The Product
What are the products or services you offer? Be specific. What are the actual features of the product or details of the services you provide? Explain the benefits of your products and services and how your target market specifically gains from them.
It is also important to identify how your products or services differ from what your competitors offer. Understanding how your product solves your market’s problem differently from your competitors is crucial.
The Price
How much do you charge for your product or service? It should be enough to cover your expenses and generate a profit. It should also align with what the market is willing to pay. Conduct the necessary research to find out what your competitors are charging and determine where you want to position yourself on that spectrum.
The Place
Where are your products and services sold? How are your products and services distributed? How will you reach your customers? For example, are they digital goods sold online and delivered via an automated system? Or do you use a third party like Amazon’s fulfillment program? The key is reaching potential customers where they like to spend their time.
The Promotion
What methods will you use to inform potential customers about your products and services? To do this, you need to understand your market, including where it can be found and how you can create marketing messages that will resonate with them. Referencing how your product solves a market problem is a good starting point.
Note: Promoting your products or services on social media is one way to reach a larger audience. However, not all target markets are present on every platform. Consider age and interests when choosing whether TikTok, Facebook, Instagram, or Twitter is best for promoting your business.
The People
This is a recent addition to what was formerly known as the four pillars of marketing.
Who helps you in your business? The people and services you use in your business can impact your success. If your sales representatives or virtual assistants are rude, you will lose customers. Customers have a choice in which company they do business with and prefer companies that provide user-friendly systems and offer customer service when needed and are understanding and responsive to their needs. Happy customers will become repeat customers and refer new business.
How to Effectively Use the 5 Pillars
The 5 pillars will help you focus on what you need to do in marketing and also give you indicators when things aren’t working. For example, if sales are slow, you might consider whether your price is too high or perhaps the ordering system is unclear.
Like other aspects of your business and marketing plan, the 5 pillars are not static. They change and evolve with market needs. For instance, technological advancements may require you to change how you promote your business, which we have seen with the growth of social media as a promotional tool.
Since the 5 pillars are dynamic, you will want to engage in activities that help you learn what works and what doesn’t. Some resources that can help you include studying the statistics and analytics of your website, surveying your customers, and testing the ongoing efficiency and effectiveness of your sales and delivery systems.
Frequently Asked Questions (FAQs)
What are the 7 Pillars in Marketing?
The broader foundations include the 7 Pillars in Marketing which are the 5 Pillars (Product, Price, Promotion, Place, and People) along with Process and Physical Evidence.
What are the 4 Pillars in Marketing?
The 4 Pillars in Marketing include the original 4 Pillars (Product, Price, Promotion, and Place). The original four are known as the “Marketing Mix” and do not include People.
Source:
https://www.thebalancemoney.com/the-5-p-s-of-marketing-3969374
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