The 5 Ps of marketing includes the product, price, place, promotion, and people. If you are a new business company, then all your focus must be to reach your target market. The 5 Ps of marketing helps in reaching your audience effectively and efficiently.
The better grasp you have over these 5 Ps, the better you will be able to attract customers. Here is a brief explanation of the concept.
The first ‘P’ stands for product, which means you need to explain every aspect of your product including its benefits to the audience, how it is different from your competitors, its features, its specs, and everything that describes your product or services. You need to focus on delivering the message to your audience – how your product will solve their problem? Your market will only connect with your product if they completely understand it.
Price is one of the first things that grab customer’s attention. The price must cover all of your expenses with a profit margin. You must put a price that your product deserves, be realistic. Do not quote prices that no one is willing to pay. Research market and see what your competitors are charging their customers, then figure out a price for your products.
In place, you need to be specific about how you will sell your products, how you will distribute them, and how will you deliver them to your clients. The focus must be on reaching your target audience through means they use the most to search for or purchase the product.
Promotions are one of the key areas of 5 Ps of marketing because it directly targets the audience. You need to be sure about what marketing methods you are going to use for promotions. You need to be creative in terms of promotions to reach your audience from where they can directly get your message.
People play a big role in targeting your audience. You need to see who is helping you in your business. Do you have good customer service? Are your employees polite with customers? Clients hate dealing with rude people, so you need to be sure about the people you hire in your company or plan to work with in the future. Your employees must focus on making the customer happy.
These are the 5 Ps of marketing that is very helpful if implemented with perfection. Make a plan and carefully strategize the 5P’s of your market. Implement your plan and see your business grow!