Place is one of the four elements in the marketing mix, a foundational framework that guides your marketing initiatives. The marketing mix consists of product, price, place, and promotion. Place is where your product/service is provided or promoted, making these two elements closely related. After this read, review promotion in the marketing mix.
Each element in the marketing mix overlaps. Place will depend on the product, the target market, and the segments. In the past, place was limited to a small number of channels. For example, TV commercials were played at specific times to capture the right target audience. Print advertisements were strategically placed. Today, there are many other digital platforms where advertisements are placed, such as social media, web pages, and more. These platforms help businesses increase their geographical scope. They benefit both parties, leveraging tools to match consumer interests and preferences. These capabilities enable marketers to promote their product/service to the right target audience while keeping customers engaged by providing relevant content.
Meneide (2023) mentioned the importance of forensic analysis of customer habits, preferences, and needs. He also discussed the role of place in sales enablement (Meneide, 2023). He explained that place also consists of how customers engage with the brand, such as phone, email, chatbots, etc. Consider these factors as you implement your place strategy. Place isn’t just where. It includes how.
Businesses often research demographic data, such as age, income, and education, to implement a place strategy. Though this is useful in many applications, non-demographic segmentation provides insight into behavioral and psychographic factors (Bass et al., 1969). This insight can disclose new potential places. Unfortunately, it is more difficult to gather and analyze non-demographical data, which is perhaps why most settle on demographics. Data-backed research will inform how to promote your business in the right place.
Be creative and think outside of the box. Place isn't just about the traditional locations. A martial arts practitioner and business owner sewed their company's patches on their uniform to generate buzz when competing.
Bass, F. M., Pessemier, E. A., & Tigert, D. J. (1969). A Taxonomy of Magazine Readership Applied to Problems in Marketing Strategy and Media Selection. The Journal of Business (Chicago, Ill.), 42(3), 337–363. https://doi.org/10.1086/295202
Civitatis. (n.d). Times Square. Civitatis. https://www.introducingnewyork.com/times-square
Gorny, L. (2023, August 16). The new york times transforms entire subway train into immsersive ad. It's Nice That. https://www.itsnicethat.com/news/the-new-york-times-subway-experience-advertising-160823
Kowalski, J. (n.d.). Acd/art Director. Jim Jowalski, https://www.jimkowalski.com/https/wwwyoutubecom/watchvbxnwecryfmq
LinkedIn: Mohammed, F. (2023, August 14). Advantages of paid social media ads for business. LinkedIn. https://www.linkedin.com/pulse/advantages-paid-social-media-ads-businesses-fahd-mohammed/
YouTube: Meneide, J. (2023, April 04). 4ps of the marketing mix: watch this to level up your campaigns (explainer). YouTube. https://www.youtube.com/watch?v=HFjbrjWjUWc
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