22 Jun Grow your business with the 5 P’s of Marketing
Whether you’re a solo jewellery maker or a law firm with 50 staff, all businesses need some form of marketing to help them grow.
Put broadly, marketing is a mix of business activities that aims to build your brand and business in a consistent way.
If you want to grow your business, the 5 Ps of marketing can help you think about the different areas of your business strategically.
The 5 Ps of marketing are product, price, promotion, place and people.
The product element of the 5 Ps refers to your products and services as a whole – what exactly are you selling to your customers? This element includes the terms, conditions, bonuses and warranties you offer to your customers.
For example, if you’re a jewellery maker who is looking to grow your business, you might think about giving your customers a free gift wrapping service as an incentive to buy from you.
The price element refers to the way you set prices for your products or services. This includes discounts, sales, layby offers, advertised price and any price matching services you may offer.
Your pricing will also depend on your business’s position in the market. For example, if you advertise your business as a budget car rental service, your pricing should reflect that choice. If you’re looking to grow your business you should consider if your pricing reflects your business’ positioning.
Promotion refers to all the things you do to tell people about your business. This includes public relations activities, advertising, sponsorships and sales.
For example, if you’re growing your sports management business, you might add sponsorships to your marketing mix to help promote your business.
The place element of the 5 Ps the way you provide your product/service to customers. This includes the physical location of your business and the method of delivery. For example, you could choose to provide your product from a shopfront, over the internet or through a distributor.
If you’re looking to grow your business, you might consider changing or expanding the way you sell your products and services. For example, if you’re a homewares distributor, you might think about setting up a new store in a different location or offering franchises.
The people element of the 5 Ps refers to both your staff and your customers. You’ll have to consider both if you’re thinking of growing your business.
For example, if you’re thinking of expanding your business online, you’ll need to think about how your customers use the internet, if they would feel comfortable purchasing your goods online and if they would be willing to pay shipping costs for your products.
You’ll also need to consider staffing elements. For example, do your staff have the skills to manage a website? Will you need to provide further training for them?
THE 5 PS IN ACTION
You might run a scuba diving shop catering to backpackers. To position your business towards this market, you might consider having:
- product – quick diving trips for people who are only in town for a short time
- price – cheaper dive trips to cater for budget-conscious travellers
- promotion – a Facebook page to promote your business online
- place – an in-town location so you can be found easily
- people – friendly staff who like to meet other travellers.
WHAT TO DO…
- Get in touch today! We can help you put a marketing plan together to help grow and improve your business.