Ask the marketing experts and they will invariably state that a business without a proper marketing strategy is going down the rabbit hole! There can be no alternative to a well-structured and diligently designed marketing plan for a business suffering from its sales.
And, what makes a stalwart marketing plan? Well, for that you ought to know about the factors that have been influencing marketing since its inception.
There are literally 5Ps of the marketing matrix. If you are a marketing personal or a business owner, you need to ensure that the matrix is working well for the customers, i.e., it is adding value to the customer requirements.
For that, you must know what are the 5 Ps of marketing and how you can use them to craft an unbeatable marketing strategy for your business.
The 5 Ps of Marketing
Product, price, promotion, place, and people. These are the 5 Ps of marketing which when used properly can change the face of your business and make it a highly profitable one
Let us know them in detail.
First and foremost, your product says it all! You’re your offered services, physical products, and the features they have encapsulates the word – Product.
In simpler terms, we can say that everything you are putting up on the market for sale is your product. It may be a physical product sold in a store or a digital service available over online platforms.
The point is, as long as your product is creating a worth to your customers’ money, your product will create a business for you.
Thus, you have to be very careful with your product designing, curating, and most importantly marketing. This means that creating a demand for your product is the key factor of your business.
This is the trickiest part of marketing. You need to analyze your market, competitors, supply costs, advertising costs, and myriad other factors before deciding the final price of your product.
This is tricky because it can greatly vary depending on the manufacturing cost and the audience you are targeting.
In a nutshell, the key factors of your pricing model must typically depend on:
- The manufacturing costs
- Advertising costs
- Target market
- Seasonal discounts
- Credit terms
The usual strategy is to start with a lower price range than your competitors to attract potential customers. This may be a good practice, but you need to keep the supply chain working to make it to the profitable bracket.
This is where you can attract and create a solid customer base. This process involves creating marketing strategies, campaigns, and advertisements to put forward.
The first step of a perfect promotion is to identify, target, and most importantly narrow down your audiences for the right campaign, which always helps in lowering costs.
Exposure to the untargeted audience will only incur more expenses and might even get you negative reviews.
The next most important thing is to choose the right medium for your promotions. You can go for sponsorships, banners, catalogs, digital advertising platforms, messaging, or emailing for your advertisements.
If your product cannot hit the right place, you may just lose the game. Place is the route to your market. The position of your product distribution and demand fulfillment which means the physical location of shopping and the delivery medium encompasses the word ‘Place’.
It is about how and where your customers are going to find your products. It also indicates the supply chain starting from your suppliers and ending with your customers.
In the case of digital products, ‘Place’ does mean the digital location of your product – the platform, the device, and any online concerns related to it.
When the right location at the right time is the goal, the key factor that influences ‘Place’ is accessibility. The customer must easily find your product to boost your sales.
The ultimatum of all marketing strategies is the people. It necessarily means all the staff involved in creating a perfect product with perfect marketing, sales, and customer support.
These ‘people’ actually make the product happen. The sales staff, those involved in sponsorships and cross-promotions, and even the brand ambassadors greatly impact product sales.
Nowadays, online influencers are also an enormous industry hugely impacting the marketing matrix. Whether it is brick-and-mortar sales or remote sales, people involved in it are the forebearers of the marketing fruit.
How to Use The 5Ps of Marketing
There are some simple yet highly effective ways in which you can use these 5 Ps. Let us understand this with some examples below:
Product: The marketing team of a car rental company decided to charge more for chauffeur-driven cabs. It rebranded the chauffeur-driven cabs into a luxury brand and relaunched it on digital platforms.
Price: The marketing team of a shoe retailer brand promoted seasonal discounts to boost its sales.
Promotion: The marketing team of a clothing brand launch decided to launch a new Facebook page for its promotions. They decided to create highly appealing visuals to target the young generation.
Place: A major retailer brand decided to move closer to a better-commuted place for better reach. The rental involved was quickly covered by greater foot traffic.
People: A salesperson politely approaches a customer trying to find out the right product and helps him with the product details and the purchase.
Once you have learned the 5 Ps of the marketing sector, you have grasped almost all the essential elements of crafting a robust and highly efficient marketing plan. The 5 Ps or the 5 pillars of marketing are the factors that ensure the success of any business, whether physical or virtual.
To know how Dignitas Digital can help you with digital marketing, get in touch for a free consultation.