To better understand what the 5 top marketing strategies are we must first break them down. For this example, we have called them the 5 P’s of marketing.
The 5 P’s of marketing – Product, Price, Promotion, Place and People, are some of the key elements in marketing strategies. In order to control and satisfy the growing demands of your customers, the 5 key elements of marketing management are critical to it’s success.
Product refers to the goods or services offered by a business, they include the look, feel and quality. It is important that customers know that purchasing your product or services, will benefit them more so than if they were to buy from a competitor.
Price refers to the pricing strategy for products and services and how it will affect customers. Pricing decisions do not include just the selling price, but also discounts, payment arrangements, credit terms, and any price-matching services offered.
When determining a pricing strategy, it is important to consider the business’s position in the current marketplace. For example, if the business is advertised as a high-quality provider of mechanical equipment, the product pricing should reflect that.
Promotion refers to the activities that make the business more known to consumers. It includes items such as sponsorships, advertising, and public relations activities.
Since promotion costs can be substantial, it is essential to conduct a break-even analysis when making promotion decisions. It is important to understand the value of a customer and whether it is worth conducting promotions to acquire them.
Place refers to the location where the products or services will be seen. It also includes, where they will be sold, distributed or manufactured. It is therefore important to consider how accessible the product or service will be to potential buyers. Some products and services require careful planning to reach the relevant audience, at the right place and time, preventing wasted efforts.
Staff, such as sales persons, drivers, management and so on, all need to work as a team in order to provide the most effective outcome. A marketing campaign should be a collective effort.
Let’s look at an example of how the 5 P’s can be implemented into a marketing strategy for a small business
Sarah wants to start a small business hiring sea kayaks down near the beach front. To put her business in a better position, she could consult the 5 P’s in marketing, as detailed above.
Hourly or half day sea kayak rentals for people who are in the area for a short duration of time. A limited liability form to be signed by people who participate in the service. and a monetary deposit in case of damages.
Cheap kayaking trips to cater to the budget constraints of travellers, students and tourists. A 10% discount on kayaking trips when referred by a travel agency, student union, café or restaurant
A Facebook, Instagram page, and a Twitter handle to promote the business. Also, Sarah might consider paid promotions on travel agency websites, adventure websites, student websites or using PPC advertising campaigns.
Sarah needs to consider an easy to access location from existing transit systems, as well as making the most out of flags for example so that her services can be seen from a distance. She may also consider, posters or signs placed near the area of operation to guide customers to her along with leaflets on view in local cafe’s or restaurants
Friendly, well trained staff members who love meeting travellers and offer exceptional customer service, as well as reassurance and a tentative approach.
From the above, you can say how important the 5 P’s in marketing can be for any business, however, they are all too often overlooked and underrated. Next time you have the need to promote a business, idea or the launch of a new product, you may find this guide helpful. Alternatively, contact Chris Seagal Digital Marketing Agency for some friendly help and advice.