Marketing your business is very crucial in determining your business success. As a new business owner, marketing might sound challenging and you might not know where to start.
However, the business world is not a new world and with the 5 proven Ps of marketing, you can give your marketing a new turn. Product, Price, Promotion, Place and People are the 5Ps of marketing.
Basing your marketing on these elements helps you position your business strategically for your target market. Importantly, working with a marketing mix helps you figure out what is working for your business promotion and what is not working. This way you can easily make necessary improvements to easily satisfy your customers’ needs, to add value to your business and to help your business stand out from the competitors crowd.
What are you offering to your target market? Is it a product (goods) or is it a service?
When it comes to your product or service, think of its functionality, branding, packaging, operation, quality, appearance, and warranty terms.
Describe the physical characteristics of your goods and services, as well as how they help your target market. Determine how your goods or services vary from other products in the market. Also, think of how differently your product meets the gaps in the market.
How you price your goods or services is important and there are a few things to factor in as you determine your prices.
Whether you are reselling from a manufacturer or you are manufacturing/producing the products yourself, there are a few factors that will control your pricing.
Nevertheless, your pricing should include the advertised price, any discounts, promotions, credit terms, or other payment arrangements, as well as any discounts, sales, or other payment arrangements that make up the overall cost.
But, whatever price you set, it must be compatible with what your target market is willing to pay. Do your research to find out what your rivals are charging and where you want to fall on that scale.
This entails where your business product/service is made, sold, or distributed.
Where do you sell your goods or services? Is your business an eCommerce or a brick and mortar? What channels do you use to sell your goods or services?
What method would you use to distribute them to your consumers? The key is to find out where potential customers want to spend their time.
It’s crucial to think about how accessible your product or service is and how easy it is for customers to find you. Customers must be able to get the product or service at the right time, in the right place, and in the right quantity and quality.
Promotional activities are those that increase your customer awareness. How will you make potential customers know that your business exists? Is it through public relations, direct marketing, advertising, sales, or social media?
First, you need to comprehend your target market, including where it can be found and how to craft marketing messages that will resonate with it. A good place to start is to explain how your product can solve the market’s dilemma.
Also, consider methods to help you measure whether your promotion is working (Return of Investment).
People make up a business. This refers to you, your employees and your customers. If you want to grow your business, you need your employees and your customers.
You need to know what your customers want and need. You also need to set goals, and track your customer service levels in order to attract and retain loyal customers.
Importantly, think of how you can train your employees to acquire the necessary skills to give your customers the best experience.
Customers always have a choice of who to do business with. Therefore, giving them the best customer experience and meeting their expectations should be your priority.
The marketing mix is bound to change as the market needs change.
Regularly assess what is working and what is not working in your mix. Examining the website’s statistics and analytics, surveying your clients for feedback, and checking the continued reliability and efficacy of your sales and distribution processes can help you know what’s working and what’s not.
Make the necessary improvements in line with market needs.