My wife teaches marketing and her students learn about the 4Ps - Product, Placement, Price and Promotion. The textbooks state these are the key components in developing a marketing strategy. As we have worked with C-Stores, it is clear that decisions and actions around each of the Ps will help your C-Store stand apart from the competition.
Product - your chance to offer unique products to differentiate yourself
- Standard C-Store products - everyone offers them and they are expected.
- Fuel, hot and cold beverages, tobacco, packaged foods, candy, gum, etc.
2. Unique product offerings - the way to stand apart.
- Fresh foods - bakery, fruits, veggies
- Healthy foods
- Local foods - homemade by local members of the community
- Unique snacks - shakes
- Meals and hot food - making meals convenient
- Who knows what else your customers would love - only you do!
Placement - creative in-store ideas
The power of impulse purchases driven by pump ads, point of purchase merchandising, in-store signage and creativity. Utilize spaces in your store to highlight different products and drive more impulse purchases. Test different displays, different locations and different products to see what drives an increase in buying behaviors.
Pricing - powerful and flexible
As one of the key drivers, pricing is a relatively easy component to test and drive results. How do you want to compare to your competition? Do you want to be on par, slightly lower or slightly higher? Keep testing pricing strategies to get the maximum profit. Take advantage of paid promotions through manufacturers!
Promotion - lots to choose from
- Pump advertising with special offers will drive in-store purchases
- Loyalty programs allow you to connect with your customers by communicating special offers and rewarding repeat visits
- Social media works to highlight your unique experience through stories and videos
- Seasonal specials keep your promotion offers fresh and interesting
Now you know about the 4Ps, also known as the Marketing Mix. As a C-Store owner, Marketing is one of many hats you wear. Which P do you spend most of your time on?
Check out our prior blog about the role of Account Managers to help you deliver the marketing results!