The 5 P's of marketing is an essential tool to help you develop a strategic marketing plan with clarity and direction. The 5 P's strategy is adopted by businesses that sell products and/or services. Read on to learn what the 5 P's of marketing are and how you can use them to leverage your business success.
What are the 5 P's of marketing?
The 5 Ps of marketing comprises 5 strategies that will effectively inform your marketing plan. Each of the 5 P's relates to a set of decisions that will determine how your product or service will perform when it reaches the target market.
Any successful marketing plan requires an understanding of the 5 P's. Organizing your marketing plan using the 5ps will help you understand how your product/service is positioned in the market place.
You can toggle the 5 P's of marketing below.
1. PRODUCT
The first P refers to "product" although the same rules apply to service-based businesses. Decisions made at the product stage are concerned with the specificities of what it is your selling. What is the product's function? How will it be packaged? Is there a warranty?
When addressing these questions, it is important that you put the consumer first. Think about your target audience and ask yourself how your offer will benefit them.
When it comes to writing your product description, remember to focus on the benefits of the products as well as the features.
In other words, don't simply state what your product does. Explain how it will solve a problem your consumer may be having or state clearly how it will benefit them.
Key questions to ask yourself at the Product stage:
When defining your product from a marketing perspective, these are some of the key questions you should be asking yourself.
What are the core features of my product or service?
What are the key benefits of my product or service?
How can I adapt my product or service to meet the needs and desires of my customers?
EXAMPLE:
APT Content offers SEO content marketing for growing businesses.
What are the key features of my SEO content marketing services?
Keyword research
Keyword optimization
High-quality content that is written for your target audience
What are the key benefits of my SEO content marketing services?
Get more traffic to your website from search engines
Rank on the first page of Google
Build long term relationships with your clients
How does my service meet the needs of my customers?
Content designed to generate traffic indefinitely which cuts down ad costs
An initial brainstorm to clarify brand voice and ethos thus reducing the need for back and forth in the future and saving the client time
Key Takeaway: When making decisions about your product or service, focus on how the consumer will benefit. If a decision adds to your product cost but doesn't benefit user experience, consider whether it is the right decision for your business.
2. PRICE
The second P stands for "Price." Understanding your product price place determines how your product will sell.
Decisions about the pricing of your products and services do not just refer to the RRP. You should also take into account product price promotion and the minimum price you are will to sell for in order to make a profit in the long run.
For example, Mcdonalds doesn't actually make any profit on their $0.99 hamburgers. The reason they continue to offer hamburgers at this price is that they make a huge markup on their soft drinks and fries.
By offering a $0.99 hamburger, they are able to position themselves as the cheapest fast food in the market. This attracts enough customers that they can sufficiently compensate with the sales of their other products.
Key questions to ask yourself at the Price stage:
When defining your product price, these are some of the key questions you should be asking yourself.
What prices are my competitors selling similar products for?
Does the price reflect the quality of what I am offering?
What is the best discount I can reasonably give while still maintaining company profits?
EXAMPLE:
APT Content offers high-quality SEO content marketing for growing businesses at an affordable price.
What prices are my competitors selling similar products for?
Content marketing prices range from $600-$10,000+ for the types of businesses I target.
Does the price reflect the quality of what I am offering?
My price points take into account the ROI my clients will get from investing in content marketing.
What is the best discount I can reasonably give while still maintaining company profits?
When I take into account the cost of my time, marketing costs, and SEO software, I can only offer discounts to clients who commit to long-term relationships.
Key Takeaway: When making decisions about your price points, research your product's position in the market. If you are more expensive than your competitors, this should be reflected in the quality of your offer.
3. PROMOTION
The third P refers to Promotion. How will you make what you are offering known to your customers? How will they discover the product and services you offer?
When you promote your offer, it is not always about reaching the maximum number of people. You must also consider the quality of the leads you are generating.
For example, you will almost always have a higher conversion rate with a Facebook ad that targets 1000 people who fit your ideal avatar than 10,000 random profiles.
Key questions to ask yourself at the Promotion stage:
When making decisions about how you will promote your product, these are some of the key questions you should be asking yourself.
What platforms does my target audience interact with?
Where can I invest my marketing budget for the maximum ROI?
What is the value of the customers that I am targeting?
EXAMPLE:
I promote APT Content on Facebook, Google, and via email marketing.
What platforms does my target audience interact with?
My target audience uses social media platforms like Facebook and Instagram. They are responsive to email marketing and actively search for marketing tactics on Google.
Where can I invest my marketing budget for the maximum ROI?
When hiring a copywriter or content marketer, my target audience requires a level of credibility. Content marketing is subsequently the most effective way to reach my potential customers and clients. When they land on my site via Google, they know my SEO content strategy is effective.
What is the value of the customers that I am targeting?
Content marketing attracts a mix of audiences. I select keywords that I know my target audience is actively searching for. When advertising on social media, I curate target audiences that follow marketing services like mine.
Key Takeaway: Promoting your products or services isn't just about reaching the largest number of people. Understanding the target market and where your customers are most responsive to ads and content will help you promote more effectively.
4. PLACE
The fourth of the 5 ps is Place. Where is your product distributed to make sure it reaches the customers in your target market?
If the majority of your business is online, you still need to make decisions about which platforms you want to use to sell your product/service. Will you become an Amazon affiliate? Can people order directly through your website?
Key questions to ask yourself at the Place stage:
When making decisions about where to sell your product/service, these are some of the key questions you should be asking yourself.
Does my business need a physical location?
Which platforms do people use to find products/services like mine?
Does my current location make it easy for customers to make a purchase?
EXAMPLE:
APT Content is located online. Clients book a service through my website by contacting me directly.
Does my business need a physical location?
No. The services I offer are done remotely and are offered exclusively online.
Which platforms do people use to find products/services like mine?
My clients choose content marketers and copywriters with websites that have a clear message and demonstrate a proven track record when collaborating with similar clients.
Does my current location make it easy for customers to make a purchase?
Potential clients can easily contact me using a contact form or book a call directly with me via Calandely. I then send a custom price quote containing the terms of the offer and instructions on how to pay.
Key Takeaway: Make sure that you are distributing your product/service in places where your customers can easily access what you offer.
5. PEOPLE
The final element of the 5 p's of marketing is People. This includes not just yourself, but any other people that you work with. People decisions are usually factored around customer service.
Do you have a customer service team? Do you work with freelancers? Do your employees act in accordance with your business ethos and brand message?
When you work with a team, it is important that your employees provide the best customer service and consumer experience.
Key questions to ask yourself at the People stage:
When making decisions about the people you want to be involved in your business, you should ask yourself the following questions.
What skills must employees have if they are going to work with my business?
What people do I need to hire to keep the customer happy?
What qualities must I possess to keep my customers happy?
EXAMPLE:
I am the founder and chief copywriter at APT Content. I work with other people exclusively in a freelance capacity.
What skills should my employees have to benefit my business?
I exclusively work with freelancers who can deliver high-quality work and are able to follow clear instructions.
What people do I need to hire to keep the customer happy?
At the moment, I manage a small clientele and therefore do not require additional employees. I never take on more work than I can deliver to ensure I can maintain client satisfaction.
What qualities must I possess to keep my customers happy?
I work with small to medium-sized businesses that are built on passion. The most important aspect of my relationship with my clients is that they feel they are being listened to. I make sure that I take the time to understand their brand and what message they want to put out to the world.
Key Takeaway: When making decisions about who to hire, make sure that you are hiring people that improve the quality of your customer experience.
Need help implementing the 5 P's into your business plan?
The 5 P's does more than shape your marketing plan. It also shapes your content. Your web copy and content marketing should deliver your brand message directly to your audience with clarity.
Schedule a free call with APT Content to discuss how you can use use the 5 Ps to reach the right people and position your business for success.
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