In the world of marketing, the 4 P’s are a well-known way to define the elements used to create a strategic marketing plan. They are:

1. Product – The thing or service being sold and what makes it unique, which determines the marketing message.
2. Price – How much the thing or service will cost, which determines the target audience (e.g. a $20,000 car and a $70,000 car are marketed to very different audiences).
3. Promotion – How people can made aware of the thing or service, which determines the choice of marketing tactics (e.g. shampoo can be promoted through a free sample; a computer monitor can’t).
4. Place – Where the thing of service is available (e.g. in person, online, locally, nationally, etc.), which determines the marketing reach and media choices.

The importance of social media for building brand awareness, increasing web traffic and generating leads is undeniable. While the specific benefits of each social platform vary, all provide one crucial benefit to businesses – the ability to create a dialogue with your target audiences.