work people in your strategy – WAU
The 5 Ps of marketing are: product, price, place, promotion and people. Applying each of them in the right way in your company will help you to attract and retain customers, making your company a reference in the market.
The dream of those who work in the marketing area is to be able to bring significant results to the company and have a strategy that can point the right direction.
If you identified with that statement I have good news: this strategy exists and it is not a miracle.
It concerns well-targeted efforts that can increase sales and make your company a reference in the market.
All you need to do is focus on the 5 Ps of marketing.
But, what are the 5 Ps of marketing and how can you put these strategies in your business?
Read our post, find out the answer, put it into practice and have good results!
What are the 5 Ps of marketing
The 5 Ps of marketing are: Product, Price, Promotion (in the sense of promoting something), Square (placing on the market) and People.
But what does each of these names mean in your day-to-day business? That’s what we’ll show next!
Regardless of the industry, a company needs to offer something to its customers. Otherwise, there are no sales, there are no customers and there is no company.
This P includes both the provision of services for your business and the sale of a product in specific.
It is through the Product that your entire team can understand and define who they will sell to.
To be successful, you must have ready some explanations of what you sell. Some questions that you and your entire team need to have answers are:
- What desire or need of my customer does my product satisfy?
- How will the consumer use my product?
- Where will the customer use the product I sold?
- How does my product work to satisfy my customer?
- What is the physical appearance of the product?
- Is it possible to customize it for the customer or give the option of choosing colors, sizes and styles?
- What is the difference between my product and that of my competitors?
After that, start to understand how the life cycle of what you sell works.
To understand a little better what it is about, this cycle is compared to a tree in nature. It is planted, germinated, has strong leaves, branches and roots, and then begins to shrink and die.
Your product works the same way, it has the phase of:
- introduction, that is, a beginning (equivalent to planting the tree);
- growth (when the tree starts to germinate);
- maturity (refers to when the tree is at its peak, with strong leaves, branches and roots);
- decline (when the tree begins to shrink and die).
Everything you do has a life cycle. Once you understand the stage of your products, it is easier to define the right strategies and leverage your sales.
Everything costs money and to survive in the market you need to charge a fair price for your product. The Price P refers to the amount you will charge in exchange for your product.
It is important that you carefully analyze how you are going to make this definition of values. After all, you need to:
- pay your employees;
- make investments;
- pay your suppliers;
- keeping up with the company’s accounts such as water and energy;
- take your profit.
All of this without making your product too expensive for your customer. How is it possible to achieve this? You need to answer a few questions:
- How much is your product worth to the consumer?
- What are your expenses in each distribution area?
- How does your customer behave when faced with price?
- How much is the consumer willing to pay for your product?
- Do you need to create “promotional packages” for different audiences (example: legal entities or loyal customers)?
- How much do your competitors charge for the product?
Still on the price: customers are willing to pay more for brands that are valuable to him. So your price is not just about how much you make, but also how people see your brand.
When we talk about the square, we are referring to how your customer gets to your products, what is your sales channel. That P concerns its place, that is, its placing on the market.
But, how to define where, how and when to sell your company’s products? This is an answer that only you and your team can discover.
For this, check out some questions that you will need to answer:
- Where does your audience look for your services: on the internet or in a physical store?
- If in a physical store: what are the best selling points for your audience?
- In digital environments: what is the best sales method (example: virtual stores, catalogs or through social networks)?
- How to distribute your products? What are the best channels for this?
Answering these questions will help you understand where your company should have a strong presence.
This is important for you avoid wasting your resources, such as setting up a virtual store and not making sales through it. That is why, be present where your audience is.
The promotion P is meant to promote sales. This is different from doing sales at your stores. The purpose of this P is make yours brand and its products known to those who are really interested.
This promotion concerns the marketing strategies that you will adopt in the company. After all, just being present where your audience is is no guarantee of success in the market.
So, you need to promote your company. To start doing this, answer the following questions:
- When is the best time to convey your marketing messages?
- Where is it best to do this (on television, radio, internet, print magazines etc)?
- Do your sales increase according to the time of year (example of some seasonal products: Christmas trees, chocolate eggs, panettone and air conditioning cleaning)?
- If the previous answer is affirmative: how to build a calendar that takes full advantage of all the chances of increasing sales and promoting your brand?
- What are your competitors’ strategies and how does this influence the actions you should take?
The best part of having the answer to these questions is that you and your team will be able to direct your efforts assertively. Thus, you can impact your consumer’s purchase decision.
All of the previous 4Ps have a common goal: to reach people so they can buy your product.
Therefore, in addition to understanding and putting into practice the points we have already seen, you need to study what is the behavior of the person you need to reach in your strategy.
To be effective at this you must create your persona, that is, your ideal customer. Knowing what her interests are, both in professional and personal life, will help you to understand your behavior.
Only then will you be able to put yourself in your customers’ shoes and sell more than one product, but a complete customer experience.
When thinking about building your team, you need to:
- select people who are willing to serve customers well;
- train your employees;
- invest in training;
- motivate your employees;
- direct your team’s efforts to serve customers well.
You may be interested in these other contents
4 Ps of marketing: understand the concept of the Marketing Mix
Why 5 Ps are important to your digital strategy
These 5 Ps serve to give the right direction in your business and help you to develop the best Digital Marketing strategy in your company. Pay attention to each Ps will help you to attract and retain your customers.
This is important because, as you may already know, loyal customers are much cheaper for your company than new customers. This change alone will already affect your company in a positive way.
In other words: these pillars will show you howYou can make your business more profitable and what is the value that the products will add in the lives of consumers.
With that in mind, you will be able to develop a business plan that is really in line with what your company values and what makes you become a differentiator for your customers.
So the 5 Ps will:
- impact your business plan;
- affect your company’s actions, both now and in the future;
- be part of the standards established for your brand, increasing the quality of your products even more;
- change its positioning in the market, making your brand a reference;
- increase your business prospects.
As you have seen, reaching people in the right way is what can leverage sales and change your company’s position in the market. To do this, put into practice what we teach about the 5 Ps.
Did you know that there are more Ps of Digital Marketing than the ones we show here? Want to know what they are? See now the 8 Ps of Digital Marketing!