May 05, 2022: 5Ps – Product, Price, Promotion, Place, and People
The 5 Ps are the pillars of marketing and lend themselves to building a solid framework for a marketing plan. Grasping this basic concept can transform the efficiency of your marketing campaigns. So the 5Ps are Product, People, Place, Promotion and Price.
Product
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Test the idea for your product by conducting a survey, talking to 100 customers, asking them the right questions, etc. Go beyond yes-or-no questions to something like, “How is it solving your problem?” You will encounter a blind spot that an outsider’s view can shine light on.
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Focus on solving a problem first. This will lead to the creation of a robust product.
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Follow positive and negative experiences of how a similar product solved a problem. Learn from those insights and fine-tune the idea of your product.
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Develop a prototype thinking approach. It is OK if you develop a prototype on paper, but do it. Sketch it out or write down the process flow.
People
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Understanding your customers is key to running your business effectively. Think about the issues and the problems that they are battling.
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Focus on the challenges they are facing and the benefits that you can provide them.
Place
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Place your content and communication in the places where your ideal customers are hanging out.
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You will reach out more effectively by doing this instead of trying to promote everywhere.
Promotion
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Your promotion needs to match your business and be relevant to your audience.
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Clearly state the benefits they are going to get from your product. Let that be the focus of your promotion instead of the features that you are offering. People like to know what’s in it for them first.
Price
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Think about your audience and what their affordability range is. You will know if they are looking for affordable or premium products. Let that dictate your pricing strategy.
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Don’t make your product cheap as it can convey that the quality is also cheap.
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Analyze the several pricing models and see what suits you and your audience the best.
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Observe the competitor’s price and the benchmarks set. Analyzing competitors may not be applicable if you are serving a premium product.
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