The 4P Strategy For Nonprofit Marketing
“But it’s also a time of opportunity. It might well be the time to reimagine who you are and what you do and to make your organization better in the process.”
Ever since the beginning of COVID19, nonprofit organizations have suffered significantly. Over 75% of nonprofit organizations asserted that they had endured financial hardship due to the pandemic (Charitynavigator.org).
According to a recent study conducted by Independent Sector, 83% of large-to-mi-sized nonprofits saw a revenue reduction. On the other hand, many small and startup nonprofits either ceased activity or completely shut their doors in dismay.
As the pandemic lingers into giving seasons, nonprofit organizations must revisit their marketing strategies to adapt to newly digitalized consumer behaviors.
The hope for nonprofit organizations are not forgivable loans, but directly engaging with the right audience to raise funds to help them survive this harsh winter.
Photo Credit: Independent Sector
Revisiting the 4Ps of Marketing
When reimagining a nonprofit marketing strategy, the first step is to revisit the basics of marketing.
Most nonprofit decision-makers are not professional marketers. Therefore, self-education becomes vital to building an updated, effective marketing strategy.
One of the essential marketing theories is the 4P of Marketing. The 4Ps stands for:
Product
Price
Promotion
Place
4PS IN THE COVID-19 WORLD
“Nowadays, placement is more inclusive and critical, whereas geographical and demographical targeting has long become the make-or-break point for today’s marketing campaigns.”
As consumer behaviors shift towards digital during the COVID19 crisis, the traditional 4Ps also changed to catch up.
For products, intangible goods such as online entertainment, digital platforms, and non-physical goods are gaining larger market shares. Meanwhile, the removal of brick and mortar and other physical overheads allowed many businesses to be more competitive in their product pricing.
Promotion might be the item that experienced the most drastic changes. The development in CTV advertising, VR/AR, and automation technologies makes the online marketing game more challenging than ever.
Ad placement used to mean the geographical location of a billboard, or the time and channel a TV ad is aired. Nowadays, placement is more inclusive and critical, whereas geographical and demographical targeting has long become the make-or-break point for today’s marketing campaigns.
How the 4P Strategy Works For Nonprofit Marketing
Essentially, nonprofit organizations also provide a product or service. Therefore, one should always clarify 4Ps when discussing nonprofit marketing strategies.
Product: For any nonprofit organization, the product is the solution it provides for its cause. It doesn’t matter if an organization is giving physical goods, such as a pantry, or services, such as free therapy. The product is the solution to a social issue.
Price: In other words, donations. The price charged must be justified through marketing campaigns. While small donations may seem easier to raise, larger sums allow the donor to be assured that he or she is making a big difference.
Promotion: Nonprofit marketing should focus on the impact it brings to the communities focusing on its cause. By creating a consistent message, nonprofit organizations can amplify a sense of obligation, pride, and achievement among its donors.
Place: The online space is full of opportunities for nonprofit organizations. The lower operational costs and higher engagement rates make social media one of the most cost-effective marketing places for nonprofit organizations.
When adapting these concepts to the nonprofit world, be sure to stay flexible. For example, a service-based 501c3 organization may not have a specific “product” to feature. However, by relating their service to tangible, traceable results in the community, the benefits it brings then become the product that can be used to leverage for more donations.
Bottom Line: Nonprofit Marketing is just like Forprofit Marketing
In the end, nonprofit marketing is the same with marketing any for-profit business. The only difference is that revenue is regarded as donations and sponsorships in the nonprofit world. That said, your constituents should be treated the same way as regular consumers, and your marketing strategy should be in line with the general customer’s journey used for regular business marketign strategies.
The 4P strategy for nonprofit marketing thus serves as the core behind any effective strategy. So keep in mind: if you ever feel lost, go back to the basics. In essence, marketing is about building a relationship between an organization and a target audience. As long as you follow that rule, everything else will fall into places.