Within every marketing strategy you'll find these 5 marketing concepts. These are known as the "5 p's" of marketing.
How well your business handles each of these different aspects will make or break the success of the product or service it is that you are offering.
It's best to plan ahead come up with your strategy from the very beginning that way your goal and purpose are clear and you can remain consistent throughout your campaign.
Here are the 5 p's of marketing:
At the very core of any product is the people who will be purchasing and using said product. Deciding who you're product will be targeting, or your "target audience", is always best done at the start and will help give you guidance along the way.
Everything from deciding what kinds of advertisements to run, what demographic to put your ads in front of, to certain features of the product itself and more will be greatly influenced by who your established target audience is.
Every product needs to serve a purpose or relieve some sort of pain point that your target audience is suffering from.
In order to determine what product service you are going to offer, decide what purpose that product will have.
Are you offering a product that will provide a positive impact on what it is your target audience is trying to accomplish? If not then you may want to rethink your product/service offer or who it is you are targeting.
The price of your product/service offer should be based off its market value as well as your target audience.
Are you marketing your product with a high-budget exclusive appeal or an affordable "most bang for you buck" type approach?
Do some research to see what similar products are going for and how successful they are at different price ranges.
This will help give you an idea of the route you want to take with the pricing of your product as you'll be able to market accordingly.
Place refers to the location demographic you are targeting with your offer. Will you offer your product/service globally, locally, or regionally?
Various companies have seen success with each option. Globally will obviously allow you to reach a bigger audience. However, marketing locally or regionally can give you a increased connection with your consumer base.
Aside from what sounds most appealing to you, think of which one is the most realistic.
Do you have the resources to be able to offer your product on a global scale or are you better off starting out with more of a local or regional approach? The type of product or service you are offering will greatly influence this as well.
Promotion is the way you market your product. This includes everything from how to what platforms you will promote your product on.
You could promote your product on social media, enlist celebrities to advocate your product, use user based interest ads, etc. The options are endless.
The first "p" people, plays a large role in the promotion of you're product as that will help you decide which options are best for you.
If you're targeting the teenager demographic getting celebrities to advocate your product or using social media could prove very successful.
If you're targeting an older crowd, running television or radio advertisements could prove more successful.
Whatever route you choose, your success will ultimately depend on your product and how well you promote it.
Identify these 5 concepts in your current marketing strategy. How well are you executing each one?
Maybe your product doesn't match your target audience or your price or promotion tactics could use some adjustments.
Make sure these 5 concepts align and remain consistent with your overall goal and you will be sure to success.
I hope you found this information beneficial and feel free to comment down below any thoughts or questions you may have.