Price: The Second P of Your Deathcare Marketing Mix

On Tuesdays this month, we’re covering the 4 Ps of marketing. You can read the first blog post in this series to find out more about what the 4 Ps are and why marketing mix is important. Check out last week’s post to learn about the first P, which is product.

Then continue below to learn how to define the second P, price, to inform your deathcare marketing efforts.

What Is Price in a Marketing Mix?

Price is how much you charge for a product or service. Sounds simple, but you must dig deeper than a single number to inform high-quality marketing campaigns.

When defining price for deathcare marketing, think about each specific product and service you offer. Answer the following questions:

• What is your current price range for this good or service?
• What do your competitors charge for similar goods or services?
• What type of budget or price expectations does your target audience have?
• How do you plan to collect the cost? What payment methods do you offer, and are there options for credit or payment plans?

If you’re charging $3,000, your competitors are charging $2,000, and your target audience has an expectation or budget that ranges from $1,800 to $2,500, you have a potential problem. You can solve it in one of two ways: lower your price or find a way to market your product so it stands apart from the competition and changes the expectation of consumers.

When you think about price as part of your marketing mix, you can better define the goals and needs of your marketing campaigns. You can also more appropriately align marketing for certain products with the target audiences that are most likely to pay for them.

Come back next week to read about the third P of marketing, which is place.