Often times, one of the hardest parts of getting your marketing campaign ready is knowing where to start. The marketing five P’s are a great strategy for any business looking to implement a marketing campaign. It forces you to consider the various areas of your business to may need to change or improve, in order to meet the needs of the target market you’d like to reach. In addition to this, it helps you differentiate yourself from competitors and adds value to your business and brand. The five P’s are product, price, promotion, place, and people. These five factors will help you to easily determine the key aspects of your marketing strategy and where it will go in turn. Let’s break down each to give you a better understanding of the five P systems.
This refers simply to the product or service you and your business are offering to your customers. You’ll need to consider things related to your product such as functionality, how its brand, the packaging you use, its quality, and how it will appear. Things such as warranty are also important considerations. You’ll also want to find ways to advertise your product’s key features, benefits, and how it applies to the wants and whims of your customers.
Next up for consideration is your prices. This refers to the way in which you set the prices for your products and services, as well as what makes up your overall cost, your advertised price, discounts, sales, credit terms, or any other payment arrangements which may play into the pricing of your products or services. Pricing will also be a factor depending on your business and its position in the market. If you run a small restaurant, your prices should reflect that. By that respect, if your business is larger, more upscale, or ‘fancier’, then you should have the right to charge for the more ornate and premium services you offer.
Promotion simply refers to all the activities, events, methods, and procedures you’ll use to promote your products and services to your targeted market of customers. This includes your sales, public relations, direct marketing, advertising, your sponsorships, and your usage of social media. Promotional costs can typically add up quickly, so it’s a good idea to also perform what’s known as a return on investment or ROI analysis. This gives you an idea of who your market is, what media they consume, the cost of that media’s medium, how many sales you’ll need to cover those costs, and how you’ll gather information showing your promotion worked.
Place refers to the importance of getting your product or service to your customers at the right time and location. You also need to make sure you send an appropriate quantity, factor in your distribution channels, the logistics of that, and the total market coverage you have for an area. It’s always important to consider place when considering expanding your business. For example, you should always consider location when looking to launch a new business location or reseller location for your products and services.
This final element refers to you, your customers, and your staff. If you’re looking to grow your business, both your customers and your staff need to be a priority. You need to not only meet the constantly changing needs of your customers but also set appropriate targets and customer service expectations so your staff is knowledgeable in their role and meeting consistent service expectations. This helps you retain loyal, lifelong customers who are more willing to spend their money at your business.
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