locations will consider convenience for the masses, competition, and messaging availability. For instance, starting a new dental practice in an area saturated with dentists may be challenging. Moreover, choosing a location that appears as something other than a healthcare facility may compromise your brand and messaging. A dental office that isn't allowed public exposure or signage may prove difficult to reach audiences. Location is an essential part of your healthcare growth and future.

Additionally, a digital presence significantly impacts reaching potential patients, as more than 65% of people search online for their healthcare needs.

Promotion

Promotion is creating awareness for your products or services. Promotion is where marketing tactics are evaluated and executed. Each healthcare marketing tactic a healthcare practice uses to build awareness for its product falls under the principle of promotion. There are 5 significant forms of healthcare marketing promotion that medical and dental practices should consider. The 5 major forms of marketing are:

• Digital Marketing
• Signage
• Print
• Community Involvement
• Internal Referrals

Promotion offers patients the incentive to choose your product or service. Promotion may include actual incentives and discounts but may simply communicate appealing information on the product's value.

Communicating with your target audience through different channels and creating awareness for your product and services is essential for the longevity and health of your practice. No healthcare practice can survive without the principle of promotion.

Medical and Dental Marketing Services

Medical Marketing Guru specializes in healthcare marketing. Managing marketing tactics can be overwhelming. Allow marketing professionals to help you navigate the complexities of the digital marketing world and other realms of marketing. We have the experience and skills to help your practice increase the number of new patients.