Most business students know about the four P’s of marketing: product, place, promotion and price. And while not many job seekers consider the importance of marketing themselves like they would market a product, that should be their ultimate goal.
To help candidates make the connection between marketing a product to customers and marketing their talents to an employer, here’s a little lesson on how job seekers can make sure they are in the marketing mix.
Defining the Product
While this may seem like the easiest part of the process, in actuality, defining the product is more complicated than most candidates think because there are three levels of products.
First, there is the physical or tangible product. That is the individual job seeker. However, in addition there is the core product and the augmented product.
According to marketing experts the core product is not the physical product but rather the benefit that the product provides and, therefore, what makes it valuable. In the case of a candidate for employment, the value is somewhat subjective and based upon the skills, knowledge, abilities and experience that each individual brings to an organization.
As for the augmented product, this is defined as the added value of the product. In the case of a new car, the standard warranty that comes with the vehicle is the added value. For job seekers, it may be having a MBA, a CPA license or some other certification that adds value.
In order for job seekers to communicate they are the best candidate for a position they need to thoroughly define themselves in relation to other candidates on the market and determine what they have that makes them special.
Determining the Place
Placing a product is very important because there are a variety of ways in which to move products from the manufacturer to the consumer. The same is true for job seekers.
In the case of job hunting, place is how a candidate identifies and eventually obtains employment. That is, by what means does a job seeker actually find work?
Just like with moving products to consumers, there are a variety of ways to move candidates to employers. It is important that job seekers identify those that work the best, whether that means utilizing a staffing agency, networking with business associates, searching for jobs online or making a connection through some other method.
Developing the Promotion
Promotion, very simply put, is the communications portion of the marketing mix. This means that each candidate must review the various methods by which to communicate his candidacy and then select those options that work best for him.
In the case of traditional marketing, promotions include things such as public relations, direct mail, advertising and face-to-face selling. In the case of job hunting, candidates use their resume to promote themselves via avenues such as the Internet, headhunters, friends, family, and job fairs.
However, promotion is also about the packaging of a product. For candidates, this means their professionalism and presentation. It is important that job seekers package and promote themselves in the best possible light.
Setting the Price
The final part of the marketing equation is price. Obviously, when it comes to marketing consumer products, the price a company sets for its product is determined by many factors including things like production costs, competition, and promotions.
For job seekers, their price is the compensation package. This means not only their base salary, but other perks such as commission, bonuses, and benefits. How much candidates ask for themselves is dependent on many factors including education level, experience, competition and the current job market. Candidates have to be very careful not to overprice or under price their product when they are trying to sell it to employers. This means job seekers may need to conduct salary research and be willing to negotiate.
The whole idea behind candidates establishing themselves as a brand is to differentiate themselves in the labor market, and by defining their own special qualities show employers that they are the best candidate for the job.
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