Marketing can sometimes be likened to a big guessing game. You could be heeding the call with an innovative product, but if the communications touch no soul or if your price tag deters your target market, then winning will be but a distant possibility. We notice these instances with new businesses that have been engaging us because they’re clearly unhappy with previous outcomes.
The answer begins with, and stays with, basics. It begins with your marketing mix, and more specifically with a model for your mix that contains all the elements required for it to stand on its own. It began with a foundation of mere four but added a fifth because business isn’t as it once was.
When introducing something like local social media management in West Palm Beach, it relies on the five P’s in making sure your marketing activities are tailored to your immediate audience and enhance your overall strategy.
Product
It all begins with what you are selling. Nevertheless, we would like you to focus on something more than your product itself. A product can be considered as an answer to a particular problem your customer needs. It encompasses your product design, product quality, product packaging, as well as your product features that differentiate it from your competitors. A product with no value and no need will not be salvaged from failing, no matter how creative your ad campaign strategy may be. We begin our audit here at Trigger Digital.
Price
Yet arriving at a price point that will reap dollars while also communicating value to your customer can be an intricate tightrope act. Your price determines your margins, but it also communicates value. A low price will drive volumes, but it may communicate low value. A high price communicates exclusivity but disrupts your Total Addressable Market. We assist our brands with competitor pricing, cost, and value considerations so we can hit that sweet spot.
Place
Your customers will not be able to buy what they will not be able to find. Place refers to distribution and how and where your product will be sold. Today, distribution and visibility have really changed with the internet. It goes beyond the shelves within your retail store. It goes beyond your online store itself. It even goes beyond your checkout. It is about making your product accessible at exactly where your audience wants it.
Promotion
This P is what people relate most with regards to marketing. Promotion represents all manner of communications with your audience. It can include advertising, publicity, social media marketing, and email and search engine optimization. Again, consistency here plays an integral role. All your promotional methods should have a single message, telling your audience the same thing. We concentrate on making your promotional methods work for you.
People
The traditional model would have ended at number four, but nowadays, we are compelled to add People. This group would include all parties involved with and affected by your business, from customer service answering calls and emails about your business to people who receive your service. As we operate as a service economy, your people are your representation. Their attitude, knowledge, and connection with your customers can be the difference-maker for customer loyalty. We will also analyze your customers within this area.
What Does This Mean for You?
It’s useful to grasp these concepts on an individual level, but it’s truly magical when they all function together. What are the five P’s of the marketing mix? A great product with mediocre distribution will be a disaster. A phenomenal promotional campaign for an unreasonably high price will swiftly deplete your budget with very little ROI.
We believe that the Five P’s are a set of levers. When we pull/adjust on one, it affects the rest. It’s your task to integrate these variables so they work well together, giving your customer an experience so smooth it seems almost inevitable.
Mastering Your Mix
Looking back on these basics may help you identify an issue with an underperforming campaign, or perhaps spot a new area of opportunity for growth. It will also allow you to focus on your business as a whole instead of getting caught up in the minute details. Mastering the five P’s of the marketing mix will empower you to align your marketing strategies effectively. When you are ready to integrate your marketing mix with your business goals, we are here to help!