LET’S TALK MARKETING. No, really. The basics.
The 5 Ps of Marketing are about as basic as you can get when creating your strategy.
What are the Ps?
They’re a foundational tool of marketing that are crucial to any offer, launch, or business. The “Ps” are a necessity to any successful marketing strategy mix.
Why are they important?
They help you focus on your core marketing goals. If you don’t have goals, you’re launching a product or offer in the dark in hopes to get some sales. (A typical throw spaghetti at the wall type, if you will.)
What are the Ps? (As told by me)
Product: This is where you’ll examine all aspects of the product, service, offer, etc. that you’ll be putting out from the product itself to the design to the features to the quality to the benefits. Your goal is to make your product or offer as unique as possible while still solving a problem in the market.
Price: This is where you (obviously) look at the price – but also where you look at overhead, profit margins, discounts, promos, etc. Pricing affects how your brand is seen by customers /clients (affordable or luxe), so price is imperative in your marketing.
Promotion: This seems obvious, right? Advertising, sales content, digital marketing, PR, personal selling, etc. Fun ways to focus on creating awareness so people buy is the goal here.
Place: This is where people can buy. Facebook? Instagram? TikTok? Email? In person events? Mail? The distribution channels are your choice. But! Also think about how they’ll access it, not just where you’ll sell it. Accessibility and order fulfillment systems are massive here.
People: Arguably the most important! (Which is why modern marketers added it.) This isn’t JUST about your audience buying. It’s also about you + anyone involved in your business. Employees, contractors, freelancers, etc. all have just as much of an importance as your audience in co-creating a healthy buyer relationship.
When I was in school, they didn’t even teach the “people” part. (Shocker, I know, right?) And if you head to Google University, there are 18 million answers on 4 vs 5 vs 7 vs 17 “Ps” of marketing.
These are the ones I find most important in building your strategy. I will never say they’re the end all, be all because everyone is different. However, from my experience, these are the foundational pieces to any strategy. Without one of these, you’re throwing spaghetti at the wall.
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