Whether you want to attract new customers or increase your brand recall, you need to capitalize on your brand’s marketing. With so many channels and strategies, it’s challenging for marketers to stay focused.
That’s where the 5Ps of marketing, also known as the marketing mix, help marketers and businesses focus on the right things to engage and convert their target consumers. But,
- What are these 5Ps of marketing?
- Why are they important?
- How can you use them effectively to grow your business?
We will explore these in detail in the sections below. So, let’s learn how to develop an effective marketing strategy for your business using these 5Ps 一 product, price, place, promotion, and people.
Introduction to the 5Ps of marketing
As a marketer, I’ve used a lot of different tactics to increase the profits of businesses. And, believe me, I didn’t find any better strategy than the marketing mix.
I’ll try to uncover all the 5Ps of marketing mix aspects to improve your strategies and outrank your competitors. Without making you more anxious, let’s have a look.
1. Product
A product can be anything like a physical product, a service, information, etc., that benefits and satisfies the needs of customers.
To begin with, you first need to tell your audience what your product is. And how your product differs from your competitors.
Before you showcase products to the prospects, you have to be clear and specific about the benefits you’re offering.
For that, you need to really ask some critical questions to yourself, such as:
- Is your product suitable for today’s market?
- How does your product solve a specific problem?
- Are there any physical attributes of the product that customers should know?
- Compared to your competitors, does your product offer more benefits?
2. Price
Determining your product’s price is the most crucial part because it has a direct impact on your product’s success.
To stand alone in the market, make sure you’re offering competitive prices and not undervalue the product. You have to reexamine your product’s price continuously to validate that the cost is appropriate to the current market.
Below are some of the questions that you should consider before finalizing the price of your product.
- Does the price match the quality of your offering?
- What’s the ongoing price for the same product in the marketplace?
- What are the margins for everyone in the distribution channel?
- Are customers ready to pay for the extra benefits you’re providing?
- Are you generating enough profits to sustain in the market?
- Can you provide a promotional offer or discounts on your product?
3. Place
The place is the location or channel where your product can be found. So, you should make your product more accessible and visible to the prospects.
Nowadays, your virtual place is more important than that of a physical location as people tend to buy online more.
To identify the ideal location for your product, you have to answer the following questions.
- What is the geographic location of your target audience?
- In how much time can you provide your product to customers?
- Is your product available on both offline stores and online platforms?
- Do you distribute products yourself or use third-party platforms such as Amazon?
4. Promotion
Your product is top-notch and has the best location and competitive price, but without promotion, you won’t reach out to customers.
Start spreading a message about your company’s vision and values – the customer’s problem you’re solving. The promotion may include various distribution channels such as offline marketing, sales promotions, telemarketing, online advertising, and more.
To craft the perfect promotional campaign, you need to figure out the following:
- Does your competitor do promotions?
- Can you promote your products more than the competitors?
- Do your promotional messages entice prospects to buy your product?
- Are you going to promote your brand everywhere (both offline and online)?
5. People
The final and most important P in the 5Ps of marketing is People. To be successful in business, you always have to build relationships with your customers first and provide a great user experience.
You need to understand your customers concerning:
- Demographics – Age, gender, education, occupation, life events, interests, and behaviors
- Geographics – Location segmented into cities, regions, states, countries, and continents
Suppose you’re an owner of a vegan restaurant, then promoting it among the non-veg society will drown your business in no time. That’s why understanding your people (or audience) is crucial.
For example, Canva introduced design to those who didn’t have any experience in crafting marketing collateral. It offered basic design templates, elements, and features for free to win the audience’s trust.
Gradually, the company introduced premium features, templates, and elements, which the audience found worth the price. Today, it reports $2 billion in annual revenue with 170 million users globally.
How to use the 5Ps of marketing effectively
By implementing the 5Ps of marketing, you ensure that you reach the market with your product by the best practices possible. It gives you an overview of what’s working for you and what’s not. So, you can plan your next move accordingly.
Moving a step ahead, you can further divide each of the 5Ps of the marketing mix as shown below.
For example, as a link building agency, we want to spread the word about our SaaS link building services. Here’s how we would do that focusing on the 5Ps of marketing framework:
- Product: Our product here is SaaS backlinks which can help any SaaS tool rank higher for money-making keywords and drive targeted leads and tool signups.
- Price: To attract our target clients, which are SaaS companies, we can offer a custom pricing structure that fits the client’s budget. We’ll show them case studies where our backlinks helped another SaaS company boost their revenue 2x the cost of our services.
- Place: Target SaaS companies globally while focusing heavily on the U.S. region as it has over 6x more SaaS companies than any other country.
- Promotion: We can offer a 10% discount with value-added services, such as SEO and content optimization consulting on all orders above USD 3,000 per month. This will be a USP that differentiates us from other link building agencies in the market).
- People: Focus on delivering a seamless experience. For example, we have a hassle-free onboarding process for new clients. We also share a live link tracking sheet, which makes it convenient for our clients to approve domains and link placement suggestions, and track newly gained backlinks (updated regularly). This transparency and clear communication help us make our clients happy and satisfied.
Irrespective of your business industry, the 5Ps of marketing will always help you get your marketing base covered.
Wrapping up
While planning any email, social media, or content marketing campaign, focus on the 5Ps of marketing. These aspects will help you base your efforts on the right channels, messaging, and people to drive maximum impact for your campaigns.
You can also hire our experts to develop a tailor-made marketing strategy for your brand. Book a call with us today!
