The 5 P’s of Marketing
In the world of marketing there’s an old principle called the four p’s of marketing, these are of course product, price, promotion and place. They come together to spell out what is necessary for a successful marketing campaign. However, It seems to us that its high time to add a fifth P, the one that can perhaps be the most critical to your marketing success… People!
First, let’s do a quick review of the four P’s:
The word product here is used as a matter of convenience, but in this case, refers to both products and services. The belief that potential consumers want or need your product or service is paramount to your marketing strategy. All products and services follow a natural life cycle in your customers buying behavior and it is vital to understand where your product or service falls in this process. The potential benefits and features of the product or service need to be explained in a clear and concise manner. Consider drafting a USP for each of your major products or services. (link to how to write a usp article)
Price can affect the marketability of your product or service in many ways. First, there will always be the bargain shoppers, looking for the best possible deal on a product or service. On the opposite end of the spectrum, we have the prestige buyers, to them the high price of a product or service gives them this sense of prestige. Then of course, there are the value buyers, those who are looking for a balance of quality and price. Knowing your target market and your competition can be key to determining your pricing structure.
Promotion in this case refers to all of your marketing and communication efforts, not necessarily a particular promotion like Buy One Get One Free. This may include sales promotions, traditional and digital advertising, location, signage etc. Reaching your core audience takes both an idea of your product or service’s placement as well consumer needs. A mix of inbound and outbound advertising is important.
Place refers to how the product or service will ultimately be provided to the customer. This could be a physical brick and mortar location, a mobile operation, your website, online retailers etc. The ease of access to your product or service is a crucial component of your marketing strategy – so call, click or stop by today!
So this brings us to the fifth P! Many business transactions can be cold, stale and relatively human free nowadays. However, many businesses, ours included, depend highly on people to help in our marketing mix. This of course can be direct or indirect sales, account managers, customer service reps, spokespeople, strategic partners and the list goes on and on. Even in todays world the personal touch of people can make all the difference in your marketing strategy. So, do not underestimate the power of people in your marketing mix.
For instance, if you do a great job with the first 4 p’s and it turns up great results in terms of the amount of phone calls your business receives, but the person on the other line is unfriendly, doesn’t return calls or is flat our rude to customers then all your efforts have been wasted. Your people must be aligned with your culture, goals and marketing strategy.
Ways to incorporate people into your marketing efforts
- Feature images and bios of your key personnel on your website
- Review customer service expectations and protocols with employees
- Feature testimonials, both written and video of your customers
- Be consistent with your networking activities
- Create raving fans for customers
- Feature key personnel in marketing videos
- Highlight staff members in your social media marketing
So what do you think? Should there be a fifth P of marketing?
Jeff is the co-founder and account manager at Spectrum Marketing Group. Working as the senior account manager since 2010, Jeff has helped launch dozens of companies from solo-preneurers to multi-million dollar start-ups. For more information please feel free to contact us.
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