The 5p’s, also known as The Marketing Mix, is a model which can be used to market your business strategically. It is useful to look at each aspect of The 5P's so you can market your business to its full potential and positively differentiate from your competitors. Read Purely Personal Marketings’ guide to The 5P’s.
This refers to what you are selling/offering. Consider what the products uses are and more importantly, its benefits to your customer. Decide how it will look, the packaging for example. How does it meet your customers' requirements? Is your branding representative of your business? Are your products up to the standards which your demographic expects?
The pricing of the product will correlate with where it sits in the market. Is it a high-end or budget product? Also, consider the reduction of pricing such as promotional events or multi-buy discounts. Another consideration is the type of payment arrangements. Online sale or a shop most often require an upfront payment, a gym might offer monthly membership and a café might be set up for payment at the end of the service.
This refers to where the product or service will be made and sold. Will the product be sold in stores or online? Is there a distribution line, and where is it based? A hairdresser might carry out the services in the clients’ homes. A digital marketing agency will need to create content and schedule content for a time when their clients customers are online, so to optimise the best chances of their clients success.
How will you let people know about your fantastic product or service? Well, that’s through promotion. Advertising is the main way to promote your product, and you can offer special promotions to help create interest. Social media marketing is a popular and necessary method of promotion and is highly successful if done correctly.
Who are the people within your business and what role do they play? Are they back-office staff with no interaction with the public or are they at the forefront of the company with a large amount of customer service responsibility? It is important to identify the different types of people working within a company and play them to their strengths for the best output.
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